MSE News: Get up to 2.75% tax free before Saturday's ISA deadline

Former_MSE_Helen

"The tax year ends 5 April, so there are only days left for any UK over-16 to use their £5,760 tax-free cash allowance"

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Get up to 2.75% tax free before Saturday's ISA deadline



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innovate

Sigh.

Another rather disappointing, and in parts misleading, article from MSE. What is the point of pushing cash ISAs for what seems to be nothing but the sake of it?

Not a single mention of why S&S ISAs and/or SIPPs could be superb, and logical, alternatives to cash ISAs for people who are looking at the longer term.

A mention, albeit a very dismissive and totally selective, of a lot higher interest rates in current accounts for those saving short term.

Disappointing, disappointing.

SG27

Some people don't like/want the risk of S&S ISAs and some don't want the hassle of moving money about between current accounts to qualify for the interest.

Not me though. I'm withdrawing all my cash isa savings for high interest current accounts

jimjames

innovate wrote: »

Sigh.

Another rather disappointing, and in parts misleading, article from MSE. What is the point of pushing cash ISAs for what seems to be nothing but the sake of it?

Disappointing, disappointing.

My thoughts exactly. The current standard of financial journalism is shocking so it's no wonder that the average member of the public doesn't have great knowledge about finance. A real shame that MSE can't be bothered to actually give some decent advice especially when this forum contains so much they could actually glean from!

SG27 wrote: »

Some people don't like/want the risk of S&S ISAs and some don't want the hassle of moving money about between current accounts to qualify for the interest.

That's entirely their right.

However this is meant to be a Money Saving site and repeatedly plugging articles that give them false impression that cash ISAs are the best thing to use for savings do not help.

Even the link to S&S ISAs in that article doesn't actually take you to info about them!

If you have under £2500 as savings an ISA is totally pointless. If you have under £10,000 I'd say the same. If ISA rates rise next year you can still put that money into a cash ISA if you want but in the meantime you get far better interest.

innovate

SG27 wrote: »

Some people don't like/want the risk of S&S ISAs and some don't want the hassle of moving money about between current accounts to qualify for the interest.

This latest article as well as other information on the main site don't equip anyone with enough information to make an informed decision about their options - S&S ISAs, cash ISAs, current accounts, SIPPs, company pensions etc.

MSE is letting their readership down quite badly with articles like this. Other frightful information on MSE includes vastly outdated recommendations about discount brokers. That article should have been updated, or pulled, ages ago, and the recommendations in this SIPP article are not much better.

SG27 wrote: »

Not me though. I'm withdrawing all my cash isa savings for high interest current accounts

Sounds like you have informed yourself comprehensively and you aren't following the mantra of "it's almost April 6 so I must use up my cash ISA allowance quick". Well done you!