nightrider Posted March 30, 2011 Share Posted March 30, 2011 Just got in and topped up my ISA account, the girl on telly that does that ISA account advert is a sexy beast, she can have the top of my egg any morning. Link to comment Share on other sites More sharing options...
Guest Tracker Posted March 30, 2011 Share Posted March 30, 2011 Why didn't you top it up for the year ahead on April 6th 2010 and get a year's extra tax free interest? It's called tax avoidance and is completely legal! I will sort mine out for the 2011/12 tax year on April 6th 2011 - then it's done and dusted up to April 5th 2012 - unless I can get a better deal in between! Simples! Link to comment Share on other sites More sharing options...
maggyd Posted March 30, 2011 Share Posted March 30, 2011 HA :-S Im discusted with what we get on our ISA and the girl only annoys me >:-( they have had my money topped up every year for the last 11 years last year I was going to move it for a better rate and was told if I signed to say I would leave it for a full 12 months without touching it I would get a higher rate :-S they had already had the b thing untouched for the last 10 !! If anyone know of a better rate let us know . Link to comment Share on other sites More sharing options...
Guest Tracker Posted March 30, 2011 Share Posted March 30, 2011 Are you aware of this comparison website Maggy? http://www.moneysupermarket.com/savings/cash-isas/ Link to comment Share on other sites More sharing options...
CliveH Posted March 30, 2011 Share Posted March 30, 2011 Cash ISA's to me seem very bad value at the moment. Have them by all means but be aware that with the best rates available being circa 3.5% and inflation at over 4%, you are not keeping pace with inflation. Your capital may be "safe" but you are losing value "safely". What’s more the economies are recovering now and so a good recovery fund via an equity ISA can do considerably better. The downside is that you could lose value. The upside is you could get substantial capital growth rather than interest at a rate lower than inflation. Not for everyone I grant you, but with the total ISA allowance being split into two halves - Cash and Equity, or just one or the other, I would suggest that a judicious mix of the two would be a sensible bet. If you look at just one of the funds you can access - the M&G Recovery fund (there are loads of others - so this is not any sort of recommendation - just an example) for example - over the last 12 months achieved 11.5% and over the last 3 years and 5 years achieved 29.7 and 45.1% respectively. What's more 23.6% of this fund is invested in the Oil and Gas sector - so whilst we all moan about fuel prices, if you own a slice (however small) via a good fund manager, you can gain. Full details from the independent Trustnet site:- http://www.trustnet.com/Tools/PDFViewer.aspx?url=%2FFactsheets%2FFundFactsheetPDF.aspx%3FfundCode%3DMGREC%26univ%3DU My advice to people is not to put all your eggs in one cash basket - the returns are so low and are below inflation. Which means you are guaranteed to lose buying power. So place the minimum you need as you cash reserve into a cash ISA and don't forget that equity ISA's are currently good value. Link to comment Share on other sites More sharing options...
vindiboy Posted March 30, 2011 Share Posted March 30, 2011 I have left £3000 in a Mini Cash ISA with the Nationwide for the past year,I had the book made up two weeks ago and found I had earned the Princely sum of £7-90 interest. Nationwide charged me £32 charges last Month for withdrawing my own money with my Debit card whilst in Portugal from ATMs. I closed the ISA account and have bought Premium Bonds with the proceeds, I only need one £25 win this year to receive 3 times what Nationwide gave me in interest on my money. >:-) >:-) >:-) Link to comment Share on other sites More sharing options...
Guest peter Posted March 30, 2011 Share Posted March 30, 2011 Tracker - 2011-03-30 8:38 PM Why didn't you top it up for the year ahead on April 6th 2010 and get a year's extra tax free interest? He can do that as well. The top up was for the current year. Link to comment Share on other sites More sharing options...
