The Top Easy Access Savings Discussion Area

janusdesign

@soulsaver
Charter Saving Easy Access (Issue 42) @ 4.55% is now NLA.

bundoran

phillw said:

pecunianonolet said:
My point was simply that making an effort and having intrinsic motivation should lead to a reward!

  

That is a political view point.

Some people want to live simple lives where they go to work, get paid, come home and not have to get their heads round all this switching malarkey.

It depends on what behavior you want to encourage, which is basically what politics is.

I have seen a lot of tricks come and go (I really miss banks having 0845 customer support numbers), it's all part of the game. Complaining about it on a message board isn't going to achieve anything.

What have any of your 5470 postings on here ever achieved? 

pecunianonolet

phillw said:

pecunianonolet said:
My point was simply that making an effort and having intrinsic motivation should lead to a reward!

  

That is a political view point.

Some people want to live simple lives where they go to work, get paid, come home and not have to get their heads round all this switching malarkey.

It depends on what behavior you want to encourage, which is basically what politics is.

I have seen a lot of tricks come and go (I really miss banks having 0845 customer support numbers), it's all part of the game. Complaining about it on a message board isn't going to achieve anything.

Yes, you can absolutely have a simple live as you describe not engaging in all the "malarkey" but you could also make an effort if it is important to you. If you don't want to make an effort it implies simply that your preferences are different but you should not expect that somebody keeps running after you so you can just keep snoozing in your comfy hammock.

Those who make an effort and check regularly what's going on may snap up good accounts and rates and benefit from it, others deem it as less important and therefore have to deal with the consequences. 

It all as to do with your preferences and the derived utility function. Rather simple basics of Microeconomics. 

You always have a choice.

allegro120

jaceyboy said:

Chip need to respond

I hope they will soon. There is a extensive list of EAs that deliver above 4.51%. It's tempting to open one of these accounts and relocate funds, but I like Chip's IA feature.  I urgently needed a largish amount this morning to buy something that could have been gone if I didn't do it straght away, any other EAs paying better rate wouldn't have served the purpose.  The other thing is I'm a bit tired of opening new accounts, filling them and emptying/closing them a few days later.

mebu60

@soulsaver

Kent Reliance EA Issue 62 4.55% NLA 

phillw

bundoran said:
What have any of your 5470 postings on here ever achieved? 

Exactly what I set out to achieve.

RedImp_2

Rollinghome said:

RedImp_2 said:

Rollinghome said:

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.

Not sure what caused this pile on but I’ve looked at that post and there’s plenty about whether you would be due to pay tax or not but of course that was written when 1.5% was a top rate so he tells you how much in savings you would need to pay tax. 

But even if you are, you still have to work out for you if interest even with tax would be still better return than an ISA.

A "pile on"?  Comments from just two posters hardly meet any definition of a "pile on"  that I know. And you still appear to not understand the points being made. There'll be many people paying tax on their savings for the first time this year, because they didn't consider what would happen when rates rose or other factors changed.

I absolutely understand but quoting ML advice from several years ago is not really relevant is it?
And just because you will be paying tax doesn’t mean an ISA is better

phillw

allegro120 said:
The other thing is I'm a bit tired of opening new accounts, filling them and emptying/closing them a few days later.

Most of the top savings rates seem to have things like minimum balances, limited withdrawals, or cut off times for withdrawals. So I'm really limiting myself now to app based accounts, or banks I have an existing login for.

dgpur

jaceyboy said:

Chip need to respond

Why? They are still faster and more flexible than, and without the limits of, competitors.

chris_the_bee

mebu60 said:

@soulsaver

Kent Reliance EA Issue 62 4.55% NLA 

It was 4.53% WEF 28th July & NLA WEF  31st July