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    Financially advise me

    I've got a cash ISA with the Halifax and an Equity ISA with Old Mutual. I know, get me, eh?

    The cash ISA's rate is up for renewal next month and is doing from a fairly poor rate of interest (1.25%) to an even worse rate (less than 1%).

    Does anyone know of any better rates on a cash ISA that allows me instant access to my money as the Halifax ISA currently does?

    #2
    Financially advise me

    I advise you to get a time machine, go back to last summer and convert it all into dollars.

    Comment


      #3
      Financially advise me

      THIS DOES NOT CONSTITUTE FINANCIAL ADVICE

      Christ, loads. The best thing to do is annually switch, as many offer a bonus rate on the first year. The reason why they do this? Most people can't face the prospect of changing accounts once a year, so just let it slide.

      If you are one of those, I believe Nationwide do some of the better long term deals.

      Comment


        #4
        Financially advise me

        I've been trying to transfer some money from current account to savings for weeks now. Natwest online. The service is temporarily unavailable. Always.

        Anyway.

        Financially advise a fiscal simpleton/place your bets: I've money saved in both GBP and EUR. Which currency is going to be fucked quicker?

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          #5
          Financially advise me

          I think you should invest it all in vintage porn, Giggler

          Comment


            #6
            Financially advise me

            Felicity, I guess so wrote: I think you should invest it all in vintage porn, Giggler
            Sold.

            Comment


              #7
              Financially advise me

              beak wrote: Financially advise a fiscal simpleton/place your bets: I've money saved in both GBP and EUR. Which currency is going to be fucked quicker?
              I'm not sure the Euro can fall any more.

              But I don't know what I am talking about.

              Comment


                #8
                Financially advise me

                Personal finance nerds *cough* usually have lots of these type of sites bookmarked. They're comparisons of ISAs and whatnots. If you're diligent you can usually find better rates from non-traditional places (mortgage/insurance companies and the like).

                http://www.moneysupermarket.com/savings/cash-isas/

                Comment


                  #9
                  Financially advise me

                  On the other hand, fretting over 25bps on an ISA seems a bit silly. Even if you put 10k in it, that's a whopping £25 a year.

                  Comment


                    #10
                    Financially advise me

                    Chuck it against the mortgage, perhaps. You're likely to pay more on that than make on your cash ISA. You've still got the stocks and shares ISA as the bolthole if you need the funds.

                    Comment


                      #11
                      Financially advise me

                      True dat. Plus, at 1 or 1.25%, you're below inflation, so losing money whichever way you look at it.

                      Comment


                        #12
                        Financially advise me

                        Santander has a 123 current account with better interest rates iirc.

                        Comment


                          #13
                          Financially advise me

                          Eggchaser wrote: Chuck it against the mortgage, perhaps. You're likely to pay more on that than make on your cash ISA. You've still got the stocks and shares ISA as the bolthole if you need the funds.
                          I'm using the two to save for a deposit for a house. Thatcher's Britain.

                          Comment


                            #14
                            Financially advise me

                            I am going to hijack this thread for my own purposes. We have had an offer accepted to buy the house that we have been renting for 11 years. We have 25% deposit to put down but the only possible fly in the ointment is that, as we are both around 50, we are not sure whether we can get a 25 year mortgage still.

                            It's been years since I bought a place. What's the best deal - fix rate? 2 or 5 years' initial period? Tracker? I have no idea. After escaping the endowment mortgage trap, we just want to repay the bloody thing, nothing fancy.

                            Comment


                              #15
                              Financially advise me

                              Yes, Santander do that current account thing and an ISA at 1.5% which I think you only get if you have the current account thing, and a credit card where they give you cash back and stuff. In short, they have my money so will probably go bust next year, only for the Death Star they've built to be bailed out by the IMF.

                              (Don't know about mortgages.)

