Martin Lewis: Is the £20,000 cash ISA limit about to be killed off?

Suzycoll

friolento said:

Suzycoll said:

I listened to Martin's blog 

I am not a cautious person particularly &  decide to only save in cash ISAS  (moderate amount under 20k). 

I have decided to start withdrawing half my savings from my  cash ISA & put it in a safe at my house ! Call me stupid but .... Thoughts ?

 Do you think it was just careless on his behalf that Martin Lewis did not mention the "under the mattress" option?

I'm not sure what you mean sorry. My reply was not intended to criticise Martin in any way . Sadly ( and I know it's stupid) I just don't trust any government with my cash 😔 

eskbanker

Suzycoll said:

booneruk said:

Suzycoll said:

I have decided to start withdrawing half my savings from my  cash ISA & put it in a safe at my house ! Call me stupid but .... Thoughts ?

You'll be guaranteed to lose money effectively - inflation will erode the purchasing power of that safe-ensconced cash.

You'll also introduce the cash to theft/fire risk.

Yes I realise that . Sadly ( and I know it's stupid) I just don't trust any government with my cash 😔 

But the government wouldn't be going anywhere near your cash?

Suzycoll

IanManc said:

Suzycoll said:

I listened to Martin's blog 

I am not a cautious person particularly &  decide to only save in cash ISAS  (moderate amount under 20k). 

I have decided to start withdrawing half my savings from my  cash ISA & put it in a safe at my house ! Call me stupid but .... Thoughts ?

A jeweller who lives near me had great faith in the safe in his house.

That was until four men broke into his house in the middle of the night. With a knife at his throat and with the gang making unpleasant threats concerning his wife and teenage daughters he readily opened the safe and the thieves emptied it and went on their way.

The jeweller no longer brings his work home and the safe has been removed.

I've never had a safe in my house and I'm not getting one.

Yes I understand it is a risk I take 
Sadly ( and I know it's stupid) I just don't trust any government with my cash 😔 

Suzycoll

MeteredOut said:

Suzycoll said:

I listened to Martin's blog 

I am not a cautious person particularly &  decide to only save in cash ISAS  (moderate amount under 20k). 

I have decided to start withdrawing half my savings from my  cash ISA & put it in a safe at my house ! Call me stupid but .... Thoughts ?

Please tell us this is a joke!

On what planet can you think the risk of future cash ISAs being limited to £4K mean that withdrawing half of your existing tax-sheltered savings a good choice?

No it was not a joke u unfortunately.
Sadly ( and I know it's stupid) I just don't trust any government with my cash 😔 

Suzycoll

eskbanker said:

Suzycoll said:

I listened to Martin's blog 

I am not a cautious person particularly &  decide to only save in cash ISAS  (moderate amount under 20k). 

I have decided to start withdrawing half my savings from my  cash ISA & put it in a safe at my house ! Call me stupid but .... Thoughts ?

Well, if you insist....

There is absolutely no need for the action you propose - even if you felt the need to withdraw money from a cash ISA (and this really isn't what's suggested at all, and makes no sense), then why wouldn't you use a taxable savings account instead of storing cash at home?

I don't know if this is some sort of wind-up but if not, it's more evidence of the dangers of scaremongering!

No it's not a wind up 
Sadly ( and I know it's stupid) I just don't trust any government with my cash 😔 

Barkin

Suzycoll said:

eskbanker said:

Suzycoll said:

I listened to Martin's blog 

I am not a cautious person particularly &  decide to only save in cash ISAS  (moderate amount under 20k). 

I have decided to start withdrawing half my savings from my  cash ISA & put it in a safe at my house ! Call me stupid but .... Thoughts ?

Well, if you insist....

There is absolutely no need for the action you propose - even if you felt the need to withdraw money from a cash ISA (and this really isn't what's suggested at all, and makes no sense), then why wouldn't you use a taxable savings account instead of storing cash at home?

I don't know if this is some sort of wind-up but if not, it's more evidence of the dangers of scaremongering!

No it's not a wind up 
Sadly ( and I know it's stupid) I just don't trust any government with my cash 😔 

You'll be pleased to know then, that by putting your cash in an ISA you're not entrusting the government with its safe keeping.

masonic

Suzycoll said:

booneruk said:

Suzycoll said:

I have decided to start withdrawing half my savings from my  cash ISA & put it in a safe at my house ! Call me stupid but .... Thoughts ?

You'll be guaranteed to lose money effectively - inflation will erode the purchasing power of that safe-ensconced cash.

You'll also introduce the cash to theft/fire risk.

Yes I realise that . Sadly ( and I know it's stupid) I just don't trust any government with my cash 😔 

Governments control cash whether it is in an ISA or under your mattress. They can devalue it through their actions or inactions. This could be an argument for investing, as your fortunes can be disconnected from your country's own financial prospects.

I'm beginning to wonder what I missed not following Martin's blog. Was this the week where he fell down the rabbit hole?

friolento

masonic said:

I'm beginning to wonder what I missed not following Martin's blog. Was this the week where he fell down the rabbit hole?

He never once suggested people withdraw their money and keep the cash at home.

He explicitly mentioned that existing ISAs will be unaffected by the potential changes that he is aware of. He also suggested that people make use of their 2025-26 ISA allowance as soon as they can.

Suzycoll

masonic said:

Suzycoll said:

booneruk said:

Suzycoll said:

I have decided to start withdrawing half my savings from my  cash ISA & put it in a safe at my house ! Call me stupid but .... Thoughts ?

You'll be guaranteed to lose money effectively - inflation will erode the purchasing power of that safe-ensconced cash.

You'll also introduce the cash to theft/fire risk.

Yes I realise that . Sadly ( and I know it's stupid) I just don't trust any government with my cash 😔 

Governments control cash whether it is in an ISA or under your mattress. They can devalue it through their actions or inactions. This could be an argument for investing, as your fortunes can be disconnected from your country's own financial prospects.

I'm beginning to wonder what I missed not following Martin's blog. Was this the week where he fell down the rabbit hole?

You did not miss anything. I have already mentioned that I have no fault with Martin.his post just got me thinking that's all 

Suzycoll

masonic said:

Suzycoll said:

booneruk said:

Suzycoll said:

I have decided to start withdrawing half my savings from my  cash ISA & put it in a safe at my house ! Call me stupid but .... Thoughts ?

You'll be guaranteed to lose money effectively - inflation will erode the purchasing power of that safe-ensconced cash.

You'll also introduce the cash to theft/fire risk.

Yes I realise that . Sadly ( and I know it's stupid) I just don't trust any government with my cash 😔 

Governments control cash whether it is in an ISA or under your mattress. They can devalue it through their actions or inactions. This could be an argument for investing, as your fortunes can be disconnected from your country's own financial prospects.

I'm beginning to wonder what I missed not following Martin's blog. Was this the week where he fell down the rabbit hole?

Yes I appreciate that. I meant I don't trust governments to change thing. I don't think you missed anything. I have no gripe with Martin at all