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  • FIRST POST
    • Phaelok
    • By Phaelok 16th Oct 16, 4:41 PM
    • 112Posts
    • 72Thanks
    Phaelok
    Interested to see what others are planning to do...
    • #1
    • 16th Oct 16, 4:41 PM
    Interested to see what others are planning to do... 16th Oct 16 at 4:41 PM
    Hi everyone,

    I have around £40,700 in different accounts as shown below;

    £20k in Santander 123 (reduced to 1.5% from next month)
    £6k in Tesco accounts (2 x 3%)
    £3k in Halifax HTB ISA (4%)
    £8920 in club lloyds (2%)
    £800 - Lloyds saver account
    £2000 - TSB account (1.5% on £1500)

    I tried to move as much money as possible to get the best possible returns, but at the same time making sure that I don't exceed the £1000 a year interest.

    In light of there being a number of accounts with a reduction in interest being paid, would it be wise to open yet more accounts?

    I am saving for a deposit for a house and put aside £1800 a month. At this rate I feel PBs may be the next option =(
Page 1
    • colin79666
    • By colin79666 16th Oct 16, 4:48 PM
    • 1,279 Posts
    • 720 Thanks
    colin79666
    • #2
    • 16th Oct 16, 4:48 PM
    • #2
    • 16th Oct 16, 4:48 PM
    If you are saving each month then a regular saver would sound like the kind of account for you. The Virgin fixed rate one isn't too bad, you don't need to have a current account with them and you can get your money out when you like.

    Aside from that I'd really recommend looking at an ISA next tax year. It might be difficult to get taxed now but rates will rise at some point, perhaps sooner than later if inflation becomes an issue. Keep going with the H2B ISA meantime.
    • YorkshireBoy
    • By YorkshireBoy 16th Oct 16, 4:49 PM
    • 28,328 Posts
    • 16,135 Thanks
    YorkshireBoy
    • #3
    • 16th Oct 16, 4:49 PM
    • #3
    • 16th Oct 16, 4:49 PM
    £1,800 a month should have been going into regular savers really, with most of them having fixed rates. You could/should really have had £800 in 6% (FD/HSBC/M&S, £700 in 5% (Nationwide & Santander), and £400 in Club Lloyds for 4% (3% from earlier this year).

    But I notice you have no BoS Vantage, so room for £15K there at 3%.

    Why are you trying to avoid exceeding your BR tax-payer PSA? Surely overall return is the aim?

    PBs won't help you save for a house, unless you win more than prices rise in the interim.
    • Kendall80
    • By Kendall80 16th Oct 16, 5:50 PM
    • 818 Posts
    • 529 Thanks
    Kendall80
    • #4
    • 16th Oct 16, 5:50 PM
    • #4
    • 16th Oct 16, 5:50 PM
    I'm planning on taking up a few more reg. savers, increasing my P2P allocation and investing more in my ISA/SIPP. PBs are an option but low down my list at the moment.


    I prefer to keep my 40k CC stooze in instant access savings or current accounts. Thats becoming increasingly difficult - at worthwhile rates.
    • YorkshireBoy
    • By YorkshireBoy 16th Oct 16, 6:05 PM
    • 28,328 Posts
    • 16,135 Thanks
    YorkshireBoy
    • #5
    • 16th Oct 16, 6:05 PM
    • #5
    • 16th Oct 16, 6:05 PM
    I'm planning on taking up a few more reg. savers, increasing my P2P allocation and investing more in my ISA/SIPP. PBs are an option but low down my list at the moment.
    Originally posted by Kendall80
    Similar to my own approach (with the exception of P2P, which I've yet to get into). I've been scrapping around for 2%, 2.25%, and 2.3% regular savers. All of which are very low, but still better than Santander at 1.5%...and 2 of them actually better than Lloyds will be come January!
    I prefer to keep my 40k CC stooze in instant access savings or current accounts. Thats becoming increasingly difficult - at worthwhile rates.
    This is why I never pay a BT fee. You can never guarantee a return going forward. Plus I'm fortunate that my high interest current accounts are all maxed out with my own cash!
    • Dird
    • By Dird 16th Oct 16, 6:38 PM
    • 2,381 Posts
    • 1,399 Thanks
    Dird
    • #6
    • 16th Oct 16, 6:38 PM
    • #6
    • 16th Oct 16, 6:38 PM
    My plan is to plough into S&S ISA in January any accounts that drop below 3%. If this is too much (no reasonable emergency fund) then I'll keep some in club lloyds & open their regular saver
    Mortgage (Nov 15): £79,950 | Cashback sites: £785 | Current accounts: 15
    Mortgage (Nov 16): £76,486 | £30k in 2016 #96: £27,530 (91.7%)
    • Mr K
    • By Mr K 16th Oct 16, 7:22 PM
    • 1,064 Posts
    • 634 Thanks
    Mr K
    • #7
    • 16th Oct 16, 7:22 PM
    • #7
    • 16th Oct 16, 7:22 PM
    Gradually transferring half of my cash ISA into my stocks and ISA.Too risky to do it all at once. My shares ISA has averaged a 9% a year return over the last 10 years. As for Reg. Savers, peanuts at the end of the day, despite their seemingly good rates.
    • redmalc
    • By redmalc 16th Oct 16, 7:36 PM
    • 1,165 Posts
    • 440 Thanks
    redmalc
    • #8
    • 16th Oct 16, 7:36 PM
    • #8
    • 16th Oct 16, 7:36 PM
    Mr K

