Are cash Isla's worth it now

chiefie

If you don't have mega money to save is it worth investing in a cash isa if you dont expect to trip the £1000 tax free limit on interest ?

lonewolf123

I personally think only the help to buy cash ISA is worth it right now with the 4% interest rate as other current accounts / regular savers will outshine cash ISA's especially with the tax free limit kicking in.

However a cash isa is good in case they remove the tax free limit or if you wish to build your isa pot for the future as there is a limit to how much you can put in each year.

colsten

I agree an HTB ISA (with Halifax) is worth your while if you qualify. All other cash ISAs will be a really bad choice for the vast majority of people - and particularly those with small savings, and for 100% of those who have less than £15,240 in savings. This is true even before the new savings interest allowance comes into force.

https://forums.moneysavingexpert.com/discussion/5374614

talexuser

Use the highest paying accounts you can until you reach the £1000 limit, and then consider if stashing yearly isa limits is worth it. Hopefully by then we might be back to an actual free market economy so rates might be more normal, or you might have enough capital to consider investments in addition to cash savings.

It would be ironic if the £1000 allowance led to such a dearth of cash isa applications, that the chancellor considers getting rid of cash isas at some point in the future.

bigfreddiel

What is a cash Isla?

Cheers fj

teddysmum

bigfreddiel wrote: »

What is a cash Isla?

Cheers fj

A typo, which is obvious, as the OP's spelling is correct in their actual post.

kinger101

bigfreddiel wrote: »

What is a cash Isla?

Cheers fj

You missed the apostrophe. It's some cash which belongs to Isla. Not sure which one. Perhaps that Australian actress who married Sacha Baron Cohen. She's definitely worth it.

jimjames

chiefie wrote: »

If you don't have mega money to save is it worth investing in a cash isa if you dont expect to trip the £1000 tax free limit on interest ?

In my view a cash ISA hasn't been worth it for many years. My last one was around 15 years ago. S&S ISAs on the other hand are definitely worth it. Or if you prefer cash then current accounts pay way more than cash ISAs.

McKneff

It might be that St. Clare woman or that other one Isla Wight.....

kinger101

McKneff wrote: »

It might be that St. Clare woman or that other one Isla Wight.....

It might not even be a woman. It could be Isla Mann.

Eco_Miser

chiefie wrote: »

If you don't have mega money to save is it worth investing in a cash isa if you dont expect to trip the £1000 tax free limit on interest ?

Even if you do exceed the £1000 tax allowance, they're still not worth it unless you have built up a very large holding, and don't want to go the S&S route.