www.iva.co.uk

Sorry for the 1000000th question.

Just wondering which one would be better

Isa or basic savings account?
Thanks

Jessicamj wrote:

Sorry for the 1000000th question.

Just wondering which one would be better

Isa or basic savings account?
Thanks

While in an IVA I would go for a basic, instant Access, savings account --- you might need to call on modest savings for an emergency --- and you won't be able to save enough to make any impact on interest rate gains between products.

Foggy wrote:

Jessicamj wrote:

Sorry for the 1000000th question.

Just wondering which one would be better

Isa or basic savings account?
Thanks

While in an IVA I would go for a basic, instant Access, savings account --- you might need to call on modest savings for an emergency --- and you won't be able to save enough to make any impact on interest rate gains between products.

Ok Thankyou, so an isa is a no-go?

Jessicamj wrote:

Foggy wrote:

Jessicamj wrote:

Sorry for the 1000000th question.

Just wondering which one would be better

Isa or basic savings account?
Thanks

While in an IVA I would go for a basic, instant Access, savings account --- you might need to call on modest savings for an emergency --- and you won't be able to save enough to make any impact on interest rate gains between products.

Ok Thankyou, so an isa is a no-go?

It isn't a no go if that is what you want ... but best to avoid any account where there are limits on withdrawals. If you manage to save a modest nest egg you might need to get hold of it quickly. Remember, if the car breaks down there is no longer a credit card to pay the garage !

Foggy wrote:

Jessicamj wrote:

Foggy wrote:

While in an IVA I would go for a basic, instant Access, savings account --- you might need to call on modest savings for an emergency --- and you won't be able to save enough to make any impact on interest rate gains between products.

Ok Thankyou, so an isa is a no-go?

It isn't a no go if that is what you want ... but best to avoid any account where there are limits on withdrawals. If you manage to save a modest nest egg you might need to get hold of it quickly. Remember, if the car breaks down there is no longer a credit card to pay the garage !

Oh ok i see what you mean, i have my new bank account with lloyds, they have instant ulminited withdrawals on one of there isa accounts

Those kind of ISAs normally offer even more pitiful rates of interest than usual. Go with Foggys advice.