A BBC expert has said that people have less than a week to take action on their ISAs to take advantage of an imminent change. Finance Expert Laura Pomfret took to BBC Morning Live today to explain how the Bank of England is conducting a review which is set to report back next week.
She said people need to take a ‘money minute’ just to check if they can do anything to maximise the benefits from their ISA before the change happens. Ms Pomfret said: “We are in a great interest rate period at the moment for savers. But it could change. The Bank of England’s next review is scheduled for Thursday, the 19th of September. And so I am obsessed with telling people take a money minute.”
There is action people could take now to maximise their interest. Ms Pomfret said: “Can you put your money into an account that will make you that bit extra before rates change? We’ve got one year. Santander ISA. It’s a fixed ISA 4.62%. There are a couple out there with higher rates. This one. You only need 500 pounds to open. You could be making 4.62%. So that’s one.”
She said that Trading 212, which is an investing platform, has got a cash ISA paying five per cent. She explained: “You only need a pound to start this one, and then actually chip have got 5.01%.
It’s a really big fintech [financial technology] company, even if you’ve not heard of it. Very, very popular, only available via an app, but it is also flexible, and you only need a pound to open it. So go check what you’re making and see if you can move it to make that little bit of extra money before rates may change every little helps.”
For people on the hunt for a new phone, she said people could be in line for some deals: “It’s also a good time to take some action if you’re in the market for a new phone, definitely.
“So if you are in the know the new iPhone 16 was launched on Monday, this always means that older models will get reduced. We’ve seen some iPhone fifteens reduced by up to 100 pounds so, you could look around and get the older one and hold.
“You could buy a refurbished one so refurbished tech is something that you may feel a bit uneasy about. But there’s some really reputable retailers that you can go look at online that do full checks of the product that’s been resold back to them back markets a really big popular one within the tech industry.”