CliveH Posted March 30, 2011 Share Posted March 30, 2011 vindiboy - 2011-03-30 11:22 PM I have left £3000 in a Mini Cash ISA with the Nationwide for the past year,I had the book made up two weeks ago and found I had earned the Princely sum of £7-90 interest. Nationwide charged me £32 charges last Month for withdrawing my own money with my Debit card whilst in Portugal from ATMs. I closed the ISA account and have bought Premium Bonds with the proceeds, I only need one £25 win this year to receive 3 times what Nationwide gave me in interest on my money. >:-) >:-) >:-) VERY GOOD POINT! With interest rates so low - Premium Bonds are good safe bet for your cash. They have reduced the payout tho, to reflect the current interest rates - but if you want your capital to be secure then Premium Bonds are a good option. And you might just hit the jackpot! Link to comment Share on other sites More sharing options...
Colin Leake Posted March 31, 2011 Share Posted March 31, 2011 Waste of time Premium Bonds. We've had five for over 40 years now and the most we have ever won is a tenner and that was so long ago I can't remember when it was! Link to comment Share on other sites More sharing options...
Mel B Posted March 31, 2011 Share Posted March 31, 2011 peter - 2011-03-30 11:36 PM Tracker - 2011-03-30 8:38 PM Why didn't you top it up for the year ahead on April 6th 2010 and get a year's extra tax free interest? He can do that as well. The top up was for the current year. ... and I thought it was only me that thought that Peter .... :-S Link to comment Share on other sites More sharing options...
Guest Tracker Posted March 31, 2011 Share Posted March 31, 2011 Mel B - 2011-03-31 5:29 PM peter - 2011-03-30 11:36 PM Tracker - 2011-03-30 8:38 PM Why didn't you top it up for the year ahead on April 6th 2010 and get a year's extra tax free interest? He can do that as well. The top up was for the current year. ... and I thought it was only me that thought that Peter .... :-S Neither of you makes sense? Or am I missing something? As I understand it he topped up for this tax year this week? This tax year began on 6th April 2010 so any allowance not invested on 6th April 2010 has not benefitted from a year of tax free status. You can't top up an ISA other than during and for the current tax year. Start next tax years ISA on 6th April 2011 and don't leave it till next March and lose another tax free year - not that 20% of peanuts will get you far? However it is tax avoidance and it is legal! Link to comment Share on other sites More sharing options...
Madmaggott Posted March 31, 2011 Share Posted March 31, 2011 The only bonus that I can see in investing in ISAs at the moment is fixed rates are loads better than easy access accounts, provided you keep moving it to the best new account each time the fixed period is up. Interest rates will pick up at some point and if you want to keep your savings in cash accounts you will have the benefit of these increased rates tax free. I agree that share ISAs would seem a good bet at present but some folks don't wish to 'bet' with their money, especially if they are no longer earning so can't afford to lose their savings. Link to comment Share on other sites More sharing options...
LordThornber Posted March 31, 2011 Share Posted March 31, 2011 Tracker - 2011-03-31 5:56 PM Mel B - 2011-03-31 5:29 PM peter - 2011-03-30 11:36 PM Tracker - 2011-03-30 8:38 PM Why didn't you top it up for the year ahead on April 6th 2010 and get a year's extra tax free interest? He can do that as well. The top up was for the current year. ... and I thought it was only me that thought that Peter .... :-S Neither of you makes sense? Or am I missing something? As I understand it he topped up for this tax year this week? This tax year began on 6th April 2010 so any allowance not invested on 6th April 2010 has not benefitted from a year of tax free status. You can't top up an ISA other than during and for the current tax year. Start next tax years ISA on 6th April 2011 and don't leave it till next March and lose another tax free year - not that 20% of peanuts will get you far? Spot on Rich, you'd only "top up" (wrong phrase really, a better one would be "use up"), your 2010-2011 allowance if you'd not used your full allowance by the 5th April 2011. If you're going to use your full allowance from day 1 then it makes perfect sense to do it in the new tax year, i.e. 360 days ago. Martyn Link to comment Share on other sites More sharing options...
