Savings, ISAs etc

[Dbl Qtr Pounder]

Hey all...

Any of you have a savings account or Cash ISA?

Looking to put some money away as for the last few years its just sat in my account doing nothing.

Im just looking at it now though and i know the worlds gone to pot recently so interest rates are low BUT ... if i put £5640 in a cash ISA on 3.5 ish % interest, i get less than £200 back after a year...

So ... thats like me giving you £5640 for 12months, and you giving me it back plus £200 after 12months. Right?

So .. what's the point? Even if it the interest was doubled... that's still less than £400 that i'd get back.

Are you not best just spending £5,000 yourself on something and selling them on for profit? Surely you can make back more than £200?

Like.. bought a car, did it up, then sold it... or, buy a shit load of stuff of ebay then re-sell it. etc etc etc.

My main question is do you save money? If so, how? Is there a real benefit to these ISAs etc - or am i best off just "investing" in something myself and trying to make a bit of brass from it?

[Cheese]

if u have a mortgage , knock it off what u owe.,

[Rhinos77]

share.com talk to one of their INDEPENDENT advisors about other options.

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if your only investing for ONE year cash is the only safe way.

[Sardine Jimmy]

everybodys financial circumstances are different but property investment over the long term is usually the best way to make some serious moolah ..that said I do put the max in the cash ISA every year as pension fund returns are now just pony

[T-Bone]

You could try investing in the stock market but if you dont know what your doing you might end up losing a chunk saying that if you do it well enough it could set you up!
Anyway if you do get any financial advice make sure its from an independent adviser!!!!!

[chesterhino]

my cash isa is with halifax, decent interest on it.

[Derbysi]

I know a brilliant independent financial advisor. Happy to put you in touch if you like. Send me a pm if you Like. She really helped my mate this year.

[Rhinos77]

Hood, Caisley & Associates
Odsal,
Bradford,
West Yorkshire.

You'll get no Bull

[RoC of 606]

I took my Cash ISA away from the Halifax as they screwed me and did the same again with the interest when I moved it to the Leeds. I still have an investment ISA with the twats but it's probably losing money at the moment with the recession.

[tattyrhino]

I don't save money,well I do in a pension, but that's it, no point for me, spend the fecking the lot I say