What shall I do with my cash?

gelato_cat

Hi all

After getting a new job with a bigger salary I've started to look a bit harder at where I'm saving my cash. I made most of my existing arrangements some years ago and never revisited them!

I currently have:

Halifax High Interest Current Account - 5.12%: £1943.49 (salary goes in here)
Halifax ISA Saver Direct - 5.00%: £24572.76
Halifax Monthly Saver - 5.00%: £23714.71 (between £5-500 goes in every month)
Halifax Regular Saver - 7.00%: £1500.00 (£250 goes in every month)
Halifax three-month Web Saver - 5.25% (AER fixed until December 2006): £2000.00
Lloyds Regular Saver - 8.00%: £500 (with £250 going in each month)
NS&I Direct ISA - 5.30%: £3000.00
Halifax Web Saver - 4.75% (variable): £1.00
ING - 4.75%: £0

At the moment I can afford to save about £1000 a month. £750 of this is spoken for with three regular savers (Halifax, Lloyd and an A&L one I set up last week).

I don't need to touch any of the savings above for at least three months as my income is OK. I'd be loathe to tie up the cash for any longer than that as I want to emigrate at some point and it could be as soon as next spring (if I do that, I'll leave the regular savers to run their course and take the rest with me). I'm also a bit nervous about having all my money in one place just in case...

Assuming I leave the ISAs where they are (I could move the Halifax ISA money to a normal account, but would need to be making nearly 7% gross to make this worthwhile), I have £23k sitting in an account from which I can only make a couple of withdrawals every year, making mediocre interest. It's like a regular saver where you can deposit up to £500/month. Then I've got whatever money's left over each month after I've deposited in my regular savers.

The question is, where do I put my surplus money each month and should I move the £23k - and where to?

Suze

ReportInvestor

It sounds like you want instant access.

Birmingham Midshires 5.2% Internet Easy Access issue 6 (includes 0.65% introductory bonus) is close to the money for your needs.

Or Yorkshire BS 5.1% Internet Saver.

Or Chelsea Call-Direct 20 Tracker Issue 2 - 5.25% (but requires 20 days notice & the rate includes a 0.5% 12 month introductory bonus).

gelato_cat

Thanks - I'll have a look!

Unfortunately, it looks like I may have to wait until next weekend before I can move any money because I have to visit a branch to close any of my accounts!

Suze

ReportInvestor wrote:

It sounds like you want instant access.

Birmingham Midshires 5.2% Internet Easy Access issue 6 (includes 0.65% introductory bonus) is close to the money for your needs.

Or Yorkshire BS 5.1% Internet Saver.

Or Chelsea Call-Direct 20 Tracker Issue 2 - 5.25% (but requires 20 days notice & the rate includes a 0.5% 12 month introductory bonus).

humfer

It sounds like you are well on the ball then. Assume you have an ISA as well (can't remember if you said so in your post). For the rest of your savings Birmingham Midshires should do you fine then,....

regularsaver1

Halifax Isa saver direct is instant access - so unsure what you mean by only a few withdrawals a year

what accounts are you talking about closing then?

gelato_cat

It's the Halifax Monthly Saver I want to close - I've £23k in there but can only make one withdrawal per year without being penalised.

Suze

regularsaver1 wrote:

Halifax Isa saver direct is instant access - so unsure what you mean by only a few withdrawals a year

what accounts are you talking about closing then?

gelato_cat

Yes, got my ISAs sorted out, although not sure the Halifax one is the greatest. Couldn't transfer it into my NS&I one though, so it will have to stay there for the time being.

Will check out Birmingham Midshires - thanks.

Suze

humfer wrote:

It sounds like you are well on the ball then. Assume you have an ISA as well (can't remember if you said so in your post). For the rest of your savings Birmingham Midshires should do you fine then,....

regularsaver1

oh yes the monthly saver was pre- regular saver days. I have the isa direct, but i have done an isa investor too, which obviously is not suitable for you.

I still use the monthly saver though as well.

you do not have to go to the branch - you can close on-line i think. but with a monthly saver i think it takes 24 hours - transfer it to the bank account, then write a cheque for the new account - or actually transfer it to the websaver which is instant access

gelato_cat

Nope. I'll have to wait until next year if I want a maxi ISA - although given my short-termism I can't really afford to tie my money up if it doesn't make a good return within the first year.

I do have to go to the branch to close it - I can't do it online or even over the phone! I've been told I have to go into a branch with some ID to do it.

Suze

regularsaver1 wrote:

oh yes the monthly saver was pre- regular saver days. I have the isa direct, but i have done an isa investor too, which obviously is not suitable for you.

I still use the monthly saver though as well.

you do not have to go to the branch - you can close on-line i think. but with a monthly saver i think it takes 24 hours - transfer it to the bank account, then write a cheque for the new account - or actually transfer it to the websaver which is instant access

regularsaver1

Actually thinking about it - its most porbabaly because of the balance, and on-line there are limits

gelato_cat

Are there limits to phone transfers? I've spoken to two people there who have said they can't close my accounts over the phone (and one of them only had about £1k in it). I'll go into the branch to be on the safe side. I wonder if I'll get a lecture when i tell them I want to take my money elsewhere.

Suze

regularsaver1 wrote:

Actually thinking about it - its most porbabaly because of the balance, and on-line there are limits