Dave225 Posted March 31, 2011 Share Posted March 31, 2011 Do check the interest rate you are getting as a number of tax payable accounts are paying more net of tax than the tax free ISA. The other thing to remember is that you can transfer any ISA account to another provider at any time without affecting your annual allowance, so if there was a bonus about to expire, move the account. Link to comment Share on other sites More sharing options...
mendipman Posted March 31, 2011 Share Posted March 31, 2011 On my very low Premium bonds holding,£4000 I had 9 £25s last year That IS a good return....!!! (lol) (lol) (lol) Link to comment Share on other sites More sharing options...
maggyd Posted March 31, 2011 Share Posted March 31, 2011 Tracker - 2011-03-30 9:53 PM Are you aware of this comparison website Maggy? http://www.moneysupermarket.com/savings/cash-isas/ Thanks Richard I have looked here before but not recently, the Nationwide looks the best to me but I dont like on line banking :-S We had arranged last year to transfer to Nat West both accounts from the Halifax we went in when we arrived home after 6 weeks Nothing had been done !! I told them to forget it if thats the way they do buisness Id stay where we were. Link to comment Share on other sites More sharing options...
Guest Tracker Posted April 1, 2011 Share Posted April 1, 2011 mendipman - 2011-03-31 9:26 PM On my very low Premium bonds holding,£4000 I had 9 £25s last year That IS a good return....!!! (lol) (lol) (lol) That's a 4.5% return and you did well! We have a bit more than £4k invested and we achieved just over 2% return - all in £25s - and all tax free of course - and with chance, albeit a very remote chance, of winning a biggie! Link to comment Share on other sites More sharing options...
Mel B Posted April 1, 2011 Share Posted April 1, 2011 LordThornber - 2011-03-31 7:33 PM Tracker - 2011-03-31 5:56 PM Mel B - 2011-03-31 5:29 PM peter - 2011-03-30 11:36 PM Tracker - 2011-03-30 8:38 PM Why didn't you top it up for the year ahead on April 6th 2010 and get a year's extra tax free interest? He can do that as well. The top up was for the current year. ... and I thought it was only me that thought that Peter .... :-S Neither of you makes sense? Or am I missing something? As I understand it he topped up for this tax year this week? This tax year began on 6th April 2010 so any allowance not invested on 6th April 2010 has not benefitted from a year of tax free status. You can't top up an ISA other than during and for the current tax year. Start next tax years ISA on 6th April 2011 and don't leave it till next March and lose another tax free year - not that 20% of peanuts will get you far? Spot on Rich, you'd only "top up" (wrong phrase really, a better one would be "use up"), your 2010-2011 allowance if you'd not used your full allowance by the 5th April 2011. If you're going to use your full allowance from day 1 then it makes perfect sense to do it in the new tax year, i.e. 360 days ago. Martyn Perhaps he didn't have the funds to 'use up' his allowance at the beginning of the tax year, but by topping it up now he has got the maximum in for the current year (I assume) and can also do the same from 6th April 2011 too if funds permit, so whilst he hasn't had much benefit for 2010/11, it still means within a short space of time he could in fact put in up to £10,200 (if 2 x £5100 memory serves) to get tax free interest on in the 2011/12 year. It is down to how we interpreted exactly what you meant Rich! :D Link to comment Share on other sites More sharing options...
Guest Tracker Posted April 1, 2011 Share Posted April 1, 2011 Mel B - 2011-04-01 6:47 PM It is down to how we interpreted exactly what you meant Rich! :D Thanks Mel - I expect a common sense approach from you - let's just hope that it is contagious enough for it to spread to Peter! Link to comment Share on other sites More sharing options...
Mel B Posted April 1, 2011 Share Posted April 1, 2011 You trying to say I've started an 'infection' Rich!!!! :$ ;-) Link to comment Share on other sites More sharing options...
Guest Tracker Posted April 2, 2011 Share Posted April 2, 2011 No Mel - just having a little prod at Peter - but I do it much more politley than he does! Perhaps politeness might become infectious too - and watch out for flying pigs at the same time! Link to comment Share on other sites More sharing options...
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