ISA Account

Is there any updates to when we might be able to get ISA with monzo. I guessing it will be from a third party

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No idea but cash ISAs are a bit shit atm

This seems to be best atm 0.65

A normal savings account is slightly better 0.75

There’s always regular savers to try first but you usually need to have a current account too unless it’s a BS (1.55) like this.

Also they obv tie you into a year before you can access it.

2.75% but you have the pain of creating a HSBC account.

ISAs are tax free though, some of us actually need to put money into ISAs!

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Plum let’s you have a stock and bonds isa with a good rate but the money is at risk

Investments shouldn’t be confused with savings! Different things for different purposes.

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But since 2016 with the introduction of the PSA, most won’t pay tax so unless you’ve got a big stash handy, ISAs aren’t favourable if you can find a saver paying better interest (and most will).

Mind you - no rates are exactly attractive right now of course…

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You don’t actually need that big a stash especially if you are a higher rate tax payer. Also depends on your future needs, given the annual ISA cap. As I said still plenty of us who specifically need ISAs

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Yes, yes, we get it, you’re loaded. You can stop now.

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I really wish I was quoteunquote ‘loaded’.

If you want to invest create a T212 account and choose the Stocks and Shares ISA. If you and anymore reading this, send me a PM and I can send a referral for a free share. :wink:

Even picking boring very low risk ETFs you’ll be smashing any savings. Just play with money you can afford to potentially lose. I personally keep the bare minimum in savings.

I also looked at doing some crypto stuff but think I missed the boat on that

Crypto will always be around, just have a variety of coins. Just don’t dive in with huge amounts initially, get a feel for it, and be prepared for a rollercoaster. I would learn stocks first but there’s no reason not to dabble with both. With anything high risk, high reward you probably don’t want to much of your portfolio like that.

You could always pick an ETF like BTCE

BTCE is 100% physically backed by Bitcoin stored in institutional-grade custody, giving investors a convenient way to get exposure to Bitcoin. BTCE is fully fungible with Bitcoin, is centrally cleared, and structured for investor protection.

Although it’s never a great idea to chase when it’s so over bought.

Anyway for cash ISA that Ford Money I think is one of the best currently, worth checking on MSE.

Even if you’re a

  • which most folk aren’t - you still get to have £500 in interest before tax. £500 in interest at these current rates amounts to a shed-load of principal.

My point was that

and currently people don’t need to fixate on the need to use ISA’s. (But if you’ve been building savings over years, you’d be a mug to mess with them :flushed:).

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Sure, I think we agree on that. I’d also add there’s other reasons ISAs might be sensible, eg you are expecting a large inheritance or tax free lump sum in the not so distant future which would push you into the interest tax brackets.

So they are far from a redundant product, if not as suitable for as many people as they once were.

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Say you came into £20,000 and maxed out this years allowance by dumping into say that Ford flexible ISA.

20,000*1.0065 = £130

Twenty thousand pounds sitting there for a year to make £130.

You can get that from a CASS switch.

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Well, you’d make an extra 39p from compounding :grin:

But also you can structure savings to get more than 0.65%, there’s no need to leave it all in instant access.

What you shouldn’t do, though, is mistake investment returns for savings interest and start moving savings over to investments for higher rates. There’s clearly a place for investments, but an investment account just isn’t a savings account.

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Yeah I don’t think anyone has suggested that savings and investments are the same. Capital is at risk.

Also it’s not compounded btw it’s AER. So you would get exactly £130 for year 1 if you were crazy enough to leave £20k sitting there.

I don’t know, I feel like someone somewhere suggested using a stocks and shares ISA instead of a savings ISA. Probably misremembering that. But just wanted to make it clear that would not be very good advice because they are different products for different things.

:roll_eyes:

OP mentioned they understood money is at risk with investments.

:point_up_2: and that was enough for anyone reading along.

These are all available options, everyone needs to make their own decision or get a financial advisor. How much they put into savings and how much they invest is entirely personal.

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