Money to invest or save

Eco_Miser

Noktok wrote: »

It makes me wonder why anyone would not want to upgrade their classic account to Vantage. And if that's the case, why don't they offer it as standard!

For anyone with less than £1k, the Plus add-on is better. Also, there's probably a lot of customers quite happily using the account without Vantage, so saving Lloyds money.

Noktok wrote: »

I was hoping I could upgrade my existing Lloyds Classic account to Vantage online via the website, but it seems they only allow new customers to do that.

You were logged in when trying that? See this post for a step-by-step walkthrough. I don't have personal experience, since I added Vantage while opening the account.

missile

Noktok wrote: »

I was hoping I could upgrade my existing Lloyds Classic account to Vantage online via the website, but it seems they only allow new customers to do that. Looks like I'll have to visit a branch, which due to personal reasons I probably won't be able to do for a week or two..

You can add Vantage to a classic account online. Do not set foot in the branch, they will try to sell you all sorts of financial products.

Noktok

Many thanks Eco Miser, you saved me a lot of hassle! I've now upgraded my current account to Vantage online, applied for two more current accounts, and opened an eSavings account to put the money in for the meantime. Next step, to start investigating stocks and shares ISAs.

Eco_Miser wrote: »

Also, there's probably a lot of customers quite happily using the account without Vantage, so saving Lloyds money.

I figure that I have lost several hundred pounds in interest over the last few years because I didn't know about this Vantage option. Funnily enough, I can find plenty of correspondence from Lloyds over that time trying to sell me overdrafts, premium accounts and credit cards but not a single mention of their free Vantage offer. I think I'm going to enjoy getting the most out of them now that I can. Lesson learned.

B_Blank

Provided you also have a relatively secure job then you should give some to a small local charity whose work you believe in. It will make you feel alot better, and it will help people too.

Jonbvn

B_Blank wrote: »

Provided you also have a relatively secure job then you should give some to a small local charity whose work you believe in. It will make you feel alot better, and it will help people too.

He didn't win the lottery.;)

Noktok

Make me feel better? Should I be feeling guilty?
I already give generously to the charity of my choice, but thank you for the suggestion.
If I was giving the wrong impression, let me clarify that the "windfall" is not some lucky win on the lottery and the money is intended to be invested for the benefit and education of my children, as their grandparents would have wished.

B_Blank

Noktok wrote: »

Make me feel better? Should I be feeling guilty?
I already give generously to the charity of my choice, but thank you for the suggestion.
If I was giving the wrong impression, let me clarify that the "windfall" is not some lucky win on the lottery and the money is intended to be invested for the benefit and education of my children, as their grandparents would have wished.

Cool - was just saying!

I would invest £70k in a variety of places. Probably quite alot in income investment funds at the moment, some in cash and some in acummalation funds. The income can be reinvested in income funds if you want to acheive more of a capital gain.

In truth, now does not seem a great time for having savings or investments. The markets seem over stretched at the moment due to unprecedentedly loose monetory policy (espically with QE2 in the US), and so they could easily go down when factors normalise. However, if you pick the right mix of funds with your money spread across different markets you should be ok in the long run.

I would probably invest half now, and keep the rest back in cash which you can try and put into funds which will fare well should inflation continue or which you can invest later if the market starts to drop and you might be able to buy in at a cheaper rate.

I am no expert though obviously!

Hen_Step

IMHO

Pay off that mortgage.

Jonbvn

Hen_Step wrote: »

IMHO

Pay off that mortgage.

Complete madness at 1.25%. Don't you like the OP or something?;)

Noktok

I'm interested in going the DIY fund portfolio route for my stocks & shares ISA. Is Hargreaves Lansdown the only/best provider for this or are there any alternatives I should consider?