Cheshire - Nationwide rubbish

wooders

Was getting a 'reasonable' 2.6% with cheshire BS isa until theyve just been taken over by nationwide and had a letter today telling me that from Dec 1 my rate will drop to 0.5% isa

I'm not mega rich.... in fact this is all I have which is about 9k

any ideas or thoughts where I should put this to at tleast give me a little in return (I would need ready access)

any help appreciated

thankyou

jimjames

If you have only £9k then a cash ISA is about worst place.

Read up about current accounts and you'll get up to 5%.

colsten

Don't forget Regular Savers https://forums.moneysavingexpert.com/discussion/608697

wooders

thanks chaps, it was 12k to my pleasant suprise lol

opened a TSB for £2k

also a longer saving account with my own bank that will eventually take £3600

5% and 6% Gross - rerspectively

so took both of your advice :T

just need to find some where to put the rest lol

Kernel_Sanders

wooders wrote: »

Was getting a 'reasonable' 2.6% with cheshire BS isa until theyve just been taken over by nationwide and had a letter today telling me that from Dec 1 my rate will drop to 0.5% isa

That's odd - they are also taking over the Derbyshire this weekend, but all DBS accounts are retaining their rates.

NWOIHTS

I'm also in this same ISA that goes into a 0.5% account in December. I've nearly 30k saved, would I be better with a current account? Do you not pay tax on the interest?

eskbanker

NWOIHTS wrote: »

I'm also in this same ISA that goes into a 0.5% account in December. I've nearly 30k saved, would I be better with a current account? Do you not pay tax on the interest?

Pretty much anywhere will beat 0.5% but with £30K you need to weigh up the short-term benefits of higher interest in multiple current accounts (even after taxation that takes 3-5% down to 2.4-4%, assuming basic rate) versus the potential longer term value of having ISA funds sheltered from tax.

For many it's a no-brainer to use the current account route but when you have savings that would take multiple years to get back into ISA status it's less clear cut....

jimjames

NWOIHTS wrote: »

I'm also in this same ISA that goes into a 0.5% account in December. I've nearly 30k saved, would I be better with a current account? Do you not pay tax on the interest?

When do you need the money?

S&S ISA is also an option.

NWOIHTS

jimjames wrote: »

When do you need the money?

S&S ISA is also an option.

Potentially I might need it at short notice as I am on the lookout for a pad. Only options seem to be instant access isa, the return on which is !!!! poor. Or this current account that I would need to look into. Also if moved to current account I wouldn't be able to put this money back into ISA - if I am understanding it right.

Eco_Miser

You could put the money back into an ISA over two years (or just two months, March and April) if you really wanted to, but if you buy a pad, you won't have it to put back anyway.

Meanwhile, you could get 5% AER on £4.5k (TSB and Nationwide) and 4% on the rest (up to £5k Lloyds) or 3% on the lot (up to £20k) in Santander. See threads on the parent board for details/workarounds etc.

MARTYM8`

To be fair OP the rate you had included a guaranteed element for a fixed period that has now ended.

I have a former Cheshire isa - now paying 2.3% but will drop to 0.5% next week.