Savings

BigMank

Hi Guys
My wife and I are looking to put away aproximately £100 a month, hopefully for the next 10 - 12 years.
Where would it best be put?
Thankyou
Keith

R_P_W

Well, what do you want from it? Are you looking at 'savings' or more considering 'investments'.

If it is savings then there is lots of great info on this site, depends on your tax circumstances as well. I think most people would suggest saving in the best cash ISA you can find.

k12479

What is your aim for this money? Do you need access?

In the short term, regular savings accounts tend to have the best interest (upto 8% for a few accounts requiring certain eligibility) with a max of around £250/month for 12 months.

However, over that time period inflation will eat away at it, so it sounds ideal for a regular monthly investment in a fund. That's assuming you won't need access at short notice. Could also be done through a pension (like a SIPP) if you won't need access until retirement.

capital22012

If you explain the purpose for the saving then i will be easy to tell how you can save the money.

BigMank

capital22012 wrote: »

If you explain the purpose for the saving then i will be easy to tell how you can save the money.

Hi and thanks for the reply earlier,my wife left her LGPS just over 3 years ago, so we would like to sort of carry on with the saving of £100 where she left off if at all possible,or to invest it as and where would be best.
Thankyou
Keith

paulwellerfan

do you both have isa's?

JoeCrystal

BigMank wrote: »

Hi and thanks for the reply earlier,my wife left her LGPS just over 3 years ago, so we would like to sort of carry on with the saving of £100 where she left off if at all possible,or to invest it as and where would be best.
Thankyou
Keith

Sorry but I need to ask, does your wife still work for local government? If so, then opting in would also be extremely good idea as well. I have to admit that opting out of LGPS is easily the worst financial decision she ever made.

Cheers

Joe

woolly_wombat

JoeCrystal wrote: »

Sorry but I need to ask, does your wife still work for local government? If so, then opting in would also be extremely good idea as well. I have to admit that opting out of LGPS is easily the worst financial decision she ever made.

Cheers

Joe

I agree. The LGPS is changing from April 2014 to a career average scheme, but will have a far more generous accrual rate of 1/49 (from 1/60 since 2008).

I am in the LGPS and also pay Additional Regular Contributions (ARCs) because I reckon it's a no-brainer.

It's the only way I can repair the damage done to my Equitable Life pension pot (the fund was over-promised and new savers were promised the earth - classic ponzi scheme).

If I were your wife, and assuming she is still eligible, I wouldn't be looking the LGPS gift horse in the mouth.

WW