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Saga Isa

(9 Posts)
mrsmopp Thu 11-Feb-16 13:38:25

My Saga Isa that I opened a year ago has dropped the interest rate to £0.25%. Does anyone know of an ISA I can transfer it to? I know interest rates are low but 25% is very poor. It is a full time job keeping up with these things. Our savings are losing value very quickly.

Lavande Thu 11-Feb-16 13:53:09

If you check out the Martin Lewis money saving expert website, you will find the recommended best deals for savings. He is suggesting that with the changes to a higher threshold before taxation of savings in April, that other savings options other than ISA's may prove more beneficial.

It is also a great website for other money saving ideas.

mumofmadboys Thu 11-Feb-16 13:58:22

Skipton B S are paying 1.8 % for a 3 year ISA.

Elegran Thu 11-Feb-16 14:39:38

I watched the Money programme on Friday 5th Feb, when he put interest on savings well up the list of ways to make the most of your money - from April this year you don't need to have an ISA to get the first £1,000 interest on your savings tax-free.

You can still watch it at player.stv.tv/episode/37e0/martin-lewis/ He tells you exactly which accounts pay the best interest. Have a pencil and paper handy - or record it to watch it again and catch all the details.

Elegran Thu 11-Feb-16 14:44:29

mumofmadboys I am sure Martin Lewis said that Santander123 is paying 3% on up to £20,000, Club LLoyds 4% on £4000 to £5000 and the TSB 5% on up to £2,000.

He also had some one-year accounts which paid up to 6% on small amounts - I plan to watch again and get it all clear in my mind.

mumofmadboys Thu 11-Feb-16 15:25:40

Is that when you open a bank acct with them? I am with Halifax which pays £5 per month with a current acct. Haven't found the energy or motivation to switch banks yet although I'm sure it would be a good idea.

Elegran Thu 11-Feb-16 15:53:47

I don't remember exactly - it is all in the programme.

Nonnie Thu 11-Feb-16 16:51:08

The 6% is only for people who have accounts with the particular bank. Good if you have one or are prepared to swap banks.

The trouble with any advice or website is that the information goes out of date very quickly when products are withdrawn or new ones come on the market.

It is also a good idea to take a view on whether you think interest rates are likely to rise or not before locking your money up for a long time.

ISAs are still a good idea for anyone earning more than £1000 in interest in one year because they will always be tax free.

Best thing to do is when you are ready to switch look at all the websites but when you do have a look for the tick box where it says you want to look at the whole market otherwise you will only see the ones which pay them commission.

Never take money out of your ISA to move it, always complete the form of your new provider to switch over. If you take the money out it loses its tax free status.

Elegran Thu 11-Feb-16 17:10:33

Yes, different banks give different interest rates on different accounts. You have to do your homework. That said, the money programme did have some pointers - worth watching it first.