The Top Easy Access Savings Discussion Area

SeriousHoax

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

janusdesign

@soulsaver
Oaknorth Limited Edition Issue 3 now 4.56% (£20k min)

InvesterJones

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).

InvesterJones

SeriousHoax said:

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

Can't speak for most people, but I do either based on when I need the money - annual helps to bank interest in a different year, while monthly lets me access something at least sooner. For easy access accounts I tend to prefer monthly as that better matches the purpose of easy access.

boingy

I can't speak for anyone else but I stopped putting anything into cash ISAs once the PSA came in. There was just no point.

t33

@soulsaver

Secure Trust Bank 4.55% AER Access Account Issue 9

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

Apologies if already alerted.

cadguy77

t33 said:

@soulsaver

Secure Trust Bank 4.55% AER Access Account Issue 9

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

Apologies if already alerted.

2 increases in as many days, wow

mebu60

jimexbox said:

2010 said:

With the NBS tracker -7 , at least you know you`ll be getting the full increase if and when it happens.
The current EA hokey cokey seems to anticipate what the BoE is going to do next week.
Marcus must be due to join it about next Wed.

Exactly why I persevered with the NBS tracker. Currently has a quid in it, but may change. 

I persevered too for same reasons.. Have £10 in there but now I can withdraw will reduce to £1.
Plus I've had £50 compensation sent to my nominated account :-) 

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.