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  • FIRST POST
    • MrWizard
    • By MrWizard 20th Apr 17, 3:31 PM
    • 26Posts
    • 1Thanks
    MrWizard
    What next
    • #1
    • 20th Apr 17, 3:31 PM
    What next 20th Apr 17 at 3:31 PM
    Hi,

    I have a S&S account at last year's limit. I'm not looking to put any more in right now

    I have as many high interest bank accounts as possible. I've run out of direct debits.

    I have a lot in p2p, probably don't want to go anymore. As I'm worried I'll go over the £1000 tax free limit. I'm waiting for the Innovative ISA to come out, to put in more.

    Ideally I want to go for something tax free. Is an cash ISA really the only the best thing at 1% typically.
Page 1
    • eskbanker
    • By eskbanker 20th Apr 17, 3:46 PM
    • 5,297 Posts
    • 5,051 Thanks
    eskbanker
    • #2
    • 20th Apr 17, 3:46 PM
    • #2
    • 20th Apr 17, 3:46 PM
    Personally I wouldn't obsess about tax by trying to stay below the savings allowance and looking specifically for tax-free accounts such as ISAs - it'll make more sense to look at overall net return (e.g. a taxable 2% account would be better than a tax-free 1% one).

    It's difficult to give any meaningful recommendation without more information - are you putting enough into pensions for example? Do you own property? What are your objectives, i.e. when would you want access to the money and what for? How much are we talking about for total portfolio size and monthly surplus and/or currently unallocated lump sums?
    • MrWizard
    • By MrWizard 20th Apr 17, 4:33 PM
    • 26 Posts
    • 1 Thanks
    MrWizard
    • #3
    • 20th Apr 17, 4:33 PM
    • #3
    • 20th Apr 17, 4:33 PM
    Pension is fine. I put 7% in, company puts 15%.

    Would like to buy a property but that would probably take all or a very high percentage away from my investment. Deposit and houses are just too high.

    Ideally I'd like to reach a point where investments are at a level that can increase my monthly salary.

    I can put away about £500 a month.
    • jimjames
    • By jimjames 20th Apr 17, 5:16 PM
    • 11,933 Posts
    • 10,332 Thanks
    jimjames
    • #4
    • 20th Apr 17, 5:16 PM
    • #4
    • 20th Apr 17, 5:16 PM
    If you already have current accounts and P2P why do you need more cash and not more investments?


    I'd be looking to add more to the S&S ISA which will remain tax free
    Remember the saying: if it looks too good to be true it almost certainly is.
    • EachPenny
    • By EachPenny 20th Apr 17, 5:44 PM
    • 1,684 Posts
    • 2,041 Thanks
    EachPenny
    • #5
    • 20th Apr 17, 5:44 PM
    • #5
    • 20th Apr 17, 5:44 PM
    I have as many high interest bank accounts as possible. I've run out of direct debits.
    Originally posted by MrWizard
    Shouldn't be a problem if you look elsewhere on this forum for the answer. The problem should just be running out of high interest current accounts to open.
    • eskbanker
    • By eskbanker 20th Apr 17, 6:52 PM
    • 5,297 Posts
    • 5,051 Thanks
    eskbanker
    • #6
    • 20th Apr 17, 6:52 PM
    • #6
    • 20th Apr 17, 6:52 PM
    Would like to buy a property but that would probably take all or a very high percentage away from my investment. Deposit and houses are just too high.
    Originally posted by MrWizard
    Does this mean you're effectively committing to a lifetime of renting? How old are you?

    Ideally I'd like to reach a point where investments are at a level that can increase my monthly salary..
    Originally posted by MrWizard
    But by how much? You could already supplement salary from investments targeted towards income rather than growth, but it's an unusual approach unless you're particularly wealthy.

    I can put away about £500 a month.
    Originally posted by MrWizard
    Have you maxed out all the regular saver accounts at up to 5%?
    • TheShape
    • By TheShape 20th Apr 17, 7:05 PM
    • 988 Posts
    • 736 Thanks
    TheShape
    • #7
    • 20th Apr 17, 7:05 PM
    • #7
    • 20th Apr 17, 7:05 PM
    Hi,

    I have a S&S account at last year's limit. I'm not looking to put any more in right now

    I have as many high interest bank accounts as possible. I've run out of direct debits.

    I have a lot in p2p, probably don't want to go anymore. As I'm worried I'll go over the £1000 tax free limit. I'm waiting for the Innovative ISA to come out, to put in more.

    Ideally I want to go for something tax free. Is an cash ISA really the only the best thing at 1% typically.
    Originally posted by MrWizard
    What is the Innovative Finance ISA that you're waiting for? Some platforms already offer one.
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