How much can you save?

PJD

I have:

£30,000 in ICESave monthly interest 5.32%

£15,000 in INGDirect at 4.75%

Waiting for £10,000 to clear.... (not sure where that's going to go yet...??)

I'm scared of putting more than £35,000 into the ICESave in case the worst possible scenario happens.

I already have a Abbey National Mini ISA, which'll pay me 4.1% if I put £3,000 into it.

I've just applied for an Abbey eSaver, which is offerering 5.35%. So I'll be tempted to transfer all the ING money into the eSaver.

This year, I reckon I'll be able to save around £500-£800 a month.


Any critisim/advice on what i'm doing with my money warmly welcomed.

save-a-lot

Hi

Try the NS&I for your ISA choice. Guarantees to stay 0.55% above BoE base rate, so currently paying 5.55%.

http://nsandi.com/products/disa/index.jsp

Have you considered any fixed rate bonds aswell?

Think about moving away from ING as there are better rates available

JAMIEDODGER

PJD - sounds like you are doing well!!!

i second save-a-lot with the ns&i isa, best around at the moment.

have you also considered sticking the 10k in maybe an A&L current account (6.1%) i believe and then drip feeding 250p month into various regular savers ie lloyds 8% and i think the A&L current account qualifies you for their reg saver of 12% please someone correct me if im wrong:)

oh i think you have to open a normal premier account to get the 12% reg saver, but with a bit of manovering you could feed the prem account with 1000 per month and sendover 250 to reg saver and withdraw the rest to other reg savers (or maybe im getting to confusing lol, i love all this:))

also have you looked at an HYP??? a good idea and once it reaches 4k you could transfer itto a mini s&s isa???

just a few thoughts

save-a-lot

PJD wrote:

I've just applied for an Abbey eSaver, which is offerering 5.35%. So I'll be tempted to transfer all the ING money into the eSaver.

Whooops! I missed you had said that before, the Abbey eSaver sounds like a great choice.

I mentioned fixed rate bonds, how about this one with the Anglo-Irish Bank, one year bond paying 5.85% gross, 4.68% net.

see http://www.angloirishbank.co.uk/personal/fixed-rate-bond-accounts.asp

Angelselondon

Ok, I think that I may be offically sad, I purchased my first Christmas present for 2007 today. It was a bargin and my brother will love it, what the hell, a little every month makes sure I do not over spend next December. It worked this year, however, I did start in March.

Seriously though, if you budget each month for Christmas it doesn't dent the bank balance.

Keep saving...

Madiba_2

Abbey e-saver is only that high because of a 6 month bonus I think

I would ditch the e-saver and ING and stick the 25k into ICICI HiSaver. They have a base rate guarentee for the time being, not as good as IceSave, but still pretty good.

Also, I dont think you can get 6.1% on the full £10k with A&L current account, I think it only pays that rate up to £2.5k. Might be wrong tho, their site is a bit inconsistant.

I've got £35k in IceSave, £35k in ICICI, £30k in Premium bonds, £12k in NSandI ISAs (mine and the OH's before you ask! :-p ), £100k waiting to go into A&L direct saver, and a Bond or two if the Base rate goes up in march/April, until then I need the income from it. Oh and £1k in Zopa, for a laugh.

Mr._H_2

JAMIEDODGER wrote:

have you also considered sticking the 10k in maybe an A&L current account (6.1%) i believe and then drip feeding 250p month into various regular savers ie lloyds 8% and i think the A&L current account qualifies you for their reg saver of 12% please someone correct me if im wrong:)

oh i think you have to open a normal premier account to get the 12% reg saver

Well, you corrected yourself there…

To clarify: The "premier direct" current account pays 6.1% interest on credit balances (up to 2.5K), but does not give access to the 12% regular saver.

the "premier" current account gives access to the 12% regular saver, but has a worse interest rate (1.5 % on balances up to 2.5K) than the "direct" version. I don't know if you're allowed to have both a "normal" "premier" current account and a "premier direct" current account at the same time.

Madiba_2

Mr._H wrote:

Well, you corrected yourself there…

To clarify: The "premier direct" current account pays 6.1% interest on credit balances (up to 2.5K), but does not give access to the 12% regular saver.

the "premier" current account gives access to the 12% regular saver, but has a worse interest rate (1.5 % on balances up to 2.5K) than the "direct" version. I don't know if you're allowed to have both a "normal" "premier" current account and a "premier direct" current account at the same time.

Not confusing at all!

paulboy83

Hi,

I've just discovered this thread whilst I was looking for some info on ISAs as i'm finally in a position to save again

I'll explain if you don't mind, Basically I went travelling a few years back and gave myself about £2500 in debt from that and I also had a student loan I was paying back slowly before that which stood at about £3000 when I returned from my travels, I was making good headway then I met someone very nice who I was with for about 6 months who turned out to be a bit of a poo head :rotfl: That ended in Feb this year and made me see sense, so I made it my mission to actually take the remainder of my debts seriously and I managed to pay off £4500ish over the period jan-August so I owe no one nuffin! Over that time I managed to put away £3500 in savings.

Since then my old little car died and I decided to wipe out the savings and buy a car for £3500, which is lovely and I plan to keep for a good long while, I've taken myself away to New York with the new bf (who is much nicer btw) i've been to Sydney to see a friend, and i've been to Hong Kong as well (I work for an airline so I don't pay full price for the flights or hotels, otherwise I might well be in lots of debt again )

I've paid all that off and am now in possesion of £1000 in my nationwide e savings account, £210 in my icici hi save account (£70 a month goes in for car related stuff as the insurance, mot, tax and rac are all due at the same time) I am going to put the £1000 in an NSandI ISA and set up a standing order for £250 a month as a start, so I shall not be using my full entitlement this tax year but from April I plan to do so, and anything I can afford to save will go somewhere else (quite where I don't know any tips for me?)

I'm half heartedly saving for a deposit for a mortgage, but thats a long way away so at the moment i'm just setting small targets, the first being to have £5000 saved by the end of 2007, so i'll need to find £83 a month extra from somewhere, I plan to take out a cashback card and i'm playing around on quidco with bingo and other gambling for the cashback, I started one last night, spent £30ish to meet the requirements and have my original deposit left so fingers crossed that will pay out as all is tracked ok now! And i'll have £40 clear profit and will have had a fun night of internet blackjack into the bargain! And also eventually when I get the courage up i'll re read the matched betting stuff as it went right over my head first time. :rotfl:

Anyway thats me for now, I'll try to keep you all updated as I go along, the support will help me a lot

save-a-lot

Hi

Welcome to the thread and to everyone here

Happy New Year :beer: