The Savings Fountain Discussion Area

scorpio04

Please can someon let me have the link to the article regarding the savings fountain. If I use the one at the top of this post it takes me to one that invites me to click on a link to updated article but that brings me back to this board. Am I doing it wrong?

:-/

ohit

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1091670686,99383,

ohit

Or rather, http://!!!!!!.com/5v2p9

As the forums can't do it straight...

Leia_Stephens

I love that web site address: !!!!!!.com .

ocemeer

:-/
Where to put £70,000?

just sold my house , want to save/invest the money to use as a deposit on another house in abut 12-24 mths time.
I have used all my isa limits though will use husband's limits this year too, both of us have ing accounts, and I have regular investments in shares. The mortgage/living expenses can be covered from one of our wages the rest needs to be saved too. Just to add to the confusion, the wages halve in two years time as I become a kept woman (it will make a change) and go to university to study physiotherapy. 8)
Advice ideas, anything would be welcome

david78

You could get the maximum amount of premium bonds.

Popsie_2

Martin, I have a question about savings, which I don't think you have covered in your weekly articles on the main site.

Firstly, I am a non-tax payer. I want to save about £3k per month to use for school fees which I would need to draw out at the beginning of every term. None of the regular savings accounts will suit, as the max. deposit is too small - have you any ideas? Otherwise I would try the Derbyshire which is paying about .75% more than my present ING account.

Secondly, I want to put in a lump sum of about £100k since we have just re-mortgaged, and we have borrowed an excess so that we can use this in the future for planned work to the house. I will have this money by the end of next month, I think, and will need £50k in Feb/Mar next year, and the rest by about June/July. How should I deal with these amounts? I am hoping to "make" money on this as the interest rate I am looking for might just about be higher than our mortgage rate.

All this assumes I have paid off all existing debt before we start.

Any ideas?

Hilreid

Martin,
Just read about the Abbey savings account at 7%. I currently have £2000 stored in an ISA (if.com) and about £300 in an ING Savings account.

Would I be better off transferring all this across to the Abbey account for a year? I dont need to touch it until next June at the earliest.

Thanks.................. ::)

MSE_Martin

Hilreid.

It depends on two things - first your tax status. A non taxpayer would definitely be financially better off drip feeding for a year into the regular saver.

A basic rate taxpayer you are getting a net rate of 5.6% on the regular saver - marginally better than the best cash ISA.

A high rate taxpayer is much better in the cash ISA

Yet this negates one fact. Your cash is tax free in the cash ISA, once it's out it can't be put back. That tax status may last for a long time, and therefore by moving over for the marginal short term gain, you are potentially denying yourself access to the tax free savings in the future. Especially considering that soon the allowable cash ISA amount will drop to £1000 from £3k

Hope this makes sense.

martin

deemy2004

Martin,
Just read about the Abbey savings account at 7%.  I currently have £2000 stored in an ISA (if.com) and about £300 in an ING Savings account.

Would I be better off transferring all this across to the Abbey account for a year?  I dont need to touch it until next June at the earliest.

Thanks.................. ::)

Why not move it to the Halifax 5.8% ISA.
Don't confuse regular accounts with ISA's - An ISA IS TAX FREE ! and does not count against your taxable earnings. The Abbey net is 5.6%, you can get 7% if your total gross earnings are less than 4.8k