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Well... yes, sort of! Or at least, it’d be great if the bank let you choose how much money to put in a safe account with low but guaranteed interest, and how mu
by iainmerrick 5y ago
Well... yes, sort of! Or at least, it’d be great if the bank let you choose how much money to put in a safe account with low but guaranteed interest, and how much in an investment account with higher but risky interest; and make it really easy to move money back and forth. I don’t know of any bank that offers anything like that.
I guess there ought to be some safeguards, e.g. at least XX% of your money in a safe place. But there’s a point at which safeguards become friction that just stop you investing at all.
For example, in the UK you have ISA accounts, which should work like that, but the restrictions are so annoying (yearly cap on deposits) and the benefits so weak (tax exempt, but on a pitiful interest rate so it makes no difference for most people) that they’re not very useful. Unless I’m missing something.
- blitzar 5y agoNatwest.com ... Products: Bank Accounts, Mortgages, Savings, Investments, Loans ... Your investment options are limited to actual investments basically, so essensially shares. Term deposits dont seem to be a big thing in the UK for whatever reason, and we dont have the US tax breaks to buy municipal bonds etc. ISA's are great, you can go buy some apple stock or some FTSE funds or depending on the provider one of 1000's of funds with it. 'Cash ISAs' while rare are still around are no better or worse than a savings account (IMO).
- iainmerrick 5y agoYes, I was thinking of cash ISAs, which do seem a bit pointless. This is a good nudge for me to look around for better/easier options to store petty cash in, so I’m going to do that. Thanks!