Query about ISA - HotUKDeals
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Query about ISA

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Hi, I would like to open a cash ISA with the post office, but one of the cons on moneysupermarket reads: "Online ISA is provided by OneFamily, savings in Post Office Money® Cash ISAs are deposited wit… Read More
silviuccia Avatar
2w, 3d agoPosted 2 weeks, 3 days ago
Hi, I would like to open a cash ISA with the post office, but one of the cons on moneysupermarket reads: "Online ISA is provided by OneFamily, savings in Post Office Money® Cash ISAs are deposited with Bank of Ireland UK". Why is that a bad thing?
Thanks
silviuccia Avatar
2w, 3d agoPosted 2 weeks, 3 days ago
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Responses/page:
#1
No idea why they should say it's a "con". Your savings will be protected up to the first £85,000. https://www.moneysupermarket.com/savings/protecting-your-savings-guide/
#2
I guess its just saving its not the post office you are saving with , its OneFamily who themselves then use Bank of Ireland UK. So the post office are just re badging someone elses product.
#3
just slightly more chance that One Family or Bank of Ireland goes into trouble and you have to claim from the protection, which takes ages to give your money back I understand.

chance is small i guess but that is why it is flagged up.
#4
Thank you all for the replies!
#5
I was thinking of putting money into a cash isa recently until i was advised you can also loose some of the money u put it in as well as gain
#6
machomansavage
I was thinking of putting money into a cash isa recently until i was advised you can also loose some of the money u put it in as well as gain

you can't lose money in a cash isa. unless you choose a risky provider who may go under, but then you are still protected by the financial guarantees that bail you out.
#7
mutley1
machomansavage
I was thinking of putting money into a cash isa recently until i was advised you can also loose some of the money u put it in as well as gain

you can't lose money in a cash isa. unless you choose a risky provider who may go under, but then you are still protected by the financial guarantees that bail you out.


It can go up as well as down. Yes that means if u put three grand into a cash isa you could withdraw it at 2000 this happened a lot and happened to a close friend
#8
machomansavage
It can go up as well as down. Yes that means if u put three grand into a cash isa you could withdraw it at 2000 this happened a lot and happened to a close friend

Cash isa earns interest like savings account so it can not go down. Your friend could not have been in a cash isa. No way.
#9
mutley1
machomansavage
It can go up as well as down. Yes that means if u put three grand into a cash isa you could withdraw it at 2000 this happened a lot and happened to a close friend

Cash isa earns interest like savings account so it can not go down. Your friend could not have been in a cash isa. No way.


Cash Isa and saving isa he's had. You have a awful financial return with high street banks and building society's nower days. Read the other day about this couple who had inherited £500,000 and yearly they were getting a annual return of £1000 on that £500,000. It's crazy. I wish you all the best though

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