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Post by marcusponds on Apr 6, 2020 11:06:13 GMT
As it's the start of the new tax year, normally i'd be moving spare money into a P2P ISA. i'm too nervous to do that now, both because of the risk of loss but also the risk of platform failure. NatWest has kindly written to me today to say essentially all its savings accounts now pay 0.01%. I'm sure other similar providers have/will follow suit. Do I risk P2P, or "invest" my money safely and get £2 in April 2021? Currently i'm thinking the latter, and switch mid-year if the situation returns to some sort of normality.
Other views?
MP
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lara
Posts: 345
Likes: 300
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Post by lara on Apr 6, 2020 11:10:08 GMT
As it's the start of the new tax year, normally i'd be moving spare money into a P2P ISA. i'm too nervous to do that now, both because of the risk of loss but also the risk of platform failure. NatWest has kindly written to me today to say essentially all its savings accounts now pay 0.01%. I'm sure other similar providers have/will follow suit. Do I risk P2P, or "invest" my money safely and get £2 in April 2021? Currently i'm thinking the latter, and switch mid-year if the situation returns to some sort of normality. Other views? MP Stocks and shares ISA. Great time to buy.
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r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
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Post by r00lish67 on Apr 6, 2020 11:20:27 GMT
As it's the start of the new tax year, normally i'd be moving spare money into a P2P ISA. i'm too nervous to do that now, both because of the risk of loss but also the risk of platform failure. NatWest has kindly written to me today to say essentially all its savings accounts now pay 0.01%. I'm sure other similar providers have/will follow suit. Do I risk P2P, or "invest" my money safely and get £2 in April 2021? Currently i'm thinking the latter, and switch mid-year if the situation returns to some sort of normality. Other views? MP If you're not looking for the long term nature of shares, then are you already making full use of your savings allowance? If not, you could consider just saving it in the best non-ISA fixed rate saver you can find (use MSE) - about 1.6%. Saves admin hassle. If you are already using it, then why not switch cash ISA provider? The post office offers 1.3% for a 1 year fix for example. Better than a poke in the eye I suppose. Although if you're a BR tax payer, it makes v.little difference after tax to the non-ISA version to be honest! Especially with god-knows-what sort of delays you'll experience at present probably.
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