help! long term savings

doll

I'm 32, about to buy house and all my savings, to date, are going into this. Aside from this I don't have a pension or any long term investments.
Having now saved my house deposit I know I have to start saving for my future. I have been doing research for the past year and because of the wealth of information and choice I have done nothing about it!
To get me started I propose to do the following;

-build some 'rainy day' savings of 3 mnths salary, stick in a high interest account with instant access.(ie first direct internet savings account)
-start a pension with a provider and put in at least £100 p/mnth (Norwich Union)
-stick a lump sum of £500 in a Guarenteed Equity Bond (post office) and just forget about it for 5 years
-start an investment fund with someone like Fidelity investing in the Asian market (higher risk)

I would really appreciate any feed back on this!
thanks
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dunstonh

-build some 'rainy day' savings of 3 mnths salary, stick in a high interest account with instant access.(ie first direct internet savings account)

Good idea. Build it towards 6 months when you can.

-start a pension with a provider and put in at least £100 p/mnth (Norwich Union)

Good provider. Personal pension is better than their stakeholder but their "current" SIPP isnt that good.

-stick a lump sum of £500 in a Guarenteed Equity Bond (post office) and just forget about it for 5 years

Awful product and not a good idea.

-start an investment fund with someone like Fidelity investing in the Asian market (higher risk)

Good idea.

EdInvestor

Hi doll

If you pay basic rate tax, I'd suggest maxing out your ISAs first - 3k can be sheltered in cash for a rainy day fund and 4k p.a for the investment fund you mention.

THis is because the ISA tax allowance is "use it or lose it" every year, while under the new "A day" tax changes, pensions will be under a "lifetime limit" in future.Thus you can move in big lump sums to pensions later on in life and still get the tax relief. So no rush there any more.[ If there's free money available with a company scheme, then go for it: also, the position is different for higher rate taxpayers.]

I agree with DH on the GEB, it's a duff product, tba.