How much can you save?

purplevamp

Just transferred this years ISA from Lloyds pitiful 3.25% to Icesave 6.1%. Not sure how long it takes to transfer but at least the interest will be better :T

EagerLearner

I want to do that too - MrEL has his ISA with First Direct for convenience. However, this has only been up and running for 3 months with a vewi to transfer it ASAP.

Is it worth transferring to IceSave, or does the fact that the transfer of any funds to FD ISA from our FD current acc is instant, rather than taking a few days to IceSave, make the difference in interest rates negligible?

purplevamp

TBH I'm not sure how much more interest I'll get. I've only got £1,400 in mine but 6% is better than 3%, and every little bit is gratefully received by me. I'm not very money minded (I'm sure being blonde has something to do with it ), I'm just happy if I have money rather than debt.

LucyTheDwarf

But blondes can do money too!!!!!!!!!!!!!!!!!

purplevamp

LucyTheDwarf wrote: »

But blondes can do money too!!!!!!!!!!!!!!!!!

Not this one!!:p

LucyTheDwarf

Aww, don't be so harsh on yourself! The fact that you're here is a step in the right direction. In my opinion, making the decision to be a saver, instead of a credit card junkie, makes you very good with money, indeed.

I have to stick up for you. I'm a blonde too. :D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D:D

EDIT: I tried to put some smileys in... maybe this is my own blonde moment, but they're not showing on any of my posts today. They show in the edit window!!!

purplevamp

It's not just you Lucy, the smilies have been awol for a few days now. I miss them...


Edit: oooh, I can see the crying one!

EagerLearner

I am blonde and love saving money... just wish I could figure out the interest aspect of Icesave vs the convenience of staying with the First Direct ISA...

McSaver

spal123 wrote: »

Hi,
What is the Olympic Challenge / Olympic calculator?

I use: total amount of cash saved so far (not including interest)
The amount earned in 2007 in terms of NET pay X 100 = Total Percentage

Its not overly accurate but last years total NET earnings is a good base to divide by because its a number I can remember when I calculate rather than having to dig up the details for the total earned so far in 2008 which is really what would give a correct percentage. And my percentage builds up as I earn through out the year rather than a average percentage.

Aussieonabudget

EagerLearner wrote: »

I am blonde and love saving money... just wish I could figure out the interest aspect of Icesave vs the convenience of staying with the First Direct ISA...

Just think, you are not missing out on interest for the whole amount in the account, just the amount that you are transferring. Surely that few pence you lose every time you transfer will be made up by the extra interest on the rest of the amount. Not sure if it makes sense but for the whole £3600, you will lose 60p/day that its delayed. As you will presumably be transferrring less than this as you have already contributed it won't be as bad as this. And you have another 6 months to make the most of the 3% better interest, which would be a difference of £54 if you had the whole £3600 in there.

I'm not sure that my calculations are correct but I'd be going with moving it to a higher interest paying ISA!

Hope that helps
Aussie