Am I doing well???

damien1_2

Ok, I'm Damien, I work in a bank so realistically should be good with money, but am i?? I am very very very obsessed with saving and am always worrying whether i have the best products and am doing the right things!
Here is what i have, i have £6000 saved in an ISA (including this tax years allowance and am waiting to fill next years), have a regular saver at 8% which i fill every month with the maximum £250 and finally an online saver at 4.75% where i have £2800....i think i've got things right on this front (?)
Also, i have a credit card with a £1000 balance on 0% til April....I'm not sure where to transfer to then though.....also, i want some money making ideas....i've had a bit of a look on the website but cant see anything that suits me.....however!!! there was someone at work who transferred £4000 from her new hsbc card to her m&s credit card where she had a cheque book on it....and consequently wrote a cheque out to herself where she put the money in an ISA.....

Anyways, ideas for a newbie peeps?

YorkshireBoy

damien1 wrote:

...i have £6000 saved in an ISA (including this tax years allowance and am waiting to fill next years),

If it's not making 5%+, consider moving to A&L, Halifax, BoS, B&B.

...and finally an online saver at 4.75% where i have £2800....

A&L Online Saver 2 pays 5.15% (inc. bonus). Several others paying better than 4.75%.

i have a credit card with a £1000 balance on 0% til April....I'm not sure where to transfer to then though.....

Check out credit cards with no BT fees at https://www.stoozing.com/0fees.htm

also, i want some money making ideas....i've had a bit of a look on the website but cant see anything that suits me.....however!!! there was someone at work who transferred £4000 from her new hsbc card to her m&s credit card where she had a cheque book on it....and consequently wrote a cheque out to herself where she put the money in an ISA.....

She was 'stoozing', ie making money from credit cards. See Martin's article at http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894, and https://www.stoozing.com/full.htm

tomstickland

You're doing the right things.
5.0% ISAs, 5%ish instant access savings accounts and regular savers.
A&L have a 10% reg saver, and the 5.whatever% online saver issue 2, plus a high rate cash ISA.
I've also got an Icici HiSave account (5.something%), though some question whether this bank has acceptable customer service.

damien1_2

YorkshireBoy wrote:

If it's not making 5%+, consider moving to A&L, Halifax, BoS, B&B.A&L Online Saver 2 pays 5.15% (inc. bonus). Several others paying better than 4.75%.Check out credit cards with no BT fees at https://www.stoozing.com/0fees.htmShe was 'stoozing', ie making money from credit cards. See Martin's article at http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1076883546,34894, and https://www.stoozing.com/full.htm

The reason i haven't moved the online saver is because i just closed an old A&L online saver and transferred it to HSBC online saver as i have the HSBC current a/c so its easier for transferring money....surely this is a good idea?
Also!! I'm not sure whether to transfer my ISA to HSBC aswell in April so i can do £9000 but its only based on 4.35% but interest is monthly....hmmm.....what should i do? i like the idea of interest monthly for some reason, i feel like im actually getting something! lol

Ok, about this stoozing, im a complete novice but i like the idea of this, i have a balance on another credit card though and i noticed it recommends not to do it if you have....

YorkshireBoy

damien1 wrote:

The reason i haven't moved the online saver is because i just closed an old A&L online saver and transferred it to HSBC online saver as i have the HSBC current a/c so its easier for transferring money....surely this is a good idea?

You'll have to do the sums!

Also!! I'm not sure whether to transfer my ISA to HSBC aswell in April so i can do £9000 but its only based on 4.35% but interest is monthly....hmmm.....what should i do? i like the idea of interest monthly for some reason, i feel like im actually getting something! lol

An extra 0.65% on £9K is nearly £60 a year - this is the price you're paying for seeing a few pounds paid monthly. ISA's are usually long-term savings vehicles. Does it really matter when interest is applied? I moved mine to the Halifax last year for an extra 0.45% - and Halifax pay you interest from the day after it leaves your previous provider so no 'transit' losses.

Ok, about this stoozing, im a complete novice but i like the idea of this, i have a balance on another credit card though and i noticed it recommends not to do it if you have....

The 'rules' say you shouldn't have any debt to stooze effectively. However, you have three things working in your favour here...

1. You have a large amount of savings, and

2. Your only debt is on 0%, and

3. You seem clued up with money.

But whatever you do, don't dive into stoozing. Take your time to read up on it thoroughly.

damien1_2

What i've done with my HSBC credit card is basically living off the 0% purchases on it and saving as much money as possible (sometimes too much leaving me overdrawn in my current a/c....which i know defeats the object and i will stop after this month)....anyway, is this stoozing? also, is it possible to do what i said someone where i work did (read above if you've forgotten) at the minute with any cards?

YorkshireBoy

damien1 wrote:

...anyway, is this stoozing?

Yes, it's 'slow stoozing'. In it's simplest terms, you buy something for £100, pay HSBC their 3% minimum payment of £3, and put the other £97 in a high interest account. Repeat for 9 months and either pay off the account from your stooz pot, or switch the debt to another card. However, you won't make a lot of money doing it this way. To see how best to exploit credit cards, read the links I provided earlier.

also, is it possible to do what i said someone where i work did (read above if you've forgotten) at the minute with any cards?

Using cheques to stooz is frought with danger, and you need to study the T&C's carefully.

I'd suggest you do some more reading, and then post back on the credit card forum with any more questions you have (because this is the savings board ).

damien1_2

One more question i have is about the cash ISA i have....back onto the savings topic!! lol
I want to transfer from my A&L Direct ISA to a First Direct ISA paying 5.50% - is this a good idea AND does anyone know if A&L charge any fees for this or penalties?

MPH80

damien1 wrote:

One more question i have is about the cash ISA i have....back onto the savings topic!! lol
I want to transfer from my A&L Direct ISA to a First Direct ISA paying 5.50% - is this a good idea AND does anyone know if A&L charge any fees for this or penalties?

They shouldn't charge you - but moving it isn't a good idea:

http://www.firstdirect.com/saveinvest/mini_cash_isa.shtml

The First Direct ISA is only paying 5.5% until Feb 16th!!!!!

Then - it reverts to 4%.

M.

damien1_2

ah!!! 2006!! just noticed, i got it into my head that it was 2007!!! so, where's best then or should i wait for the April ISA offers?

grumbler

damien1 wrote:

ah... where's best then ...

See YB's post #2 ...