take out new ISA now- or wait until april?

Reed_Richards

colsten wrote: »

... people have to decide whether they'd rather earn more interest or have an easier life and earn less. Emphasis on earn.

Or they might do some paid overtime or a little part-time work or sell some unwanted items on eBay and earn a little more that way. My unpopular opinion is that saving schemes that involve extra work and/or keeping track of money circulating round multiple accounts are not directly comparable with putting all your money (under £85k) into just one savings account with a good rate of interest. It's apples and oranges.

Frogletina

Reed_Richards wrote: »

Or they might do some paid overtime or a little part-time work or sell some unwanted items on eBay and earn a little more that way. My unpopular opinion is that saving schemes that involve extra work and/or keeping track of money circulating round multiple accounts are not directly comparable with putting all your money (under £85k) into just one savings account with a good rate of interest. It's apples and oranges.

Being retired, I don't have the opportunity to do overtime and I'd rather leave any work available to be done by those who need to work. One of my grandchildren lived with me when she was unemployed and has now found full time work with enough money to rent a place of her own.

The best rate of interest I can put all of my money in would earn me 1.5%.

Most of my regular savers are with Virgin who do not required me to have a current account, earning me 3%.

And yes, it is the same money circulating around the accounts, as I don't have enough income to save new money.

I could maybe make a little money from selling unwanted items, as I am currently decluttering my house, but I'd rather take them to the charity shop. I currently have 5 mugs - I'm not going to list them separately, photograph them, wrap them up and deliver each to the post office if they sell....now that does sound like extra work!

frogletina

eskbanker

Reed_Richards wrote: »

My unpopular opinion is that saving schemes that involve extra work and/or keeping track of money circulating round multiple accounts are not directly comparable with putting all your money (under £85k) into just one savings account with a good rate of interest. It's apples and oranges.

It is apples and oranges, but just to extend the analogy, they're both legitimate answers to someone looking for some unspecified fruit!

If someone insists on a fruit that doesn't involve the effort of peeling (or slicing) it first then that'll steer them towards one answer but if someone's looking for vitamin C that'll direct them more towards the other.

In the same way, someone looking for somewhere to put their money may choose to prioritise best return or they may prefer something simpler to operate. Both are perfectly valid perspectives so it doesn't seem unreasonable for MSE (and many posters) to highlight the existence of multiple approaches from which people can make an informed choice - I wouldn't expect to go to my local supermarket to be told "we're no longer stocking apples because we think oranges are better for you"!