advice on Where to save, ISA OEIC, or other???

tux130582

hello, would like some advice on how to get the most out of my savings......Bit of background.

I have used my ISA allowance in a cash ISA £3600, and previous tax years, (£13500) I have 10K in a e-savings account and what was £1k in shares, lloyds, RBOS and tullow oil. (now £700)

i am currently saving around £200 a week into the e-savings account. I was wondering if anyone can recommend any kind of small regular savings account or anything that is more risky to use some of the £200 a week to try to make bigger gains?

I was thinking maybe of paying into a stocks and shares ISA / oeic?, as i havent had much luck buying / picking the shares direct!!!! i presume i can still pay £3600 into this element and use a fund of funds type system.

any help or advice much appreciated.

have a good weekend peeps!

tux130582

hi can anyone offer any advice?

MrMicawber_2

Wow - normally this sort of request get lots of responses.

I have one or two suggestions but not advice.

You are abviously able to save a lot - £10,400 per annum. With that amount I would get proper financial advice and therefore look for a well qualified IFA.

With an S&S ISA there are degrees of risk from very high to cautious and an IFA would take you through these. You should be looking at a min of 5 or more like 10 years.

Personally I like stocks and shares ISA's and I would make regular savings to a number of different funds to spread my risk and get a good balance. Funds of funds get a mixed reception. The charges are higher but you arguably pay more for the expertise of the fund manager. I say arguably because some people think you get no added value.

But.............. there are other priorities and your info is very light. Putting £3,600 into an S&S ISA leaves you with £6,800 per year left over and you could do worse than look at NS&I indexed linked certificates and paying your mortgage off. Also do you have a pension and is this therefore a priority as well.

You will have noticed that there are a lot of quite polarised views around. E.g. some people think it is bonkers to pay your mortgage off with cash each month rather than invest over the longer term to pay your mortgage off and make a further gain while others think exactly the opposite. Some people prefer ISA's to pensions and vice versa. My own preference is to do a bit of everything in moderation.

So, in no particular order Cash ISA, S & S ISA, Pension, Pay off Mortgage, other tax free savings. (I'd assume you have no expensive debts like credit card).

There are also a fair number of more sophisticated products available which may or may not be appropriate for you - they can be expensive.