Marcus and Paragon cut the interest rate. Where to invest?

javixeneize

On year 1 B.C (Before Coronavirus) i did open a saving account in Marcus and an ISA in Paragon. Both of them have cut the interest rate. I assume most of the banks have done the same.

Where is the best place to open a saving account right now? Is Marcus still the best option? 
What about ISAS?

Thanks

Speculator

Start here.
https://moneyfacts.co.uk/

I went with a five yr fixed rate bond @ RCI paying 1.9%
Also, lots of fixed rate regular savers linked to current accounts paying from 1.5% to 2.75%.

Malkytheheed

Just as a pedantic point. 
Savings accounts are not "investing". 
For many reasons. Most importantly, as they all currently pay less interest than inflation you are actually loosing money year on year as you have money in them. 

Malkytheheed

Speculator said:

Start here.
https://moneyfacts.co.uk/

I went with a five yr fixed rate bond @ RCI paying 1.9%
Also, lots of fixed rate regular savers linked to current accounts paying from 1.5% to 2.75%.

That is an amazingly powerful site. But God I wish I could sort the search results by interest given. 

wmb194

Malkytheheed said:

Just as a pedantic point. 
Savings accounts are not "investing". 
For many reasons. Most importantly, as they all currently pay less interest than inflation you are actually loosing money year on year as you have money in them. 

Semantics, and there are accounts paying more than inflation. Cash has outperformed the stock market this year. 

Malkytheheed

It's not semantics. 

Saving accounts are not investing. End of. 
Please show me an instant access account that pays more than 3% (current inflation)? (As the OP was talking about instant access). 

Also what are you talking about savings pay more than the stock market?? Stock market varies depend on what you buy, what you sell, what you hold and what you fold. And when you do all of the above.

I'm massively up on my stocks this year by selling my funds in February and rebuying them in April. I've made a small fortune in the last few weeks so don't try to oversimplify. 

Zanderman

javixeneize said:

On year 1 B.C (Before Coronavirus) i did open a saving account in Marcus and an ISA in Paragon. Both of them have cut the interest rate. I assume most of the banks have done the same.

Where is the best place to open a saving account right now? Is Marcus still the best option? 
What about ISAS?

Thanks

Marcus still have a 1.45% fixed one year account.  And so does their identical version Saga.
(accessible early if needed with 90 days loss of interest, most fixed period accounts are totally inaccessible)
And have a look here too:  https://www.moneysavingexpert.com/savings/

wmb194

Malkytheheed said:

It's not semantics. 

Saving accounts are not investing. End of. 
Please show me an instant access account that pays more than 3% (current inflation)? (As the OP was talking about instant access). 

Also what are you talking about savings pay more than the stock market?? Stock market varies depend on what you buy, what you sell, what you hold and what you fold. And when you do all of the above.

I'm massively up on my stocks this year by selling my funds in February and rebuying them in April. I've made a small fortune in the last few weeks so don't try to oversimplify. 

Inflation isn't 3%, CPI is what, 1.7% at the moment and will probably fall in the next month of two. It is semantics. What matters is the return on investment. The distinction between 'savings' and 'investments' was one made by the regulator to make it easier for it to discuss and regulate different types of vehicles. I have savings bonds paying up to 4%. The OP asked about savings accounts, not specifically instant access accounts. There are still some instant access regular savers paying 2%. The OP doesn't mention an amount, either.
You must have noticed that the year on year returns on the stock market haven't been great recently, right? Of course it depends on what you hold. We can only talk in general. Most people aren't the brilliant market timers that you are. Sheesh.

EthicsGradient

The CPI (and CPIH, including housing costs) increase for March was 1.5%: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/march2020

HHarry

CPI is currently 1.5% - which I’ve easily between over the last year with my cash.

https://www.ons.gov.uk/economy/inflationandpriceindices

RPI stands at 2.6%

coachman12

In the discussion between Malkytheheed and wmb194, I must agree strongly with Malky, both in terms of definitions which are not semantics  and in terms of  similar views and experiences on the actual substance of the facts outlined by Malky.