Help me stash my cash!

SnoopZ · 09-04-2023, 13:40

New TAX Year so I'm looking for recommendations for opening a new fixed rate ISA.

Currently have:
Fixed rate ISA from 2022-2023 that I can't add anymore to at a rate of 3.70% interest.
Instant access savings account at a rate of 3.20% interest that holds my emergency fund.

What I want to do is move some savings from my instant access savings account into another high interest fixed rate ISA, this would need to be online accessible via an app.

Any recommendations or should I hold off for a while and hope interest rates increase?

Mr K · 09-04-2023, 15:07

https://savingschampion.co.uk/best-b...rate-cash-isas

A stocks and shares isa is worth considering if you're prepared to take a little risk. All cash savings are devaluing due to inflation atm.

SnoopZ · 09-04-2023, 15:27

Thanks.

jfman · 09-04-2023, 18:21

Santander have cash ISAs at 4% or just over depending on the term.

SnoopZ · 09-04-2023, 18:31

Yes saw that from Mr Ks link, I just need to figure out if there is an initial funding time limit because last time I got caught out and they stopped me feeding it in January 2023 even though I only opened it in October 2022.

Ms NTL · 10-04-2023, 14:05

Quote:

Originally Posted by jfman

Santander have cash ISAs at 4% or just over depending on the term.

The best around from an established bank.

There are some funny new banks, an Indian One and some "sharia" ones -- I am sceptical, despite the gov guarantee.

Mr K · 10-04-2023, 14:24

Quote:

Originally Posted by Ms NTL

The best around from an established bank.

There are some funny new banks, an Indian One and some "sharia" ones -- I am sceptical, despite the gov guarantee.

The FSCS guarantee is all you need worry about for <£85k. ( unless the UK government goes bust of course!). The bigger banks have bigger over heads and their headline deals don't last long once they've snared enough in.

Premium bonds are also worth considering. For instant access you won't get better atm, depending on your luck of course, and I was very lucky last month

daveeb · 10-04-2023, 15:11

Quote:

Originally Posted by Mr K

The FSCS guarantee is all you need worry about for <£85k. ( unless the UK government goes bust of course!). The bigger banks have bigger over heads and their headline deals don't last long once they've snared enough in.

Premium bonds are also worth considering. For instant access you won't get better atm, depending on your luck of course, and I was very lucky last month

I did OK last month as well, in fact the best month in 10 years or so of owning them. Not sure about the stocks and shares ISA's at the moment. I have one of the "safer" ones based more on a higher percentage of bonds and it has tanked over the last 14 months, my son has the riskier high share percentage which is faring somewhat better (but still -ve interest). Can't understand why bonds are suddenly doing so badly when they're normally very reliable. Bit like the mortgage market, seems to have spiralled downwards for inexplicable reasons

Ms NTL · 10-04-2023, 15:19

Quote:

Originally Posted by Mr K

The FSCS guarantee is all you need worry about for <£85k. ( unless the UK government goes bust of course!). The bigger banks have bigger over heads and their headline deals don't last long once they've snared enough in.

Premium bonds are also worth considering. For instant access you won't get better atm, depending on your luck of course, and I was very lucky last month

Northern Rock falk did not receive their money pronto, the Iceland situation...
Lots of Mickey Mouse banks, yes there is the FSCS guarantee but will you get it next day when they go bust?...will you get your money back from the Bank of India if there is litigation delaying the payment back?

And the Sharia banks, I do not understand the rules, do I need to?

Premium bonds is a no no for me.

spiderplant · 10-04-2023, 17:37

Quote:

Originally Posted by Ms NTL

The best around from an established bank.

The Coventry and Skipton building societies are also worth a look.

Quote:

Originally Posted by Ms NTL

Premium bonds is a no no for me.

Why's that?

Mr K · 10-04-2023, 19:15

Quote:

Originally Posted by Ms NTL

Premium bonds is a no no for me.

National Savings are the safest place to put your money. Premium Bonds are like the lottery except, win or lose, you get to keep your investment and have better odds of winning something. All relative to inflation though that is killing everyone atm.

---------- Post added at 19:15 ---------- Previous post was at 19:13 ----------

Quote:

Originally Posted by daveeb

. Not sure about the stocks and shares ISA's at the moment. I have one of the "safer" ones based more on a higher percentage of bonds and it has tanked over the last 14 months, my son has the riskier high share percentage which is faring somewhat better (but still -ve interest).

You need to be prepared to invest for at least 5 years. True they've been hit in the last couple of years, but mine have have averaged 6 to 7% annually over the last 20 years.

Ms NTL · 13-04-2023, 15:43

Quote:

Originally Posted by spiderplant

The Coventry and Skipton building societies are also worth a look.

Very useful. Coventry gave me 4.4%. Many thanks.

spiderplant · 13-04-2023, 20:31

Quote:

Originally Posted by Ms NTL

Coventry gave me 4.4%

They did? Were you an existing customer?

Ms NTL · 14-04-2023, 06:46

Quote:

Originally Posted by spiderplant

They did? Were you an existing customer?

Yes!

Itshim · 14-04-2023, 18:47

Quote:

Originally Posted by Mr K

The FSCS guarantee is all you need worry about for <£85k. ( unless the UK government goes bust of course!). The bigger banks have bigger over heads and their headline deals don't last long once they've snared enough in.

Premium bonds are also worth considering. For instant access you won't get better atm, depending on your luck of course, and I was very lucky last month

Have add some , since I was born or was it when they first came out, any way some time between 50 and 70 years ! Never won a penny ( old or new)