Christmas Savings: How to earn up to 15% on your cash Article Discussion

Former_MSE_Archna

This discussion relates to the


Christmas Savings: How to earn up to 15% on your cash


To discuss click reply

wongseefu

15% ? Seems good..... if you know please post l'm all ears hehe.

Is that high risk involved l take it?

Regards,

WSF

tom188

No

Read the article that MSE Archna has linked to and you will find out.
http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1105297979,47896,

Betty_Bucket

Excellent article,
started my xmas savings for 2007 in mini cash isa, will transfer to supermarket savings stamps later.
Thanks:T :T

KittyBoo_2

I buy my stamps just before the bonus date to get maximum interest from the money being in my account and not theirs.
I used to buy them weekly when the kids were little and at some stores you could use them at any time of the year. In an emergency once, I was able to do my weekly shop by using the stamps even though it wasn't Xmas. I buy most of my pressies from Tesco/Sainsburys as they have something for everyone - wines, choccies, socks etc. To save the mad rush I go late at night otherwise the stress outweighs the savings.

BrandNewDay

I thought I read somewhere that the little machines in Tescos tend to be empty come November.

save-a-lot

Betty_Bucket wrote: »

Excellent article,
started my xmas savings for 2007 in mini cash isa, will transfer to supermarket savings stamps later.
Thanks:T :T

Mmmmm - not that keen on the article, it advises to use a cash mini isa and take money out of it, to me that is a complete no no. The money taken from the ISA cannot be replaced and the ongoing tax free interest is more attractive to me than working a loophole. Maybe I take this view because I deem ISA's as a long term savings vehicle. Personally I would use an instant access high interest account even if it offered me a lesser rate.

Overall the year on year interest in an ISA is more valuable to keep hold of.

Any other thoughts on this?

debbie42

save-a-lot wrote: »

The money taken from the ISA cannot be replaced and the ongoing tax free interest is more attractive to me than working a loophole.

The article does say:
"The only reason not to use a Cash ISA is if your ISA allocation is already full up or is needed for share based investments or longer term savings. "

But I agree, it's maybe not as clear as it could be on the long term aspects of the ISA.

save-a-lot

Hi

I do not think this has been thought through really. Isn't it easier to use up your ISA allowance and leave it alone, and save independantly in a high interest savings account. Once money has been removed it cannot be replaced into the ISA and if kept over a number of years it will form a decent pot of money. To me dipping into any tax free savings for times like Christmas seems a little foolish - but, maybe that is just me and my slant on finances.

debbie42 wrote:

[edit] --- "The only reason not to use a Cash ISA is if your ISA allocation is already full up or is needed for share based investments or longer term savings"

So it is mentioned. Whoops, missed that fact

MrsB2100

Just thought I'd mention that I've recently started yo buy £20 of gift vouchers a month from various shops, in preparation for christmas. That way, I can spend them in the shops if I find something suitable or even give away vouchers as presents. As they're not cash, they're less tempting to spend! (For me, anyway!) Plus, They're always good as as a standby birthday gift too! The Post Office do a good one, as they're spendable in many shops. (Habitat, Topshop, Topman, Woolies etc, etc).

I only started doing this because I didnt want to have another christmas / new year with no money at all, because I didnt budget. Again!

Margaret54

Hi I have also started thinking about Christmas. I agree with Martin about some people being surprised about Christmas when it comes around every year on the same date!!!!! Why is it a surprise to some?
I bought cards just after Christmas in one of our local charity shops, for 1/2 price and some wrapping paper too, for next to nothing in one of the card shops, so these will do this Christmas. I will also start to buy in tinned foods say tins of fruit vegs etc. and store them as i notice that Tesco push up the price of the value tins in December. I do not go mad i just buy a tin here and there each week only what i will need for the family. I am saving little lots of money doing this but it all adds up:)