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  • FIRST POST
    • obay
    • By obay 5th Dec 17, 9:19 AM
    • 451Posts
    • 329Thanks
    obay
    savings account advice
    • #1
    • 5th Dec 17, 9:19 AM
    savings account advice 5th Dec 17 at 9:19 AM
    Hi,

    I've had this amazing opportunity approach me with my work, I had signed up a contract worth £17,000 per month with my net outlay being around £8500 + the vat.

    I have approx £6800 left over from this, I do have some business debts to focus to get rid of as well as personal as well.

    This will leave me with near nothing in the next month. Planning forward - I am looking to start paying down my mortgage, I am unable to pay down anything else bar £14k per year - of which I'll have approx £86k per year in surplus on this contract.

    The idea is to put it into a personal savings account until I come to remortgage next year or go onto a variable rate on my mortgage then I can pay a large amount down.

    The problem is what is the best account that I'll actually earn money? following Martin's guide, it would appear that current accounts are the best, but I am not interested in seeing this much money yet for at least a year or so - But I want to top it up as much as I can for when I come and remortgage onto a lower rate. (i'm also looking at HSBC unlimited overpayment account for my next mortgage.)


    I do not want another current account - The money will come in for next 36 month's as that's what the account has been signed for.

    The aim to use this money to pay down the mortgage and be free from year two is what I am looking to do.

    Thanks for any advice!
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
Page 1
    • Shashy
    • By Shashy 5th Dec 17, 10:25 AM
    • 74 Posts
    • 90 Thanks
    Shashy
    • #2
    • 5th Dec 17, 10:25 AM
    • #2
    • 5th Dec 17, 10:25 AM
    This whole thing sounds incredibly worrying.
    • McKneff
    • By McKneff 5th Dec 17, 10:49 AM
    • 35,702 Posts
    • 45,973 Thanks
    McKneff
    • #3
    • 5th Dec 17, 10:49 AM
    • #3
    • 5th Dec 17, 10:49 AM
    Couldn't agree more.

    If it sounds too good to be true.....
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
    • Puddylove
    • By Puddylove 5th Dec 17, 11:16 AM
    • 455 Posts
    • 742 Thanks
    Puddylove
    • #4
    • 5th Dec 17, 11:16 AM
    • #4
    • 5th Dec 17, 11:16 AM
    Red flags are waving for me, too.

    Be careful. OP.
    • obay
    • By obay 5th Dec 17, 12:30 PM
    • 451 Posts
    • 329 Thanks
    obay
    • #5
    • 5th Dec 17, 12:30 PM
    • #5
    • 5th Dec 17, 12:30 PM
    red flags for what? you might have all said something but it doesn't point to anything. I run my own company and have been given this contract and it's been supplied, just wanting some advice on some savings account...

    This is how general business works, I am the director, I set contracts at £x per month, people pay, the customer has always paid and has passed an additional credit check before works being undertaken.

    I don't get how this is worrying? Maybe I've explained this wrong, but I've had bigger ones but this one is all a lump (I've been contracted to work with the NHS also - under the same terms..)
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • eskbanker
    • By eskbanker 5th Dec 17, 1:41 PM
    • 5,886 Posts
    • 5,844 Thanks
    eskbanker
    • #6
    • 5th Dec 17, 1:41 PM
    • #6
    • 5th Dec 17, 1:41 PM
    I think the previous posters may have been thrown off the scent by your copious OP, which does rather stray from the key message of 'where can I save some money?' and could be interpreted as meaning that the money you're expecting is risky.

    If your question can simply be boiled down to where to save, if you're not keen on more current accounts then regular saver accounts are likely to offer the best returns, or if you want to keep things simple, just open an instant access savings account.

    Further details on your choices are in the articles linked above entitled 'top savings accounts' and 'how to start saving'.
    • greenglide
    • By greenglide 5th Dec 17, 2:59 PM
    • 2,918 Posts
    • 1,889 Thanks
    greenglide
    • #7
    • 5th Dec 17, 2:59 PM
    • #7
    • 5th Dec 17, 2:59 PM
    Paying into pension scheme from your company and thus paying no income tax, dividend tax, corporation tax etc. Normally a no brainer.
    • obay
    • By obay 5th Dec 17, 3:30 PM
    • 451 Posts
    • 329 Thanks
    obay
    • #8
    • 5th Dec 17, 3:30 PM
    • #8
    • 5th Dec 17, 3:30 PM
    I think the previous posters may have been thrown off the scent by your copious OP, which does rather stray from the key message of 'where can I save some money?' and could be interpreted as meaning that the money you're expecting is risky.

    If your question can simply be boiled down to where to save, if you're not keen on more current accounts then regular saver accounts are likely to offer the best returns, or if you want to keep things simple, just open an instant access savings account.

    Further details on your choices are in the articles linked above entitled 'top savings accounts' and 'how to start saving'.
    Originally posted by eskbanker
    I see that but only really seeing current accounts, don't want them fixed for too long, will check a bit more and see if I have missed something.

    The money isn't risky, I've provided a service for 36 months, thus I get paid for it. Business 101!
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • obay
    • By obay 5th Dec 17, 3:30 PM
    • 451 Posts
    • 329 Thanks
    obay
    • #9
    • 5th Dec 17, 3:30 PM
    • #9
    • 5th Dec 17, 3:30 PM
    Paying into pension scheme from your company and thus paying no income tax, dividend tax, corporation tax etc. Normally a no brainer.
    Originally posted by greenglide
    I do this, I've just upped my pension (I am very young, yes.) but in these days, my dad said to start saving it early as it'll benefit you when you are older.
    1/12/16 - £152,599.00
    11/11/17 - £145,990.00
    Two Credit agreements to pay off - £13653! (inc interest).
    Sofa (DFS) (0%)£923/£923 - Paid off 7th November!
    Barclays Boiler (18.9%!)£400/£3021.36
    Barclays Car (5.99%)£0/£8,832.37
    • Eco Miser
    • By Eco Miser 5th Dec 17, 3:48 PM
    • 3,218 Posts
    • 2,979 Thanks
    Eco Miser
    I'm not sure why you are against current accounts.
    Just use them as high-paying, low capacity savings accounts.
    Simple savings accounts pay around 1.3% AER. Current accounts and Regular Saver accounts pay up to 5% AER on limited amounts.
    You could probably fill all the listed Regular Savers available to you each month, and still have cash left over.
    Remember that only the first £85000 with each financial institution is covered by the FSCS guarantee.
    All of the above is for personal accounts. If you're keeping some in the company you're unlikely to get anywhere as good rates.
    Eco Miser
    Saving money for well over half a century
    • colsten
    • By colsten 5th Dec 17, 3:50 PM
    • 8,809 Posts
    • 7,496 Thanks
    colsten
    I see that but only really seeing current accounts, don't want them fixed for too long, will check a bit more and see if I have missed something.
    Originally posted by obay
    I might be missing something fundamental there - what's fixed about a current account?
    • Puddylove
    • By Puddylove 5th Dec 17, 6:42 PM
    • 455 Posts
    • 742 Thanks
    Puddylove
    I'm still confused by your OP as you use the words 'work' rather than business, and then say you have both business and personal debts.

    What sort of savings account are you looking for? Easy access? Fixed term (for how long?). The best accounts are all listed in the same link above, just scroll down.
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