Savings advice

utab007

That link to the current account table is not correct. My wife and I have 2 accounts each in sole names. I guess that table is based on T&Cs

Archi_Bald

Yep, the table is based on current T&Cs. No point telling new applicants that if they had applied 12 or 24 months ago they could have got many more accounts. Not too long ago Santander let you have an unlimited number of 123s, and some people got 4 sole accounts. Santander have kindly not asked existing customers to give up any accounts to comply with the new limits so we should just be greatful for that and try and find suitable options elsewhere.

gilly56

utab007 wrote: »

And anything left over I will put into the 3yr deal with Aldermore

For the "anything left over", Vanquis Bank savings accounts currently offer some better rates than Aldermore. Does anyone have any experience of Vanquis Savings, good?, bad?, whatever?
I see they are covered by the FSCS guarantee and their accounts are listed here on MSE.

jimjames

utab007 wrote: »

How is it a savings plan? It was more like a bet based on the performance of the FTSE. If after x years on some given date the FTSE is above or equal to say 7000 I get 20% return on my capital. And if not I just get back my capital.

If you tell the adviser that you HAVE to protect your capital then they'll find a product that does that.

Far better to have a product where you get the best return/income which may not have a guarantee but is likely to do far better than cash over the long term. I certainly wouldn't keep as much cash as that if it was long term - which this seems to be with the repeated rollovers.

Using income funds inside a S&S ISA you'll be getting 4% plus on your investment. Capital not guaranteed but if you dont need access to the capital and just want best return then that seems like a good option for part of it.

PeacefulWaters

utab007 wrote: »

Are you serious? The last IFA told me to invest my money in some ftse tracker fund which would have lost me money. I can't remember the exact details, it was based on ftse going above a certain level on a specific date after some years for me to win. Otherwise, I would have just got back just my capital sum

This IFA was lousy and I've done better following my instincts

Was it really an IFA? Or just an "adviser" in a bank?

You didn't answer the main question. What are you saving for?

If there's nothing in particular then give thought to:

1) Debt reduction.
2) Pension provision.
3) Education provision for kids.
4) Emergency fund.

Savings accounts shouldn't be the be all and end all here.

dunstonh

Are you serious? The last IFA told me to invest my money in some ftse tracker fund which would have lost me money.

Are you serious? You do realise that there have been hardly any periods where you would have lost money on a FTSE tracker unless you are looking at very short term periods.

If you invested at the peak before the credit crunch, you would be up 32.5% now. A typical savings account would be up around 21% in the same period.

I can't remember the exact details, it was based on ftse going above a certain level on a specific date after some years for me to win.

That is not a FTSE tracker. That is a structured product. I havent done many of those (as generically I am not a fan but occasionally you get good terms) but those I have arranged did very nicely. They are all about the terms. Mostly bad but some good. That is why you use an IFA for them and not an FA at a bank.

utab007

PeacefulWaters wrote: »

Was it really an IFA? Or just an "adviser" in a bank?

You didn't answer the main question. What are you saving for?

If there's nothing in particular then give thought to:

1) Debt reduction.
2) Pension provision.
3) Education provision for kids.
4) Emergency fund.

Savings accounts shouldn't be the be all and end all here.

Yes, it was an IFA I used for getting mortgages some years ago. To be fair, I don't think saving / investments was his main area and I reckon he was getting a good kick back from the sale of those structured products.

Ok, I'm not really saving for anything. My plan is to generate enough monthly income to live off and hopefully have a bit left over. I'm an IT Contractor and there is plenty of work around for me, but I want to use the time to do other things and only work part of the year.

What do you think?

utab007

Archi_Bald wrote: »

see this post http://forums.moneysavingexpert.com/showpost.php?p=65970718&postcount=16

You want one or two Tesco savings accounts, then you can create any number of DDs that cost you nothing.

It's an SO you want. You can't credit a current account with a DD.

Ok, I think I got you. Are you saying I use the Tesco Internet Saver & Instant access to link to my Club Lloyds and Select 123 account. And I need two, so I have a direct debit from each linked account.

Can I set-up multiple direct debits using 1 Tesco Internet Saver account?

Archi_Bald

yes and yes

utab007

Been busy today opening accounts

It's amazing how it adds up. My partner and I have gone for the TSB & Flex direct. This comes to £19.5k on 4.89%...which is just under £80 per month. Not my worst return

I couldn't open a joint account online with TSB. Do I need to visit the branch with my partner? If so, what should I take with me?