The Top Easy Access Savings Discussion Area

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  • adindas
    adindas Posts: 6,813 Forumite
    First Anniversary Name Dropper First Post
    edited 23 November 2018 at 5:18PM
    Hi Guys
    I just want to make people aware. The Tesco Internet saver is now paying 1.45%.

    I just managed to apply a few minutes before. The application will still be waiting for approval.
  • soulsaver
    soulsaver Posts: 5,965 Forumite
    Name Dropper First Anniversary First Post
    edited 23 November 2018 at 5:55PM
    Just launched..
    http://www.kentreliance.co.uk/savings-accounts

    https://forums.moneysavingexpert.com/showthread.php?t=5928474
    Top Easy Access acs Ranked by rate: Top of The Pots - **No Chat** — MoneySavingExpert Forum
  • heyjude3333
    heyjude3333 Posts: 1 Newbie
    I have money invested in a stocks & shares ISA (originally a PEP) when it was invested over 20 years ago (Fidelityj. I want to withdraw this money to pay for home improvements next Summer. Would it be wise to cash in this money before Brexit date, & if so, where should I put it in the interim. I know no-one can predict the full effects of Brexit. I am a tax payer, how much can I put in my instant access ISA per year.
  • xylophone
    xylophone Posts: 44,348 Forumite
    Name Dropper First Anniversary First Post
    You can sell the stocks and shares within the old ISA and transfer to a cash ISA if you wish.

    Remember that you must ask the provider of the cash ISA to organise the transfer.

    You could sell the stocks and shares within the ISA and transfer the money to a non ISA account.

    You have a fresh ISA allowance for the 2018-19 tax year of up to £20,000.

    https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

    https://www.gov.uk/individual-savings-accounts
  • eskbanker
    eskbanker Posts: 30,939 Forumite
    First Anniversary Name Dropper Photogenic First Post
    heyjude3333 wrote: »
    I have money invested in a stocks & shares ISA (originally a PEP) when it was invested over 20 years ago (Fidelityj. I want to withdraw this money to pay for home improvements next Summer. Would it be wise to cash in this money before Brexit date, & if so, where should I put it in the interim. I know no-one can predict the full effects of Brexit.
    Completely a judgement call, as you say nobody knows what the effect of Brexit will be, if it even goes ahead of course. What are the underlying investments, i.e. are they UK-oriented or globally diversified?
    heyjude3333 wrote: »
    I am a tax payer, how much can I put in my instant access ISA per year.
    Everyone, taxpayer or not, has an allowance of £20K that can be paid into ISAs in any tax year. Just to be clear, transfers between ISAs don't count towards this, so you could cash in your Fidelity investments and transfer the proceeds to a cash ISA without this counting towards that annual allowance, as long as you use the receiving provider's transfer process, although most on here in your situation would dump money into a (taxable) Marcus savings account at 1.5% rather than using a cash ISA at a lower rate....
  • keef-WhatStandards
    keef-WhatStandards Posts: 286 Forumite
    First Anniversary Name Dropper First Post
    Main site gives Kent Reliance @ 1.5%, but link goes to a 1.4% account.

    Does anyone have the correct url please?
    Keef - Sheerness, Kent UK
  • solartom
    solartom Posts: 39 Forumite
    First Anniversary First Post
    Kent Reliance
    Looks like they pulled that Rate
    had a look on their website no sign of the 1.5% Easy Access
    Mortgage Free 02/02/2024
  • afmfifgh
    afmfifgh Posts: 281 Forumite
    First Post First Anniversary Combo Breaker
    heyjude3333 wrote: »
    I have money invested in a stocks & shares ISA (originally a PEP) when it was invested over 20 years ago (Fidelityj. I want to withdraw this money to pay for home improvements next Summer. Would it be wise to cash in this money before Brexit date, & if so, where should I put it in the interim. I know no-one can predict the full effects of Brexit. I am a tax payer, how much can I put in my instant access ISA per year.

    the general advice is that money you need in the next 1 - 5 years should not be in the stock market.

    There is no right or wrong answer as to if you should de-invest now or post brexit (if that ever happens). You will only know after the event if it was the right decision to have de-invested today, tomorrow, in 6 months or in 12 months etc.

    YOU need to decide if you are willing to take the risk on what happens with the markets in the coming months.

    If the markets tank would you still be okay with your return when you need the money given that you took on a level of risk or would you be gutted. If the latter I would say you should de-invest now.

    Remember you can make a correct wrong decision i.e. the decision now was correct for you but the outcome was wrong, so you de-invest now and are happy with what you get and the certainty that you have the money you need but then the markets double by the time you actually need the money then in hindsight that would have been the wrong decision but it was right for you at the time. Or vice versa.

    A way to help hedge your risk would be to dollar cost average out of the investment, so take a set amount out of the investment each week. This helps spread the risk of getting out at the wrong time but still could be the wrong decision.

    In general though if you knew the work was going to have been needed you should really de-invest some years ago.
  • keef-WhatStandards
    keef-WhatStandards Posts: 286 Forumite
    First Anniversary Name Dropper First Post
    solartom wrote: »
    Kent Reliance
    Looks like they pulled that Rate
    had a look on their website no sign of the 1.5% Easy Access

    Has MSE updated their website?

    No response to my email to them. :(
    Keef - Sheerness, Kent UK
  • eskbanker
    eskbanker Posts: 30,939 Forumite
    First Anniversary Name Dropper Photogenic First Post
    keef-WhatStandards wrote: »
    Has MSE updated their website?
    If only there was some way to find out....
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