So contradicting your own advice. Yeah. You have a great weekend too.
I was taught never to assume! Actually (how very English!), People with 20k savings perhaps more likely to be retirees, not high earners. The annual interest on 20k at 1.5% is only 300 £squid (unless compound) so you'd have to have 70k-ish to hit the higher PSA and if you've half a brain you'd be using your BOH allowance as well. I am not convinced by the saintly Lewis' endorsement of this now defunct product; MSE (I know, I mentioned it first) sometimes only cover bits of the market that they like and they're owned by Moneysupermarket, a COMMERCIAL entity happy to accept money to advertise, so View what MSE says with a pinch of salt and cross-check and look elsewhere before you jump. Have a great weekend!
actually, @StudentGrant , it isn't entirely accurate. In fact, if you look MSE endorse putting in this deal, and martin lewis has "done a U-turn" (his words, not mine). In terms of an easy access ISA, this was the best (until it was pulled). And as the only other best easy access no fix account was marcus at the same rate, it would make total financial sense to put it in here until you've reached the 20k first, so it is protected from tax forever, then using your tax free PSA interest allowance. Don't forget, when you start talking about sums of £20k plus being saved, it is fair to assume these people may be higher rate tax payers, and only get half the PSA of basic raters.
Oh dear. I disagree that my input was misleading, and as a Community Member I am entitled to add such an update, as we all are. This thread is not about easy access savings in general; it is specific to this particular savings product with honourable mention of tax and savings in general, pointing to a reference source albeit not entirely unbiased. Oh, and as a Community Member you can expire a post yourself instead of whingeing, check the EXPIRED button helpfully provided below the Deal posts, including above!Take a chill pill, or if you think something really is wrong and that you can justify that opinion REPORT THREAD to a Mod!
@StudentGrant this is misleading advice to be pinned to the top of this thread and probably contributes to this deal being 600 degrees less than the Marcus account, which is unjustified. This thread was about easy access savings, and you could only very marginally beat Coventry BS (@1.51% and thats only if you had over £15k you needed instant access to.) Assuming the rate is the same, most people should use an easy cash isa over a normal easy access savings account for their required easy access money. This is even if they dont pay tax on interest yet. Something may change in the future and you cant put money into previous years isas, therefore using the Coventry building Society isa was literally the best option. However, Coventry BS have now dropped this deal, so this should be expired.