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Banks 'failing to pass on Isa tax relief'
WardwarkOwner
Posts: 1,766 Forumite
Comments
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What's really needed is to separate the tax wrapper from the savings product, to enable savers to buy any individual or combination of savings product up to their limit within an ISA.0
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I believe that their argument is that the admin costs are higher on ISA products.0
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Funnily enough my isas are paying instant access 3.3% (this year and last) and 3.2% (older stuff) whereas the best I can get on my instant access savings is 3%I think....0
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The banks have had ten years to prefect the system of differential interest payments on cash ISAs and someone 'in government' has just woken up to this? Brilliant! Then again, these are the same government types who would like inflation to stay high because you-know-who went on a borrowing binge and deflating the debt is so much easier than paying it down. Where's the differences in the banks behaviour? In other words, no one is 'blameless'......under construction.... COVID is a [discontinued] scam0
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Funnily enough my isas are paying instant access 3.3% (this year and last) and 3.2% (older stuff) whereas the best I can get on my instant access savings is 3%
Yes but you're a smart guy who understands these things - even so, the bank still gets to keep over half of your tax break.
Just imagine how much they can make from the ignoranti.0 -
More like "Banks are taking advantages of idiots who think you can put money in any bank account, leave it for years and it will grow amazingly". Cleaerly most people in crappy ISAs are home owners who have gotten into the mindset that you can make money with zero effort. Idiots.0
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Not at all - the banks are paying me more gross on my instant access ISA money than they are gross on my instant access non ISA savings.Old_Slaphead wrote: »Yes but you're a smart guy who understands these things - even so, the bank still gets to keep over half of your tax break.
Just imagine how much they can make from the ignoranti.I think....0
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