I don't know if this person is just having a laugh or is contemplating this action.I have never encountered this level of interest rate in my lifetime and could not comment on the outcome. But any scenario that more or less will charge you for saving money, if you have any that is,may be seen as a step too far. pay here
Many will be tempted to put their money into a stocks and shares ISA this year as a result of the poor rates on cash savings. Markets have made a good recovery recently, so investors will be entering on a high and then driving prices higher with so much cash chasing shares.
Cue some bad news and the stockmarket will fall and many investors will panic and withdraw their money. Was always so for the novice investor.
One finds it somewhat confusing ... some might say uplifting, as to why Her Royal Majesty [aka The Jelly Bean in Glasgow parlance] always has a smile [see top of Gray Goo's link above] ... no matter what!
Now Come on-- Think of the poor starving bankers, if they can charge you for looking after your money, and still invest it around the world, don't they deserve your sympathy for all the [Hard] work they have to do.
This thread is now locked and can not be replied to.