Savings Advice for my Millions..

24

Comments

  • bigadaj
    bigadaj Posts: 11,531 Forumite
    Name Dropper First Post First Anniversary
    I've opened and switched four accounts with Santander, and got the imutual incentive for opening them on two!

    Still have a 123 account and a regular saver, having closed my credit card and second 123 account last year as the incentives reduced.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    linuxpenguins wrote: »
    I recently switched a nationwide Flex account to first direct.. could I open another flexi account and then switch to tsb? I fear it may hit credit rating tho?
    I currently have over 30 current accounts. A couple of years ago I had approaching 40, and 18 of them were opened in the space of 2-3 months. During this period I also obtained 4 credit cards. If opening current accounts (but not taking overdraft facilities) is supposed to affect your credit rating, then how many do you need before it does?...50, 75, 100?
  • jimjames
    jimjames Posts: 17,611 Forumite
    Photogenic Name Dropper First Anniversary First Post
    linuxpenguins wrote: »
    ..
    I have £100 spare to save each month.. where should I put this? Happy to open another account if need be. I know it wont generate much interest but better than receiving nothing at all! - It will need to be easily accessible too.

    Thanks

    You don't say what you are saving for but if you already have enough cash, would it be worth looking at investments via a S&S ISA? £100 pm is an ideal amount to get started
    Remember the saying: if it looks too good to be true it almost certainly is.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Name Dropper First Post First Anniversary
    jimjames wrote: »
    You don't say what you are saving for but if you already have enough cash, would it be worth looking at investments via a S&S ISA? £100 pm is an ideal amount to get started
    In a previous thread I believe the OP said they only contributed 1% of salary to their pension scheme. Maybe spare funds should go there?
  • atush
    atush Posts: 18,726 Forumite
    Name Dropper First Anniversary First Post
    I agree, top up the pension. 1% isnt enough.
  • linuxpenguins
    linuxpenguins Posts: 152 Forumite
    First Anniversary Combo Breaker
    Hi

    Plan is to build a £10,000 pot. Not saving for anything in particular, I just want some reserves built up as security.

    Where do you recommend I open a S&S ISA and what funds? Perhaps come June next year, or earlier, once I get my annual interest I could combine the funds built up and move into this prospective ISA ? Would this be a sensible approach?

    I hear a lot about Vanguard.. don't claim to know much about it though! Would this be a good option ?

    Thanks for your pointers :)

    Mortgage overpayments will be next approach once £10k built up. Currently owe £66k at a rate if 2.09%
  • eskbanker
    eskbanker Posts: 30,993 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Keep building your cash savings pot before thinking about S&S - the usual rule of thumb is to have approximately 3-6 months worth of outgoings in readily-accessible cash form before considering non-cash investment, so jimjames's recommendation was to look at that once you have enough cash and it sounds like you don't yet.
  • linuxpenguins
    linuxpenguins Posts: 152 Forumite
    First Anniversary Combo Breaker
    Nope! I don't! Currently have about £3.9k so a fair way to go.. should be £9.3k come end of year.

    I think £10k should be a decent amount to have in cash. I won't touch it then once I have it and hopefully 'forget about it'

    It's difficult as I want a new 4K television.. but I 'want' and not 'need' spurs me on.

    I am tempted to get £130 from TSB if I switch to them but scared as I don't have a sacrificial account.

    Will sideline the s&s for now then!

    But still, whereto put this £100
  • linuxpenguins
    linuxpenguins Posts: 152 Forumite
    First Anniversary Combo Breaker
    YorkshireBoy wrote: »
    I currently have over 30 current accounts. A couple of years ago I had approaching 40, and 18 of them were opened in the space of 2-3 months. During this period I also obtained 4 credit cards. If opening current accounts (but not taking overdraft facilities) is supposed to affect your credit rating, then how many do you need before it does?...50, 75, 100?

    Very tempted to open another Nationwide Flexi Account and then use this to switch to TSB. Just scared that they may cotton on what I've done (Sorry EachPenny!)

    I looked into the Virgin savings but I don't believe they have an app to keep track of money? - I know I could just simply go online, but I like the convenience of the app idea. Any other options for this £100 a month?

    Thanks:beer:
  • linuxpenguins
    linuxpenguins Posts: 152 Forumite
    First Anniversary Combo Breaker
    Actually.. do Vanguard have an app?

    Hah! I don't know what to do with this £100

    Open a Vanguard and go 80/20?!
    Save in TSB?

    *Scratches head*
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards