i would like some help in 'tidying up' my banking etc...

hostertlady

I would like to become a ski=er if possible but i would dearly love to get my finances sorted out... i have got in a bit of a pickle with my money, nothing major or troubling, it's just that i have opened accounts here there and everywhere for this rate and then that rate and then that ISA was good and now it's not etc...

my money is scattered all over the place, barclays ( a direct debit goes out of that for my stakeholder pension (( that's another thing... i am paying over £100 a month into it))

lloydstsb x 3 accounts( direct debits coming out) savings accounts

alliance and leicester x 3 accounts ( one is an ISA paying a rubbish rate and one is a savings and the other is a 'Bill account')

yorkshire building account- savings account, not too good a rate of interest
numerous accounts with nationwide building society

i would love to simplify things, and need help doing it.. i want to keep some in savings but also live a bit.............
also, a lot of them are in my name but are really joint ones because of i am under the tax threshold......
do i really need a financial advisor to sort me out or could we do it here???

EdInvestor

It's not something you need an advisor to deal with.Step one might be to make a list of all the accounts and their main purpose.

Also have a look at Martin's latest article on savings so as to update yourself on the best accounts/ISAs now.(If you are over 50 there is a new extra ISA allowance coming in next month so it's quite good timing to get things sorted.)

margaretclare

I don't understand this statement:

a lot of them are in my name but are really joint ones because of i am under the tax threshold...

All savings accounts should be in your own name.

Start, as Ed says, by listing them all. As you have 'several' accounts with the Nationwide, you could combine them into one. An account purely for bill-paying should be kept separate, and this one is IMHO the only one that can be joint.

HTH

hostertlady

{{I don't understand this statement:


Quote:
a lot of them are in my name but are really joint ones because of i am under the tax threshold...
All savings accounts should be in your own name.}}

nothing sinister, i promise, me and hubby have our own ISA but some of the savings accounts are in my name otherwise we pay extra tax on our savings cos hubby pays shed loads of tax in his job...

chesky369

It's not really finance is it? I'm just the same - a hangover from when interest rates were a bit more interesting than they are now.

If it's concerning you, it's a question of just sitting down quietly for, say, an hour a day, listing them, sorting them out and if necessary, reading the terms and conditions if you decide to close any of the accounts. I've got a little black book where I list all my accounts, pensions details, etc. God knows what would happen if I lost it.

Bit like cleaning out cupboards, really.

dzug1

hostertlady wrote: »

{{I don't understand this statement:


Quote:
a lot of them are in my name but are really joint ones because of i am under the tax threshold...
All savings accounts should be in your own name.}}

nothing sinister, i promise, me and hubby have our own ISA but some of the savings accounts are in my name otherwise we pay extra tax on our savings cos hubby pays shed loads of tax in his job...

Agree nothing sinister - unless you or hubby decide to decamp with the other's share;)

but if they are in your name it means they belong to you and no-one else and that your hubby has no ownership claim to them, only what out of the goodness of your heart (or a court order in the case of divorce) you decide to give him. They are not 'really joint'.

Hope I haven't given you ideas...

missile

It is quite painless but a bit of a chore to transfer your poor rate ISAs to something better. If you can't be bothered checking rates and swopping, you might consider Nationwide 5 year fixed rate ISA. LTSB Vantage current account offers a good rate if you keep balance between £5,000 and £7,000. NS&I Indexed linked if you want a tax free hedge against inflation.

An independent financial advisor will not be interested in advising you re savings. IFA will be better placed to advise re an investment portfolio.

Jake'sGran

I too have accounts all over the place but do enjoy...or I should say did enjoy managing the finances except that my husband shows no interest whatsoever. As for keeping a record, I use Trustnet which is the only portfolio services that allows me to list anything i.e. not just funds.
Every time an ISA matures or I buy another bond I list it straight away. This will help my daughter as she is the administrator of my will.

hostertlady

thanks for the replies,I, Too, have a little black book with everything listed in it, like jakes gran i keep a note of all the accounts, bonds etc and when one matures i cross it off and write the new one in etc etc...

so its not a case of not knowing what i am doing, i know everything that I have ( poor hubby lol) but he has never shown any interest in the banking side of things.. he just goes to work or does the garden and as long as he has a full stomach and a holiday here and there then he is more than happy with this arrangemant..

i think also in the back of my mind, years ago there was always a chance of some of the banks merging and us getting a payout but i think that has pretty much stopped now so i really am going to minimise my account..

keep the isa ( but get a better rate somewhere else)
keep the bill account
keep the holiday account
when the bonds mature, maybe put them in the savings account until i can put them all in one account or maybe just blow the lot on a cruise:j

sagalout1954

dzug1 wrote: »

Agree nothing sinister - unless you or hubby decide to decamp with the other's share;)

but if they are in your name it means they belong to you and no-one else and that your hubby has no ownership claim to them, only what out of the goodness of your heart (or a court order in the case of divorce) you decide to give him. They are not 'really joint'.

Hope I haven't given you ideas...

Might not have given OP any ideas, but as we take the same financial approach as her you've given me a few........:rotfl:(I've got all his pension lump sum.):T

Good luck with this Hosterlady, you've given me food for thought as I've accumulated more credit and debit cards than you can shake a stick at. Must do some housekeeping - I only really use 1 so why am I inviting a burglar to have a field day by having all these others as well!:o

LesD

Two other technological suggestions...

If your accounts have internet access, you can 'see' them all in the same place by using the First Direct Internet Banking Plus service. You don't have to have a FD account to make use of that.

Secondly, you may wish to consider getting some Microsoft Money software.

Note, that these suggestions won't, in any way, improve your finances, but should make tracking your accounts easier!