Where should my money go??

innovate

RickyC_IFSWP wrote: »

You don't need an IFA to set up an ISA.

And I'm sure Alisha2008 was talking about cash ISAs.. why are you talking about investments?

ooops, egg on face :o:o

I misread what Alisha2008 said - - no mention of IFA, I imagined it.

Apologies for this one.

The.Far.Tall.Knight

I'd consider two TSB Classic plus accounts as they are 5% interest and to maximise you need £4'500 all you do is sit £2K in one and £2.5K in the other and set up a standing order to shift £500 back and forth once a month between the two thus complying with the requirement to have at least £500 going into each account every month. I've done that and it works a treat, the £500 goe into one of them one day and back again the next then same next month

RickyC_IFSWP

innovate wrote: »

More shocking stuff from you. You clearly seem to have no idea about the value of certain current accounts. There is very little effort involved in opening current accounts, I can assure you. I can assure you. I know this for certain, because I have all of them.

To dismiss the additional interest people would get from a current account as "minimal" is - again - truly shocking. The very fact that you, as an IFA, recommend somebody should settle for half of what they could get is just unbelievable. Recommending a cash ISA for 3-4K is ridiculous.

Granted, if your credit files are in terrible shape, you can probably get a savings account but will struggle with getting a current account. However, somebody who is thinking about buying a property probably doesn't have a credit file issue.

Sorry I still don't understand how this was "shocking advice" or "ridiculous". It's perfectly reasonable in my eyes. Anyhow, I'm not here to argue. I still stand behind my original post. We can agree to disagree.

dale_cotterill

RickyC_IFSWP wrote: »

Sorry I still don't understand how this was "shocking advice" or "ridiculous". It's perfectly reasonable in my eyes. Anyhow, I'm not here to argue. I still stand behind my original post. We can agree to disagree.

You're on a forum dedicated to saving money and making it stretch quite literally as far as possible.

From a 'general advice' point of view there is nothing especially wrong with it.

From an MSE point of view;

"You have £4k, open 2 TSB current accounts and cycle £500 p/m through them, put the money in there and claim 5% interest (gross) from them.

That's where you are going wrong

RickyC_IFSWP

dale_cotterill wrote: »

You're on a forum dedicated to saving money and making it stretch quite literally as far as possible.

From a 'general advice' point of view there is nothing especially wrong with it.

From an MSE point of view;

"You have £4k, open 2 TSB current accounts and cycle £500 p/m through them, put the money in there and claim 5% interest (gross) from them.

That's where you are going wrong

Fair enough dale_cotterill!

innovate

The.Far.Tall.Knight wrote: »

I'd consider two TSB Classic plus accounts as they are 5% interest and to maximise you need £4'500 all you do is sit £2K in one and £2.5K in the other and set up a standing order to shift £500 back and forth once a month between the two thus complying with the requirement to have at least £500 going into each account every month. I've done that and it works a treat, the £500 goe into one of them one day and back again the next then same next month

You do not need £4,500. £4,000 with a Standing Order on each account to swap £500 on the same day each month is perfectly enough. You do, however, want another interest paying account to transfer the monthly interest payments to.

Eco_Miser

RickyC_IFSWP wrote: »

My answer was to generally suggest keeping it on short-term, accessible savings (Cash ISAs and savings) that would be better than where it is now. This is perfectly reasonable..

But what is not reasonable is failing to recognise, even after being told, that at the moment, unusually, the best short-term accessible savings are not cash ISAs or savings accounts, but promotional current accounts, which are just as quick to open as ISAs or savings accounts.

bigadaj

jimjames wrote: »

Maybe if you read the posts by Dunstonh you'll see the value that IFAs can add to the forum.

Giving poor advice, albeit equally bad as the MSE team, still doesn't make a very impressive entrance. MSE have an excuse of sorts as their articles are a very generalised view of options.

This was a specific question and even after different posts pointing out better paying options you still haven't acknowledged that an ISA is not the best option for short term savings.

To be fair dunston came out with a similar comment a few days ago, and it's an area that IFAs won't generally be involved in I suppose.

However we do get the odd thread of soemone with large sums going to an ifa and wanting some of that money in cash so it's something they really should be aware of. I'm still suspicious about a bond bubble so cash is a reasonable place currently I believe for low risk sums, I'm now wandering off topic so will stop now.

RBates82

Thanks for the replies so far guys, most helpful! Looks like two TSB accounts might be the better solution? The house purchase could be from 6 - 18months

mel48rose

RBates82 wrote: »

Thanks for the replies so far guys, most helpful! Looks like two TSB accounts might be the better solution? The house purchase could be from 6 - 18months

No hassle to open these either. I opened 2 recently both online and now are up and running with no fuss.