Isa or savings account

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Jessicamj
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by Jessicamj » Wed Dec 06, 2017 8:12 pm
Sorry for the 1000000th question.

Just wondering which one would be better

Isa or basic savings account?
Thanks
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Foggy
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by Foggy » Wed Dec 06, 2017 8:26 pm
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.
Jessicamj
Posts: 15
by Jessicamj » Wed Dec 06, 2017 8:38 pm
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?
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Foggy
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by Foggy » Wed Dec 06, 2017 8:49 pm
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 !
Jessicamj
Posts: 15
by Jessicamj » Wed Dec 06, 2017 9:02 pm
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
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jonathah
Posts: 22
by jonathah » Wed Dec 06, 2017 9:35 pm
Those kind of ISAs normally offer even more pitiful rates of interest than usual. Go with Foggys advice.
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