I'm looking for a financial health check

the_commander

Hi all, I have noticed some great posts here helping people and I decided to see what you think of my financial situation and if there is anything I can do to improve it. Currently:

wife and I are 32 with 50K joint earnings.

10K ing direct, my name

10K ing direct wifes name

3K ISA Halifax

6K ISA Lloyds

3 K maxi (I think) ISA lloyds (the stock market one)

10K worth of South African rand in an 8.25% holding account

We have 15K in another european bank account on abismal rate 2.25% but it has to stay outside the UK for various reasons.

We are looking to buy a house in the future so will need some money for a deposit, but I would like to help this money grow as best as possible.

Any advice appreciated.

Thanks

PS I do not have a pension.

Cannon_Fodder

Really depends on the timescales involved.

There is little point putting £14k, (£7k each) into Equity ISAs in April to start a portfolio of funds growing towards a nice pension, if you have only 18 months until you need it for the house deposit...the market could dip just as you need the cash.

You have no pension - no company scheme on offer? Same for your wife?

Haven't ING fallen behind the pack in Interest rates lately? Maybe time to shift somewhere better - perhaps wait for February's predicted rise, they might catch up?

More into ISAs in April, assuming you've maxed this tax year, for both of you.

Maybe Regular/Monthly saver, depending on where you currently bank. Could be worth moving current account.

puyarnaud

the_commander wrote:

10K ing direct, my name

10K ing direct wifes name

I would find a better savings account than ING. They are only 4.75 and there are others over 5. A&L are at 5.64%, Icesave" account from Landsbanki, Iceland's oldest bank, pays 5.45

the_commander

Thanks guys, so looks like I'm in pretty good shape for now then? I did get an email from ING saying that they were not going to raise the interets rate to match the BoE rise. They said they had done research and decided that savers would prefer consistency !!!!!!... They are quick enough to drop it when BoE drop theirs...

So I'll change the ING but apart from that there is nothing better for the cash really is there?

Thanks all