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    Ever thought about taking out an ISA ?

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    papa_umau
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    Ever thought about taking out an ISA ?

    Post by papa_umau on Tue 15 Mar 2016, 12:19 pm

    Well, I have, considering how low the interest rates are for normal savings schemes in Britain just now.

    I got a bit of a shock when I read today that banks staff are lacking basic knowledge about ISAs.




    Bank staff lack basic ISA knowledge. 80% of staff unable to indentify 2016-17 allowance.

    Our Which? undercover researchers asked a number of straightforward questions about saving limits, transfers and inheritance rules to staff of 12 banks and building societies, both in-branch and over the phone.

    Over half of the providers we asked got fewer than half the questions correct. We also found: Eight in ten (80%) of staff couldn't tell us what the 2016/17 ISA limit is.

    Some 40% couldn't explain how a spouse or civil partner could inherit ISA savings. Three in ten (28%) were unable to outline the rules on how much an existing ISA customers can transfer to a new provider. All providers performed better over the phone than in branch.

    Find out more from Which? HERE




    I was quite surprised by those findings in the Which? online magazine.

    Were you ?


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    Nuthin fancy
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    Re: Ever thought about taking out an ISA ?

    Post by Nuthin fancy on Tue 15 Mar 2016, 7:51 pm

    Hi all,

    Got one. Better off with a chocolate fire guard. Intrest rates are crap wherever you put your money.

    Quite true about banks. My nephew and his wife went to see some woman at the bank ( Halifax I think ) to enquire about a mortgage ISA last week and he said she was a waste of space. No idea. He's off to see a mortgage broker now.

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    papa_umau
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    Re: Ever thought about taking out an ISA ?

    Post by papa_umau on Wed 16 Mar 2016, 11:19 am

    The safest ISAs are set at around four percent AER for a fixed five year term, but Savings get 5.9 percent AER on Ratesetter. This has some risk attached to it.

    A new type of ASA, an IFISA ( via Ratesetter ), is going to be available on Wednesday 6th of April this year, and HERE is more on this strange bird.


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    zathrus
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    Re: Ever thought about taking out an ISA ?

    Post by zathrus on Thu 17 Mar 2016, 12:34 pm

    The thing about Isas is the fact that you cannot get at your money when you might need it.

    When this new one comes out in April I might look at it again.
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    papa_umau
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    Re: Ever thought about taking out an ISA ?

    Post by papa_umau on Fri 18 Mar 2016, 11:55 am

    Yes, if you want to get the best tax-free returns from any savings account you have to leave the money in for a very long time.

    HERE is more news on the Innovative Finance ISA, (IFISA ). from Rateseter.

    I too will wait until after April to see what happens with these IFISAs, before I think of putting money in them.


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