                              Comment


                                #16
                                Financially advise me

                                Bored of Education wrote: It's been years since I bought a place. What's the best deal - fix rate? 2 or 5 years' initial period? Tracker? I have no idea. After escaping the endowment mortgage trap, we just want to repay the bloody thing, nothing fancy.
                                It's not an easy question to answer, although I've tried before.

                                Here's what I know: if you have a stomach for uncertainty, take the floating /variable rate, as it tends to come at a discount. Over the long term, people who take the short term variable and renew annually make out like bandits.

                                BUT...if rates spike, you're going to feel it.

                                However, if you don't mind paying a small premium for certainty, go 5 year locked-in. You'll spend a bit more, but you'll know what your payments will be and you won't have sweaty palms every time people talk about a possible rate hike.

                                I had trouble with this issue. As a noted cheapskate, I should have gone variable. As a nervous nellie, I went fixed for five year terms.

                                Haggle like crazy for the one you can sleep with. And make sure it has generous flexibility for pre-payment or accelerated options.

                                Comment


                                  #17
                                  Financially advise me

                                  Buy shares in the company that's got the contract to start reprinting Drachmas.

                                  Comment


                                    #18
                                    Financially advise me

                                    Cheers for this. I know that I am never going to change every year or every two years (after the fixed period). I am terrible for that. I am still on AOL, for goodness sake. I am going to have to look at overpayment options as we are going to have a bit more money coming in later this year and, with the best will in the world, my mother-in-law is 89 so I would imagine we are going to get money from her flat. Hopefully in 15 years' time or something but, you know...

                                    I not that the Post Office do mortgages here which pleases me for some reason but I will have to more research about this.

                                    Comment


                                      #19
                                      Financially advise me

                                      There are all kinds of non-traditional lenders about. Insurance companies, trusts, mobsters, etc. Some are preferable to banks.

                                      Comment


                                        #20
                                        Financially advise me

                                        Saturday's Times reckons that Virgin Money has the best rate for a cash ISA, at 1.51%. How difficult - and terrifying - will it be to transfer the bulk of all my money in the world to Branson from the Halifax?

                                        Comment


                                          #21
                                          Financially advise me

                                          Very easy, particularly if you are transfering across lock, stock and barrel. They will do all the complex stuff for you, as they want your money.
                                          But it won't be immediate, your money could be tied up in the process for a couple of weeks max (though you should be earning interest at all times from one of the accoutns). So time the transfer for a quiet period, i.e. mid-month well away from when credit card bills are due to arrive.

                                          Comment


                                            #22
                                            Financially advise me

                                            Cheers Janik, that's really helpful. I'll pop into Virgin Money for a chat after work.

                                            Comment


                                              #23
                                              Financially advise me

                                              Antonio Pulisao wrote:
                                              Originally posted by beak
                                              Financially advise a fiscal simpleton/place your bets: I've money saved in both GBP and EUR. Which currency is going to be fucked quicker?
                                              I'm not sure the Euro can fall any more.

                                              But I don't know what I am talking about.
                                              This is my dilemma. I'm being paid in Euros, so it sits in a Euro account while I sit staring at a computer screen weighing up when to press the button and slide it all into my Sterling account. Oh the pressure....

                                              Comment


                                                #24
                                                Financially advise me

                                                Yes, that's called 'timing the market' and it's nutso. If you transfer your wages on a weekly basis, you'll benefit when the exchange is favourable and take less of a pinch when it's not. The overall effect is like dollar-cost-averaging, which is what you want; removing the peaks and valleys from the equation.

                                                Comment


                                                  #25
                                                  Financially advise me

                                                  As usual, WOM's advice is wise, though I would also suggest you consider whether your long-term plan is likely to see you spending Sterling or Euro.

                                                  The Euro can certainly go lower (it was, after all, below parity with the USD when introduced and for a while afterwards), but it may make sense to keep a Euro account if you believe you will ultimately be living a Euro-denominated life. Similarly, it can be useful to keep a small Euro-denominated account if you expect to have Euro-denominated expenses while you are in the UK.

                                                  Comment

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