Good time for a tracker?

spider31

Hello,

At present I save 1125p/m

125 goes in share scheme
1000 goes in a web based savings account (nationwide)

I am renovating a house at present (98% done, but that last 2% is the hardest).

So... the savings are for things like

Tiles for kitchen
Fireplace
Garden

But... I am not making any return on my savings.

I was thinking of putting some in a tracker, I was thinking of putting around 250p/m in a tracker.

Is this a good thing to-do? and.. what tracker? I like the convenience of web access.

Thanks

Steve

Reaper

spider31 wrote: »

Is this a good thing to-do?

No. The stock market is for long term investing with money you can afford to lose. You are talking about the short term with money you need to complete your renovation.

So no, I'd say put it in savings account instead.

dunstonh

was thinking of putting around 250p/m in a tracker.

To track what?

I like the convenience of web access.

Why would you need web access if you are going to stick all your eggs in one basket with a tracker?

Baldur

spider31 wrote: »

1000 goes in a web based savings account (nationwide)...

.....But... I am not making any return on my savings.

Why not move them into a savings account that pays a better rate? Most of Nationwide's rates are pretty dire at the moment, from memory.

spider31

sorry, I should have been more clear.

I can complete my house with saving 750 of the 1000 p/m, so.. I have 250 left. I was thinking long term and I was thinking an ISA tracker.

I am no ISA expert (or money expert ), I was just going to set one up online.

I would be saving

125 in share scheme
250 in ISA tracker
750 in standard savings

I am a computer geek hence the need for web access.

Thanks

littlemrtinkle

how about the barclays tax haven isa saver 3.61? or natwest isa or halifax fixed isa 3 % (4 withdrawels allowed)

another option would be to open a bank account with hsbc (£50 on top cashback) just pay in 500 a month (you can pay in and then remove) this would allow you to open a regular saver max 250 a month that gives you 8 % fixed?

or go for a more straight foward barclays regular saver 6 % fixed.