    I was thinking of doing the same with my cash ISA,s that mature in December.
    I still think we are going to get a correction shortly on the FTSE at which time I will buy.
    • bigfreddiel
    • By bigfreddiel 16th Oct 16, 8:04 PM
    • 4,072 Posts
    • 1,865 Thanks
    bigfreddiel
    • #9
    • 16th Oct 16, 8:04 PM
    • #9
    • 16th Oct 16, 8:04 PM
    Gradually transferring half of my cash ISA into my stocks and ISA.Too risky to do it all at once. My shares ISA has averaged a 9% a year return over the last 10 years. As for Reg. Savers, peanuts at the end of the day, despite their seemingly good rates.
    Originally posted by Mr K
    If your S&S ISA has averaged 9% over the last ten years I wouldn't wait, just transfer all your cash now, keep 6 months equivalent salary in cash of course.

    Nice one fj
    • Pincher
    • By Pincher 16th Oct 16, 8:34 PM
    • 5,854 Posts
    • 2,138 Thanks
    Pincher
    Half and half.

    Half in boring very low interest deposits. I even have a five year 1.75%. Respect the FSCS limit, and have more in NS&I.

    Half in Equity.

    In the last year, equity is winning hands down, and dividend has been juicy.

    Does that mean I will move more cash into equity? Ha, it's trying to sucker me in. No way, Jose.

    I am nursing quite a bit of capital gains, which will force me into higher rate tax if I sell now. Waiting till April 2017, so I can use up the capital gains and dividend allowances for 2017/18.

    I aim to be out by 2018, when there will be a crash, according to my religion: Years ending in 8 will have a boom and a crash. Not recruiting, but if it does happen, let's see if you get religious too.
    What happens if you push this button?
    • iAMaLONDONER
    • By iAMaLONDONER 17th Oct 16, 6:22 AM
    • 1,570 Posts
    • 378 Thanks
    iAMaLONDONER
    Half and half.

    Half in boring very low interest deposits. I even have a five year 1.75%. Respect the FSCS limit, and have more in NS&I.

    Half in Equity.

    In the last year, equity is winning hands down, and dividend has been juicy.

    Does that mean I will move more cash into equity? Ha, it's trying to sucker me in. No way, Jose.

    I am nursing quite a bit of capital gains, which will force me into higher rate tax if I sell now. Waiting till April 2017, so I can use up the capital gains and dividend allowances for 2017/18.

    I aim to be out by 2018, when there will be a crash, according to my religion: Years ending in 8 will have a boom and a crash. Not recruiting, but if it does happen, let's see if you get religious too.
    Originally posted by Pincher

    So what about 1988 or 1998?
    If you ever need any London travel advice just ask me!
    • Pincher
    • By Pincher 17th Oct 16, 8:28 AM
    • 5,854 Posts
    • 2,138 Thanks
    Pincher
    So what about 1988 or 1998?
    Originally posted by iAMaLONDONER
    1988: End of MIRAS double relief, boom and bust until 1992.

    1998: Dotcom bubble burst a bit late around 2000.

    It's like September is hurricane season in Cuba, but you can't demand it must happen in September.

    I was talking to a Japanese tenant around 2008, they say they get a big earth quake every one hundred years, in Japan, and they are probably safer in England as it's due. As soon as they gave notice to leave in 2010, Fukushima happened. I said why don't you stay longer, but everything is in a container on its way back to Tokyo already.

    If it happened on the dot like high tide, it would be a scientific fact.
    And then traders would exploit it out of existence.
    I call it religion precisely because it requires a leap of faith.
    Last edited by Pincher; 17-10-2016 at 8:41 AM.
    What happens if you push this button?
    • ArmyDilllo
    • By ArmyDilllo 17th Oct 16, 10:56 AM
    • 76 Posts
    • 168 Thanks
    ArmyDilllo
    making sure that I don't exceed the £1000 a year interest.
    Originally posted by Phaelok
    Why?
    The £1000 is still within your allowance and protected if you make more.
    It just means the excess may be liable for tax.

    £1000 tax-free = £1000
    £2000 after tax= £1800*

    * [£1000 tax-free plus the other £1000 (less 20% basic rate tax)].
    Save 20k in 2016 #143: achieved £23,762.38 of £20,000 target
    Retired 17:30, Friday 30Sep16 (aged 56).
    • jimjames
    • By jimjames 17th Oct 16, 12:58 PM
    • 10,843 Posts
    • 8,914 Thanks
    jimjames
    1988: End of MIRAS double relief, boom and bust until 1992.

    1998: Dotcom bubble burst a bit late around 2000.
    Originally posted by Pincher
    Your religion is right, you're forgetting the Russian financial crisis of 1998
    https://en.wikipedia.org/wiki/1998_Russian_financial_crisis
    Remember the saying: if it looks too good to be true it almost certainly is.
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