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Move savings now or wait till new tax year?
Maureen43
Posts: 518 Forumite
Morning All
I've got a small pot of £5k sitting in an account which has now reduced the rate to 0.5%.
I need easy access so was thinking about the West Brom account at 1.05%.
I'm worried though that if I move they will then drop their rate to something around the 0.5% rate in the new tax year!
Would you move now or wait and see?
Many thanks
M.
I've got a small pot of £5k sitting in an account which has now reduced the rate to 0.5%.
I need easy access so was thinking about the West Brom account at 1.05%.
I'm worried though that if I move they will then drop their rate to something around the 0.5% rate in the new tax year!
Would you move now or wait and see?
Many thanks
M.
0
Comments
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If it's easy access, then you can move again when (if) the rate drops. In any case, why should the new financial year have an effect on interest rates?
And are you already using the 5% and 3% accounts?Eco Miser
Saving money for well over half a century0 -
Perhaps the OP is talking about fixed rated Cash ISAs..?"If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)0 -
george4064 wrote: »Perhaps the OP is talking about fixed rated Cash ISAs..?
Not sre that would be suitable for them based on this commentI need easy access so was thinking about the West Brom account at 1.05%.
M.
Nothing is more easy access than a current account and pays vastly more interest.Remember the saying: if it looks too good to be true it almost certainly is.0
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