The 85k guarantee-enough to protect ISA accumulation?

soros

masonic wrote: »

What about £300 dripped into a HSBC Loyalty Cash ISA earning £10 per month?

I don't currently have any money in a cash ISA, but will soon be doing the above.

http://www.hsbc.co.uk/1/2/savings-accounts/cash-isa

Is this the account?
If it is they are only paying 1.6% That can be obtained without too much shopping around at the moment.

masonic

soros wrote: »

http://www.hsbc.co.uk/1/2/savings-accounts/cash-isa

Is this the account?
If it is they are only paying 1.6% That can be obtained without too much shopping around at the moment.

You've missed the fact that it pays Advance current account customers £10 per month as well as the interest when you pay in £300 or £25 per month.

http://www.hsbc.co.uk/1/2/save-together?HBEU_dyn_lnk=TaxEfficientSavings_Advance_FindOutMore_Btn

Effectively, an equivalent regular saver would have a headline rate of 82% AER.

mike88

HMRC100 wrote: »

You do write some rubbish!
I have a cash ISA in excess of £100k earning 2.5% and I'm quite content. Interest rates will go up. Get in the real world!!

I'm a millionaire and a qualified accountant.
Why do I need financial advice??

You have made 17 posts in 6 years and 4 posts in 12 minutes. Your earlier posts about Gloucester Old Spot Pork, Morrisons Disney Cards, Cheap Strawberries and PG Tips for £1.60 are not the kind of subjects I would expect to be of interest to a millionaire.

Were you telling porkies - and not of the Gloucester Old Spot variety?

jimjames

mike88 wrote: »

You have made 17 posts in 6 years and 4 posts in 12 minutes. Your earlier posts about Gloucester Old Spot Pork, Morrisons Disney Cards, Cheap Strawberries and PG Tips for £1.60 are not the kind of subjects I would expect to be of interest to a millionaire.

Were you telling porkies - and not of the Gloucester Old Spot variety?

You obviously need to save money on your PG tips and strawberries to be able to get to being a millionaire.

ermine

jimjames wrote: »

Do you understand what that limit is?

The MF Global backstop

joe134

masonic wrote: »

I don't see much justification for having total cash ISA funds in excess of £85k. As Archi points out, the long term stuff would be better off in risk-based investments and money held short term (such as proceeds from the sale of a house) could not all be put in a cash ISA anyway.

I think this depends on your age.I and my wife have Isas exceeding £100k, and are 70 +.
We have had the stock market , over the years, and done fair from them , BUT, also 1987, as well.Depends on your nature to RISK. Now , I don't want risk, and , enjoy the tax free nature of my Isas, which, had I not had them, my cash would be earning less, 20% less.and this is when we need cash.
I was in Icelandic banks, luckily, lost nothing, £85k isn't just for Isas, it's total savings in 1 institution, that's why I'm re-jigging all my Isas this year.I don't class myself as one of the few, I know several people in the same situation, in fact, I'd go as far to say, that anyone who hasn't used up all their Isa allowances over the years, before going for the riskier market , is rather naive.It's up to the Individual choice, just don't put all your eggs in one basket.It would be better if £85k rule was raised, BUT, as said, at what cost, to us;just, spread it around.Look after the pennies, the pounds will look after themselves.

dunstonh

HMRC100 wrote: »

You do write some rubbish!
I have a cash ISA in excess of £100k earning 2.5% and I'm quite content. Interest rates will go up. Get in the real world!!

I'm a millionaire and a qualified accountant.
Why do I need financial advice??

Being an accountant doesnt mean you are good with financial advice. Such as the accountant who recently argued with me that their client needed and executive pension plan and listed the reasons despite all those reasons being abolished in 2006. Or (an older case) where the accountant that told a client he could not transfer windfall shares into PEP and then cash sell the PEP to cash to invest into a pension to get 40% tax relief. He could. Or the accountant that said a director employing his wife would not have to join auto enrolment (she does as she was on the books as an employee).

Accountants are not advisers. Advisers are not accountants.

jimjames

joe134 wrote: »

I enjoy the tax free nature of my Isas, which, had I not had them, my cash would be earning less, 20% less.and this is when we need cash, to help kids/grandkids with houses etc.

You might not want the hassle but 20% more of 1% doesn't match the 3-5% you can get outside an ISA.

The thread is a bit irrelevant though, it's not the value in an ISA that's important but the total cash with any one institution.

soros

masonic wrote: »

You've missed the fact that it pays Advance current account customers £10 per month as well as the interest when you pay in £300 or £25 per month.

http://www.hsbc.co.uk/1/2/save-together?HBEU_dyn_lnk=TaxEfficientSavings_Advance_FindOutMore_Btn

Effectively, an equivalent regular saver would have a headline rate of 82% AER.

(Thanks for the link)

I saw this one
http://www.hsbc.co.uk/1/2/savings-accounts/regular-savings-accounts
and can see the 6% rate, but I don`t grasp where the high rate (82%) comes from. I`m not challenging you, just trying to gain an understanding of what you are sharing. This site could be good, but I feel the bickering (further up the thread) can often spoil a good session of information sharing.

(Come on guys, let`s keep it civil. It`s a them & us out there, regardless of what Mr. Cameron says. Let`s help each other on here, and pool our info).

soros

joe134 wrote: »

I think this depends on your age.I and my wife have Isas exceeding £100k, and are 70 +.
We have had the stock market , over the years, and done fair from them , BUT, also 1987, as well.Depends on your nature to RISK. Now , I don't want risk, and , enjoy the tax free nature of my Isas, which, had I not had them, my cash would be earning less, 20% less.and this is when we need cash, to help kids/grandkids with houses etc.
I was in Icelandic banks, luckily, lost nothing, £85k isn't just for Isas, it's total savings in 1 institution, that's why I'm re-jigging all my Isas this year.I don't class myself as one of the few, I know several people in the same situation, in fact, I'd go as far to say, that anyone who hasn't used up all their Isa allowances over the years, before going for the riskier market , is rather naive.It's up to the Individual choice, just don't put all your eggs in one basket.It would be better if £85k rule was raised, BUT, as said, at what cost, to us;just, spread it around.Look after the pennies, the pounds will look after themselves.

Good sensible post. It`s nice that you are looking out for the kids/grandkids. I`m pleased that you appear to have your finger of the pulse. Well-done.:A