Move savings now or wait till new tax year?

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Maureen43
Maureen43 Posts: 518 Forumite
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in Savings & investments
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.

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  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
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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 century
  • jimjames
    jimjames Posts: 17,619 Forumite
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    Maureen43 wrote: »
    Would you move now or wait and see?

    Many thanks
    M.

    Why would you wait? Move the money as soon as you can to a better paying account
    Remember the saying: if it looks too good to be true it almost certainly is.
  • george4064
    george4064 Posts: 2,811 Forumite
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    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 2021 - #027 £15,268 (76%)
  • jimjames
    jimjames Posts: 17,619 Forumite
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    george4064 wrote: »
    Perhaps the OP is talking about fixed rated Cash ISAs..?

    Not sre that would be suitable for them based on this comment
    Maureen43 wrote: »
    I 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.
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