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MSE News: Savings cheer as NS&I raises rates for thousands
Former_MSE_Helen
Posts: 2,382 Forumite
"Government-owned National Savings & Investments is upping the return for customers in its T Cash Isa and Cash Isa..."
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Comments
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25th May? That's a long way off. I assume it is to prevent savers leaving in droves when they review their savings as the beginning of the new tax year and realise how little they are being paid.
It sounds like a fairly cynical move to announce the rise now but delay it for so long.0 -
On the other hand, with the ISA season starting soon, this may be a shot across the bows of the banks. This could possibly have an advantageous effect on ISA rates in the coming months. Let's hope so.
Warning: In the kingdom of the blind, the one-eyed man is king.
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It should at least put a floor under cash ISA rates albeit one that does not match inflation. The MSE report is a bit misleading. The 2.25% rate is available now. 25 May is the date when other ISA accounts will be transferred automatically to the direct ISA paying that rate, but I don't see anything stopping N&I customers transferring now if they want to.0
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Perhaps they might jack up the pay out on Premium Bonds too!0
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I've had a NS&I Direct ISA for years and I've always considered their interest rates fair. I do think it a shame that they don't allow any transfers in. Does anyone know the reason for this policy?... DaveHappily retired and enjoying my 14th year of leisureI am cleverly disguised as a responsible adult.Bring me sunshine in your smile0
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I'm giving up on cash isas - tbh the rates aren't worth the bother. Even with 2.25%, you're still losing money after inflation.
Think I'll be putting all mine into a S&S ISA. My S&S part of my ISA last year made 18%.0 -
Think I'll be putting all mine into a S&S ISA. My S&S part of my ISA last year made 18%.
I have 20x as much in S&S ISAs than in cash ISAs, but that 18% gain last year could turn into a 30% loss this year. I think this unlikely but it's well worth raising the subject of volatility as equities and cash are *very* different asset classes.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Just to hijack a bit.
I have ISAs with H&L
Can you lot confirm that I can chop and change, switch, ISAs, without having to worry about informing HMIR
In fact the IR don't want to know about switching ISAs???????????
No matter the amount????It's your money. Except if it's the governments.0 -
Yes.
Yes.
Yes.0
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