09 Mar 2015

A question about : MSE News: Torn between easy-access and fixed cash ISAs? Find out how to open both

Aldermore, Kent Reliance, Nationwide and Newcastle building societies now allow savers to split their ISA allowance...

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Torn between easy-access and fixed cash ISAs? Find out how to open both

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Best answers:

  • M&S ISAs have allowed this split between instant and fixed for some time now and they still do. Why is M&S not mentioned in the article?
    Their rates are poor, but no worse than many others.
  • Thanks for flagging Vortigern, the article has now been updated to include M&S.
  • Martin's explanation of ISAs vs current accounts, and his view on why ISAs are better long term. For the average punter, who hasn't the inclination to get several current accounts (we all know how many threads there are entitled "how many current accounts can I have?"), this may well satisfy them. You might not agree with it, but it should offer an explanation as to why MSE feel that ISAs are still worth pushing.
    I hope anybody who reads the article can digest the information given, and then work out for themselves what the best course of action is*. If people are blindly following information they are essentially spoon-fed, are not taking responsibility for their financial decisions, and will end up on the forum, confused and not having read the T+Cs for interest paying accounts, complaining about not getting interest. I was pleased to see the following sentence, albeit at the very end of the article, which does at least imply some responsibility on the part of the reader:
  • The Post Office started to allow customers to split their ISA allowance between an easy access and a fixed rate one.
    More details here: http://www.postoffice.co.uk/savings-accounts/online-isa
    Please update the article accordingly.