~Make £10 a Day March 2013 Challenge Thread ~ Everybody most welcome to join

Aesop

I have asked an accountant but she is not around.at the moment.

Will lwt you know.

fairyclicks

Aesop wrote: »

I have asked an accountant but she is not around.at the moment.

Will lwt you know.

Aw thanks so much you are a star!! xxxx

It seems that the 20% tax benefit is on the interest only so the ISA interest rate is only the 2-3% - considering i get on average 8% via zopa and about 3% on a regular savings account that seems really poor to me. So basically my confusion as to why people are recommending ISA's left right and centre remains.......I suppose the fixed rate ones have the benefit of not getting reduced if the interest rate goes down.

FinancialSurrender

Just wanted to post before I forget that I had a small ebay sale at the beginning of the month taking my total up to £84.01. There was one other sale, but was for a pair of shoes and don't think I actually made any money on it at all! They sold for 99p and postage was expensive!

Have the £96 ebay sale and £27 Halifax compensation to add, but will wait until I know postage to update my status.

Fairyclicks - essentially it's just a rubbish time to save! With inflation being so high and interest rates being so low, with standard savings accounts your money is going to be worth in a years time :-(

Difficult to swallow - when savings are such a goal for us MSE'rs.

You'll get a higher rate on Zopa because they're not government backed schemes so there is an element of risk involved.... The same with tracker ISAs - the element of risk involved in investing your money in the stock market means that you'll get slightly better rates.

Current accounts will run up to 5%, but because the interest is taxed - the 2.8% ISA comes out on top.....

So yes - cash ISAs are basically the best of a crappy bunch!

FinancialSurrender

Actually ignore part of my last reply! By my calculations, a 5% interest rate will actually earn you £60 more than an ISA (even after the interest has been taxed) so I don't get why everyone shouts about ISAs either!!!!

Aesop

FinancialSurrender wrote: »

Actually ignore part of my last reply! By my calculations, a 5% interest rate will actually earn you £60 more than an ISA (even after the interest has been taxed) so I don't get why everyone shouts about ISAs either!!!!

Probably because it is another gvt incentive to take one out.

mavvymoo

Another £15 to add from a BIN Everyone has paid for yesterdays sales which is a miracle :rotfl:They have all been sent off today.
Magic box shut tight :D:D:D:D Nothing on the window sill and loads of room for more bargain buys (When I get time to look)

Hope everyone is doing well and getting that cash in :T
Mav x
Fairy about that ISA question I looked into them and thought I would be better off with a another current account so that's what I did as all the ISA's I saw were all pretty rubbish I don't understand all the hype about them either So confusing

fairyclicks

FinancialSurrender wrote: »

Actually ignore part of my last reply! By my calculations, a 5% interest rate will actually earn you £60 more than an ISA (even after the interest has been taxed) so I don't get why everyone shouts about ISAs either!!!!

Thanks for that FS - i actually thought i was going mad(er) :rotfl::rotfl:

Makes the double money challenge look better and better :D

fairyclicks

mavvymoo wrote: »

Another £15 to add from a BIN Everyone has paid for yesterdays sales which is a miracle :rotfl:They have all been sent off today.
Magic box shut tight :D:D:D:D Nothing on the window sill and loads of room for more bargain buys (When I get time to look)

Hope everyone is doing well and getting that cash in :T
Mav x
Fairy about that ISA question I looked into them and thought I would be better off with a another current account so that's what I did as all the ISA's I saw were all pretty rubbish I don't understand all the hype about them either So confusing

Yey well done I should be parcelling my ebay sales ready for tomorrow.....bank holiday here today so thats my excuse for not having them done already!

BTW i have a magic box thread now should you wish to check it out :o i know i'm addicted to challenges i think :o:o just gives me a place to write more stuff :rotfl::rotfl:

Aesop

fairyclicks wrote: »

Yey well done I should be parcelling my ebay sales ready for tomorrow.....bank holiday here today so thats my excuse for not having them done already!

BTW i have a magic box thread now should you wish to check it out :o i know i'm addicted to challenges i think :o:o just gives me a place to write more stuff :rotfl::rotfl:

Isn't that why you.have a blog?

emmaglet

YAY YAY YAY. EXCUSE THE CAPS BUT YAY.

Remember my interview last week, the one where I went to a charity shop and picked up 10 £1 computer games? I put four in a bundle for sale, just got a BIN offer for £40 and I snapped his hand off. That's all the games paid for and some profit. He's just paid too! Putting the next bundle of four on for a bin of £70 and take offers.