The Top Easy Access Savings Discussion Area

jaceyboy

SeriousHoax said:

When it comes to monthly or annual interest, do most people go for monthly.

Personally yes

Rollinghome

InvesterJones said:

2010 said:

InvesterJones said:

2010 said:

When PSA was introduced and rates for ISA were and still are lower than non ISA, even ML was advising people to switch out or not open new ones because of the tax situation.

2016? The data doesn't show people ditched ISAs then.

https://blog.moneysavingexpert.com/2022/04/martin-lewis-ditch-cash-isa/

So no ditching in or after 2016 when PSA was introduced. Data hasn't come out for 2022-23 yet though so we'll have to wait and see if that blog post made any impact (I doubt it).

From your chart there’s no “ditching” shown as such, but the trend of increasing values held in cash ISAs, as might be expected, ends in 2016-17, then contracts, and doesn’t rise above 2015-16 levels until 2019-20 before falling back again.  

The reason for that isn’t clear from the chart, so make of it what you will.

Telling people they should "probably ditch" cash ISAs without qualification was poor advice from Mr Lewis.  But then he's a journalist, not a financial adviser. It's a "use it or lose it" tax break that can be switched into a S&S ISA, and those whose circumstance change, perhaps due to a better job, a substantial inheritance, or just due to increased rates, could well regret it should they become liable for more tax. 

YMMV, but always worth doing the numbers before turning down a tax break.

janusd

t33 said:

@soulsaver

Secure Trust Bank 4.55% AER Access Account Issue 9

https://www.securetrustbank.com/savings/access-accounts

Apologies if already alerted.

anyone know whether with Secure Trust you can transfer balances between Issues, or whether withdrawals are only to the external nominated account?

either way, i'm not going to do it until Monday as it won't be processed until then.

AndyTh_2

Oxbury Personal Easy Access Account (Issue 1) is now 4.55% AER
https://www.oxbury.com/personal-easy-access-account-eap001

friolento

Rollinghome said:

InvesterJones said:

2010 said:

InvesterJones said:

2010 said:

When PSA was introduced and rates for ISA were and still are lower than non ISA, even ML was advising people to switch out or not open new ones because of the tax situation.

2016? The data doesn't show people ditched ISAs then.

https://blog.moneysavingexpert.com/2022/04/martin-lewis-ditch-cash-isa/

So no ditching in or after 2016 when PSA was introduced. Data hasn't come out for 2022-23 yet though so we'll have to wait and see if that blog post made any impact (I doubt it).

From your chart there’s no “ditching” shown as such, but the trend of increasing values held in cash ISAs, as might be expected, ends in 2016-17, then contracts, and doesn’t rise above 2015-16 levels until 2019-20 before falling back again.  

The reason for that isn’t clear from the chart, so make of it what you will.

Telling people they should "probably ditch" cash ISAs without qualification was dumb advice from Mr Lewis.  But then he's a journalist, not a financial adviser. It's a "use it or lose it" tax break and those whose circumstance change, perhaps due to a substantial inheritance or just due to increased rates, could well regret it should they become liable for more tax. 

Always worth doing the numbers before turning down a tax break.

For the average person, and for at least 34% and possibly for the majority of the adult population, Martin's advice would have been spot on if you look at  these numbers. I agree though that an unqualified "ditch your ISA now" wasn't good advice - did he actually do that?

Wheres_My_Cashback

Cynergy 4.55% (Issue 64)

https://www.cynergybank.co.uk/personal/online-easy-access-account/online-easy-access-account/

SeriousHoax

Wheres_My_Cashback said:

Cynergy 4.55% (Issue 64)

https://www.cynergybank.co.uk/personal/online-easy-access-account/online-easy-access-account/

I've just this minute got the new rate with the fast track.

Wheres_My_Cashback

SeriousHoax said:

Wheres_My_Cashback said:

Cynergy 4.55% (Issue 64)

https://www.cynergybank.co.uk/personal/online-easy-access-account/online-easy-access-account/

I've just this minute got the new rate with the fast track.

I timed mine from logging in, using Fast track to apply and then transferring/closing from old to new.

Total of 156 seconds.....and people here moan that it's a faff/difficult !

Rollinghome

lcooper said:

Rollinghome said:

InvesterJones said:

2010 said:

InvesterJones said:

2010 said:

When PSA was introduced and rates for ISA were and still are lower than non ISA, even ML was advising people to switch out or not open new ones because of the tax situation.

2016? The data doesn't show people ditched ISAs then.

https://blog.moneysavingexpert.com/2022/04/martin-lewis-ditch-cash-isa/

So no ditching in or after 2016 when PSA was introduced. Data hasn't come out for 2022-23 yet though so we'll have to wait and see if that blog post made any impact (I doubt it).

From your chart there’s no “ditching” shown as such, but the trend of increasing values held in cash ISAs, as might be expected, ends in 2016-17, then contracts, and doesn’t rise above 2015-16 levels until 2019-20 before falling back again.  

The reason for that isn’t clear from the chart, so make of it what you will.

Telling people they should "probably ditch" cash ISAs without qualification was dumb advice from Mr Lewis.  But then he's a journalist, not a financial adviser. It's a "use it or lose it" tax break and those whose circumstance change, perhaps due to a substantial inheritance or just due to increased rates, could well regret it should they become liable for more tax. 

Always worth doing the numbers before turning down a tax break.

For the average person, and for at least 34% and possibly for the majority of the adult population, Martin's advice would have been spot on if you look at  these numbers. I agree though that an unqualified "ditch your ISA now" wasn't good advice - did he actually do that?

He did, and 2010 included a link in his post on the previous page to an example at https://blog.moneysavingexpert.com/2022/04/martin-lewis-ditch-cash-isa/  He's repeated similar advice on various occasions without, as far as I'm aware, making clear the circumstances when it could result in paying unnecessary tax. It's just not that simple.

He does have a liking for slick headlines; as with his advice that savers could get 5% by investing in NS&I IL bonds: without mentioning that was due to high inflation in the previous 12 months, so not likely to be the return for those investing for the next 12 months. Inflation then tumbled.  

I know he has his fans, but for me, his articles and TV performances are best treated as just that.

dekkard

Does anyone who recently opened the Skipton Bonus Saver (issue 8) know if you have to wait 14 days from funding it before you can withdraw?

Skipton's website suggests so but can't find anything in the account's specific Ts&Cs which says so.