Getting FIREd up 😀

edinburgher

There goes my first interest rate cut - ISA down to 3.85%

South_coast

Yep 🙁 I've had the notification on the LISA, just waiting on the ISA at the moment. 

After my epic 6-week transfer, I think I'm going to be moving away from Moneybox 🤦‍♀️ I somehow missed the fact that it's not flexible (not an enormous problem this year, but still an irritant), but having now requested a withdrawal I've discovered that you can only have whole pounds and that the money comes the next working day (although I requested it yesterday evening and not arrived yet....) I'm not sure I can cope with this, so think I'll give it a week or so for everyone to announce their new rates and then look to move again

South_coast

ISA also now announced as decreasing by 0.25%. I'm trying to think of the positive effect on the economy, how all my fellow MFWs will be able to get better mortgage rates etc, but it's very hard to not just be "me, me, me" and feel sorry for myself!

edinburgher

I hear you SC, no harm in thinking about your own interests Could RS pay some part in your planning if you're looking to juice your rates a little? 

It doesn't look like rates are dropping much for mortgages, I'm estimating that we might move to IRO 4% come the end of the year. 

South_coast

No dice on the reg savers unfortunately Ed, the other thing is going to take up most of my PSA, so I need to stay in ISAs (also, they do annoy me with their headline rates being so appealing, but that not really being what you end up with as it's calculated daily - but I guess I could get past that mentally if I needed to 🤣!)

On reflection, I probably don't need to throw my toys out of the pram. Even with a reduced rate, the differential between the new and old accounts is still worth £12/month, the decimal place thing is annoying, but not the end of the world, and as long as I plan correctly it shouldn't be too much of an issue to not have instant withdrawals. Not being flexible will be more of an issue next year, as I'll be withdrawing chunks to pay down the car finance, but I might just sit tight until the end of the bonus rate....🤔

edinburgher

I never did figure out what the other thing was, probably just not reading properly

BookWorm

Thanks for the nudge to review ISA rates.  I've just moved mine   

Whilst it's shame savings interest is reducing,  I'm personally rooting for the mortgage rates to come down as I'm approaching my remortgage date.  Swings and roundabouts eh?

TallGirl

Im so with you on the inflexibility of the ISA with moneyb@x it’s really not handy. I’m now scraping through until a big payment comes in. Still it’s a sort of challenge. 

South_coast

edinburgher said:

I never did figure out what the other thing was, probably just not reading properly

Sorry Ed, it's not you, it's me! I've never actually said, as it's so particular to my own personal circumstances that I worry anyone who knows me in real life would guess who I am straight away. I'm happy for people on MSE to anonymously know that I am MF and working towards early retirement, but I know that in the real world that wouldn't be celebrated in the same way, so I try very hard to keep my two worlds separate. As a former colleague once said to me: "Never let them know that you don't need the money." Sad, but (in this country, as least) very true!

South_coast

TallGirl said:

Still it’s a sort of challenge. 

Agreed, I'm now thinking of ways that if I don't put money in, I won't need to move it out - so rather than pile in on payday, it might be better to keep some in my current account and jiggle it from one pot to another within my spreadsheet instead 🤔