I Want To Save £25 A Month In An Isa But The Rates Are Appalling

gordiescotland1 | 17:31 Tue 26th Apr 2016 | Business & Finance

23 Answers

HI I want to save £25 a month in an ISA but the interest rates are appalling it hardly seems worth bothering. I thought everyone was encouraging you to save? Any idea what would be the best deal for me I want to save it and not take it out.

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ladybirder

Best Answer

gordie, forget an ISA. A new Personal Savings Allowance came into force on 6 April this year. You can earn £1k of savings interest and not pay any tax and you get a better rate than in an ISA. http://www.moneysavingexpert.com/savings/personal-savings-allowance

17:41 Tue 26th Apr 2016

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fiction-factory

A lawnmower has repair costs and a limited life of course whereas money doesn't so the comparison is not valid in my opinion, O-G

Old_Geezer

Gordie didn't have to. You were not spotting the fact that a comparison with hiring something else other than money (in this case lawnmowers but choose a different item if that makes things easier) didn't highlight the that the hiring of money is treated specially as something the banks can rip savers off with. That other things aren't claimed to be effected by CPI for example, but apparently it's ok to use it as an excuse to pay a pittance to savers and pocket the rest.

Old_Geezer

Even if you write off the cost of a lawnmower over the course of a few years it'd make next to no difference to the comparison.

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