Newbie Savings Question

boojiboy

Hi everyone,

Just after some opinions from you all. Recently paid off my mortgage and debts and am now in the position of having £800 - £1000 spare every month. Already have an isa up to its limit for this year and now need to find a home for the rest. Using the site it's easy enough to find the best deals going, the question is this. Do I spread the money around different accounts or stick with one ? Also, if I go for the best deal now but a better one comes along, what are the pro's and con's of constantly moving your money about between acounts ? Have just signed up for the 6.5% aer deal with ING. This is the first time that I've had the chance to put a decent amount of money away and I want to make sure I'm getting the best deal I can. Any help or advise from you all would be appreciated.

Mark

opinions4u

I'd try site like https://www.moneysupermarket.com to help find the best deal for you.

A couple of options:

Halifax Web Saver Fixed is paying 7% AER for 6 months on £500+.

Lots of banks offer Regular Saver accounts paying in excess of 7% too - saving for 12 monthly payments required. Some of these require you to have your current account.

If you feel the markets are low and worth a punt, you could go for a FTSE100 stocks and shares ISA (assuming only your cash ISA is up to its limit).

If this is likely to be a long term monthly surplus, I'd see a couple of IFAs for advice and move forwards from there. You don't have to follow the advice, but they'll certainly give you an idea of a wider range of alternatives.

Should you constantly move your money around? Probably not. But you should review your savings rate regularly and be prepared to 'tart' your savings around at least once a year to chase rate. Because top paying accounts usually become mid pack payers within a couple of years and massive profit makers for the banks within 5 years!

boojiboy

Thanks for the reply, how do you find a decent financial advisor ?

VfM4meplse

boojiboy wrote: »

Thanks for the reply, how do you find a decent financial advisor ?

That's the million-dollar question! And for $2million how do you prove a lack of bias?

Aegis

VfM4meplse wrote: »

That's the million-dollar question! And for $2million how do you prove a lack of bias?

First question: use https://www.unbiased.co.uk to find a few local advisers, and pick one to go with after chatting to a few of them.

Second question: go for a fee-based option if you're overly concerned about bias.

Do I get my $3million this week?

VfM4meplse

Aegis wrote: »

Do I get my $3million this week?

Is that a fee-based option? :rotfl:

Aegis

VfM4meplse wrote: »

Is that a fee-based option? :rotfl:

I wish I could get paid $3M for anything I could charge a fee for...