Coventry Fixed Rate ISA 2.75%

2010

This ISA is mentioned in the mse weekly email namely for it`s loophole of getting your money back anytime with a loss of 120 days interest.
Mse seems to think this is a three year fixed ISA but in fact it matures on 30/11/2017 which makes it a three year and EIGHT months fix.

Also it`s only any use for this tax years allowance and the full amount needs to be put in, £5760.

http://www.coventrybuildingsociety.co.uk/savings-accounts/cash-isa.aspx

A_Flock_Of_Sheep

2010 wrote: »

This ISA is mentioned in the mse weekly email namely for it`s loophole of getting your money back anytime with a loss of 120 days interest.
Mse seems to think this is a three year fixed ISA but in fact it matures on 30/11/2017 which makes it a three year and EIGHT months fix.

Also it`s only any use for this tax years allowance and the full amount needs to be put in, £5760.

http://www.coventrybuildingsociety.co.uk/savings-accounts/cash-isa.aspx

Are people still bothering to throw their money into the paltry rate black holes that are cash ISAs?

It's high time MSE produced an article on the best S&S ISAs and their recommended funds.

bigadaj

A_Flock_Of_Sheep wrote: »

Are people still bothering to throw their money into the paltry rate black holes that are cash ISAs?

It's high time MSE produced an article on the best S&S ISAs and their recommended funds.

I think you're learning slowly, but still have a way to go.

They won't want to take on any liability for this, and cash isas are still useful potentially for short term savings, people with a low and short term risk profile, and potentially as a short term cache for later investment in a tax free wrapper.

There's enough discussion on here, particulalrly helped by the excellent posts by special saver and snowman, to allow people to do their own research and reach decisions on equity investments. If people aren't prepared to do this they should be using an ifa.

Ken68

Thank you 2010, was on my list and not enough time for me to recoup costs of S and S.
What I really want is to know how rates got so low. I need to recognize someone or some organisation so as to take counter measures.
Bring back the guillotine.

Archi_Bald

A_Flock_Of_Sheep wrote: »

It's high time MSE produced an article on the best S&S ISAs and their recommended funds.

I hope this will never happen. MSE has no investment skills or experience and should hopefully stay well clear of recommending any funds and "best S&S ISAs" (whatever that may mean).

Also, cash savings are by no means to be discarded as a perfectly valid option for many reasons. For example, starting an S&S ISA when they have no emergency cash fund would be a most undesireable thing to do.

bigadaj

Ken68 wrote: »

Thank you 2010, was on my list and not enough time for me to recoup costs of S and S.
What I really want is to know how rates got so low. I need to recognize someone or some organisation so as to take counter measures.
Bring back the guillotine.

Well interestingly rates weren't too bad for sometime well after 0.5% rates were introduced, so the boe can't take all of the blame by any means.

The one thing that really stuffed rates for savers was funding for lending, so it's the governments fault, as to whether this is the current Tory coalition one or the root cause lies with the last labour one is up for debate.

It's amazed me that there hasn't been a pensioners revolt on this, and after all they have far greater turnout in terms of voting.

Politically speaking then if you can get away with no backlash on savers it's the ideal scenario. People either spend their money on consumer goods,giving a boost to that side of teh economy, or invest their money in search of higher returns, and potentially boosting investment and the economy that way. There's obviously a risk on the benefits side when people don't have any savings but that's a small price to pay.

EdGasket

Savers are getting mugged for Bankers' mistakes and guess who are still taking bonuses?

ColdIron

EdGasket wrote: »

Savers are getting mugged for Bankers' mistakes and guess who are still taking bonuses?

Nothing to do with banker's mistakes, everything to do with the Funding for Lending Scheme which the government is using to encourage lending to house buyers and SMEs. Rates were reasonable until that scheme started

Ken68

So nobodies fault. As Private Eye would say...that's all right then.
Why was there a Funding for Lending.?
Who do I blame for my FRISA's going from 5% to 1.75%.?
I need someone to blame, make me feel better.

2010

Ken68 wrote: »

So nobodies fault. As Private Eye would say...that's all right then.
Why was there a Funding for Lending.?
Who do I blame for my FRISA's going from 5% to 1.75%.?
I need someone to blame, make me feel better.

Try Cameron, Osborne and Carney for a start.

ColdIron

I suppose the easiest target is the current government as they introduced the scheme. It's arguable how much positive effect it's had and I don't think similar schemes exist in other countries affected by the recession.

You could blame the banks for being instrumental in the financial crisis but I have a problem with this

If you left a plate of sausages lying around would you blame a dog for being a dog and snaffling them? Hardly. So I find it hard to blame a banker for acting like a banker with all the light touch regulation and positive encouragement by the governments of the day stoking up a housing and credit bubble

So you could blame the previous government for that, you can certainly hold them to account for the deficit and the consequent cutting back on spending which in turn has made people and companies less inclined to spend and invest which brings us back to the Funding for Lending Scheme

So, far from it being nobody's fault, maybe it's everybody's fault except us poor savers

Edit. The Funding for Lending Scheme is a joint venture between The Treasury and The BoE so you can throw a bit of blame their way too