Next Steps for my Savings and Investments

mogwa101

Currently the way I have been handling my savings is to pay up to the £5640 into my Natwest E-ISA and then put the rest that I am able to save into the Natwest E-Savings account that I have.

The interest rate is 2.5% AER on the isa and 0.8% on the e-savings.

Following on from the thread called "Advice on the product that my IFA has suggested " I made earlier I am bit put off by the IFA getting 3% commission for what seems to be not much work should I take out his suggested product.

If I say thanks but no thanks is he likely to try and charge me any fees? Or is he not permitted to?

So beyond the above what sort of accounts/ investment types should I be looking at as the next logical step for someone in my position?

bigfreddiel

check your other thread for my reply and as far as your 2.5% on your isa is concerned - you need to transfer NOW to a better rate - i think 3.3% is the highest instant access isa and 4% for a frisa


i'm getting 2.56% after tax on a ordinary savings account!

cheers

fj

mogwa101

I am going to check with natwest that these are the rates I am actually getting. As I got them from their website so they may just be the rates that you would get now when opening a new one.

jem16

mogwa101 wrote: »

Following on from the thread called "Advice on the product that my IFA has suggested " I made earlier I am bit put off by the IFA getting 3% commission for what seems to be not much work should I take out his suggested product.

Then perhaps you should be discussing a fee with him instead if you do want to pursue such an investment. Either that or be prepared to make your own decisions.

If I say thanks but no thanks is he likely to try and charge me any fees? Or is he not permitted to?

That depends on how far you have already gone. If you have agreed to his payment before work progressed past a certain stage then yes you would be liable for a fee for work done so far.

So beyond the above what sort of accounts/ investment types should I be looking at as the next logical step for someone in my position?

You will first of all need to decide on your objectives. The £33.5k that you were going to invest - over what timescale, current tax status, risk profile etc?

After that you can decide on whether to keep on using savings or if investments would be more suitable. Then decide where and how.