Ignore Cash Isas

MissyD_2

It took a few goes and a considerable amount of lapsed time, but the link worked!!! I have asked one of the other posters if they had any luck opening by post...
Yes the rate is good (but I already have an 8% (gross) first direct Regular Saver - Note: This rate is no longer available) to fund at a max of 300 p/m (with additional payments to make up for <£300 p/m in previous months, I have a few also allowed within once a month funding of the account) until Oct at least so max of £3600 is deposited within the 12 months life of this account.
I specifically need a NEW ISA first and foremost especially as I already have over £2k ready for it and monthly deposits to reach maximum annual allowance will also be made as a priority to all spending which will be done on a 0% on purchases c/c so that I have more income in the bank earning some TAX FREE interest!

Roundabouts

patalford wrote: »

The rates this year are scandalous.
I am not playing.
Only way to send a message to these financial organizations.:(

Good point. As a much better alternative open a Stocks and Shares ISA instead and buy either Vodafone, Glaxo, or Shell shares, etc. You can invest twice as much as you can in a cash ISa and get about a 5+% dividend return per year.

innovate

Oh god, not another one who makes an unqualified recommendation for S&S ISAs.

Martinslovechild

innovate wrote: »

Oh god, not another one who makes an unqualified recommendation for S&S ISAs.

You're boring people now, Innovate. Why don't you tootle off and find yourself a nice 2.5% AER Cash ISA?

innovate

Martinslovechild wrote: »

You're boring people now, Innovate. Why don't you tootle off and find yourself a nice 2.5% AER Cash ISA?

Didn't know you are a spokesperson for "people" now.

I do hope though that "people" have enough capacity to determine for themselves whether they'd want to jump head first into S&S ISAs, on the totally unqualified suggestions of two random forumites, on a website that doesn't cover investments, only savings (if you get the difference)

To those that follow the two suggestions like lemmings - - the very best of luck. Your innocent gamble may come off, but you might also lose it all, or a very substantial amount of it.

To those that don't follow the two suggestions blindly - well done for informing yourself before risking thousands of pounds of your hard earned money in investments. S&S ISAs can be great for you if your own research has found that they are the right sort of investment for you. As I have said before, I invest in S&S ISAs myself, but it is plain foolish to state, unqualified, that they are the alternative to cash ISAs, or better than cash ISAs.

adindas

S&S ISA is worthy if you have time to follow the stoke market trend.
I will tell you my personal experience. I had S&S ISA before the credit crunch started. I followed the strong recommendation from one of the high street bank financial advisers which tell me that will have a better return than high interest saving bond. My big mistake I believe him .....

As I did not have sufficient time to do my own research I follow his advise and I had done it on each ISA tax year. In the first three years, it is doing not particular bad. But TBH it does not beat the few best saving bonds available in the market at the time e.g. other opportunity that I could take without any associated risk if I did not invest in S&S ISA.

The credit crunch hits and I loose around £2000 the original value of my share.

Lesson learnt: S&S ISA is good if you also want to invest time researching the market trend, involve quite significant amount of money (so worthy to invest time), and significantly high return margin in comparison to high interest saving bonds and most importantly, never believe the bank financial adviser .....

IMHO, it is not worthy to invest time for such a tiny amount (a few grands), tiny gain in return margin but with associated risk and opportunity cost.

I will be seriously thinking about this If I have 100 grands to invest not for a few grands as tiny margin gained and associated risk is a worthy undertaking .....

I have read in one post in this forum someone said they got 8% in zopa. Good luck then hopefully he does not loose the entirely amount invested later ....

enthusiasticsaver

Martinslovechild wrote: »

The solution is to take out a Stocks & Shares ISA. At least your money's protected from the tax man and if stock markets turn negative you can always sell any funds within the ISA wrapper allowing your balance to sit in cash - still protected from the tax man - and reinvest when the markets move up again.

You should only go into stocks and shares if you know you are not going to need the money in a hurry and are prepared to wait until selling conditions are right. Once the FTSE starts moving downwards it can go down and stay down for quite a long time. It has only just recovered from 2008 levels so that is 5 years.