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Old 22-04-2016, 11:09   #1
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ISA Year 2016-2017. Best Buys?

Well,it's a new Tax Year so time to sort out this Year's ISA.

Best Easy Access seems to be Coventry Building Society at 1.4%..

http://www.moneysavingexpert.com/savings/best-cash-isa
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Old 22-04-2016, 11:29   #2
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Don't forget you get £1000 interest tax free regardless this year so maybe consider other products
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Old 22-04-2016, 12:35   #3
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I'm over the 1k in savings already but I'm just over and into 40% tax as well so will be £500 for me until next year when I increase my pension Contributions and upper limit goes to 43k to drop me back into 20%. The good thing with ISA's now is the interest and amount doesn't count to your personal savings allowance so a good way to reduce your tax legally..
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Old 22-04-2016, 13:33   #4
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I know you might have just phrased it wrong, but just in case: It's not 1k in savings, it's 1k in interest.
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Old 22-04-2016, 17:37   #5
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Quote:
Originally Posted by Wooglie View Post
I know you might have just phrased it wrong, but just in case: It's not 1k in savings, it's 1k in interest.
Yep, I know.. Im fortunate enough to be talking about Interest

If couples have 3 Santander accounts with 20k in then you can get 1800 in Interest a yr on 60k. Plus 3 Bank of Scotland accounts with 5k in each will give you £12 a month in interest so £36 per month on 15k x2. So on 90k you can pull in 2600+ on interest a yr split between 2 of you.

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Old 23-04-2016, 15:38   #6
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If you don't mind a moderate bit of risk, wait for the Intelligent ISA's to start. Ratesetter / Zopa / Funding Circle etc. They are promising that rates will not really change from what they currently offer, which are rates from 4% up to 7%, depending on your risk threshold.

Certainly a 'safe' ISA fund could be invested at 3.7% at Zopa.

But they're not launching for another month, at least.
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Old 23-04-2016, 16:03   #7
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I've gone with the Coventry one, as I had a Coventry poppy account with the cash in at 1.5% so seems sensible and easy to move. And very quick as I could apply online from existing account.
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Old 23-04-2016, 16:11   #8
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Quote:
Originally Posted by jpig View Post
If you don't mind a moderate bit of risk, wait for the Intelligent ISA's to start. Ratesetter / Zopa / Funding Circle etc. They are promising that rates will not really change from what they currently offer, which are rates from 4% up to 7%, depending on your risk threshold.

Certainly a 'safe' ISA fund could be invested at 3.7% at Zopa.

But they're not launching for another month, at least.
Adverse to Risk, if I wasn't Id have a nice flat in Newquay with a Great View

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I've gone with the Coventry one, as I had a Coventry poppy account with the cash in at 1.5% so seems sensible and easy to move. And very quick as I could apply online from existing account.
I opened a Coventry ISA yesterday at 230pm and all paperwork arrived this morning. Put £10 in to start with and when I can access it online to see the £10 has arrived I'll transfer the rest.

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Old 26-04-2016, 18:33   #9
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Whats the online experience like with Coventry?

I see they don't allow previous ISA transfers. Silly question but that means when opening a new account, you have to start from zero?
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Old 26-04-2016, 20:10   #10
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are cash isas really the way forward with the new 1000 quid PSA?
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Old 26-04-2016, 21:00   #11
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are cash isas really the way forward with the new 1000 quid PSA?
Probably not if you can find a savings account at a better rate. It's the first year I've just stuck with an existing savings account at 1.5% which seems better than any easy access ISA I can find.
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Old 27-04-2016, 05:34   #12
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All of our savings are in current accounts - Santander 123 (our main one, for bills, etc), then Nationwide, TSB and Bank of Scotland. Much better rates than savings accounts, esp now with no tax on the interest. Obviously a wee bit of work and a couple of restrictions (DDs, monthly fees, upper balance limits, etc).
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Old 27-04-2016, 06:20   #13
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Quote:
Originally Posted by KeyserSoze View Post
Whats the online experience like with Coventry?

I see they don't allow previous ISA transfers. Silly question but that means when opening a new account, you have to start from zero?
Quick and Easy. Paper work arrived next day. Security arrived Tues after opening Friday. I've got all my previous ISA's in a S123 2yr fixed ISA with 1 yr left. So I've opened the Coventry ISA and will add to this yr on yr.

If you have added to ISA's yr on yr them you would be over the FSCS limit now of 75k so wise to split into a few ISA as you keep funding them.

You can have multiple ISA, just only 1 New ISA each yr.
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Old 27-04-2016, 06:23   #14
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If you are going to go over your PSA allowance then an ISA will save you money in the amount of tax you'll pay.. If you have funds to do both then do both as you never now what the tax rate on ISA's will be in 10 yrs..
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Old 27-04-2016, 06:32   #15
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Depends on your level of income and the likes, depends how much you can save, remember an ISA will always be tax free, so maybe in ten years time you'd wish you'd made better use of it when interest rates pick up.

OK we get nothing in interest now, tbh I'm concentrating on paying extra off the car loan now we've got £5k in savings. But returns of about 4% aren't unrealistic in the long term, £25k of savings would eat up your £1000 allowance. Whereas if it's in an ISA, it'll be tax free for ever.

So might be worth thinking a little longer term, I'm not saying take a punitive rate to stick it in an ISA (I emptied mine of £1100, kept £500 emergency fund instant access and paid the rest off the car) but don't necessarily just dismiss them because of the new £1000 limit.

If you've the capacity to save a lot, you could save a lot in the longer term and also not have to mess about paying the tax on your savings.
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Old 27-04-2016, 06:47   #16
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Good point there - the longer term view and being able to transfer a larger balance into a higher rate ISA in the future.

That said, our savings, plus the interest we're making in various current accounts is all geared around a large lump sum mortgage overpayment (rock n roll!) towards the end of this year.

We're earning a wee bit more in savings interest than incurring on the mortgage but, one day, I guess ISAs and other accounts might significantly outpace the interest on our mortgage making saving then overpaying more effective.
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Old 27-04-2016, 11:56   #17
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Originally Posted by mjb1975 View Post
Good point there - the longer term view and being able to transfer a larger balance into a higher rate ISA in the future.

That said, our savings, plus the interest we're making in various current accounts is all geared around a large lump sum mortgage overpayment (rock n roll!) towards the end of this year.

We're earning a wee bit more in savings interest than incurring on the mortgage but, one day, I guess ISAs and other accounts might significantly outpace the interest on our mortgage making saving then overpaying more effective.
Martin Lewis on Money saving thingy says 1st option should be (as you have done) current accounts if you meet the criteria and especially for couples then S123 is a must have for the interest if you can put in a certain amount of funds.

After that ISA and then after that I'd say premium bonds. Currently people with the 50k max in can expect upto 23 prizes a yr.

I'm looking longer term and thinking of my ISA's as retirement money.. Unless I see a property I want and it requires me dipping into the ISA's then it'll be staying put for quite a few years.

Last edited by Q; 27-04-2016 at 11:59.
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