Inflation-busting savings rates of 9% and cash Isas back in the sun as billions pour into them

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 2 June 2023

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

Forget 5 per cent savings rates. Forget 7 per cent. A new regular savings deal has landed paying a headline-grabbing 9 per cent. But, is it actually a good deal?

Saffron Building Society aren't the only savings provider pumping up rates, with fixed-rates now hitting 5.25 per cent.

And cash Isas are back with a bang with a record amount poured into tax-free accounts in March and April.

That comes as more savers look to shield their money from the taxman, with more potentially busting their Personal Savings Allowance this year.

On this podcast, Georgie Frost, Lee Boyce and Helen Crane discuss all things savings and why people should be tracking down better rates.

The debate moves on to housing, with one property price index suggesting an annual value fall of 3.4 per cent. So what's going on?

Mortgage deals are being pulled left, right and centre and the amount borrowed in new mortgages dips a record low. Where is it all heading?

Plus, Lee argues that tech giant Meta needs to listen to big banks and take the huge volume of social media scams more seriously.

Helen gives a big update on her Crane on the Case column and the great dishes debate finally resolved: Is it cheaper to wash up by hand or use a dishwasher?

Transcript

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0:00.0	Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and Lee Boyce today is Helen Crane.
0:08.2	And coming up, forget 5%, forget 6, even 7.5%.
0:12.1	A new saving account has landed paying a whopping 9%.
0:17.4	Yes, you heard me right, 9%.
0:19.3	But as always, the devil is in the detail.
0:22.6	Cash ice is a back in vogue as record amounts gets poured into the tax-free accounts, but why?
0:28.7	Lots of housing news this week.
0:30.1	Prices full, deals pulled, left, right and centre rates on the rise, and the amount borrowed in new mortgages, dips to a new record low. Where is it all heading?
0:40.3	Plus, tech giant meta needs to listen to big banks and take the huge volume of scams more seriously,
0:47.0	says Ali, and the great dishes debate. Finally resolved. Is it cheaper to wash up by hand or use a dishwasher? Don't forget
0:56.9	your stuff to date. With the latest breaking money news, just go to this ismoney.co.com.com or download
1:02.2	the app. Don't forget, you can stay on top of what's going on in the markets by tuning in to the
1:07.0	Digest and Invest podcast by Itoro. Go to your regular podcast platform and listen on the go.
1:11.6	Digest and Invest by Itora, the podcast for those interested in trading and investing.
1:16.2	But first, rising interest rates are causing all sorts of havoc on the mortgage market.
1:20.8	More on that shortly, but one positive impact is on our savings, if we're lucky enough
1:25.6	to have any.
1:26.4	Starved of decent interest for years, rates have climbed since the Bank of England started
1:30.8	raising rates in December 2021.
1:33.5	How excited we've been on the podcast when they breached 5% recently.
1:39.6	Lee's getting all excited there, his face is getting ruddy.
1:42.4	Imagine our delirium when a press release from
	...

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