ISA or Pension

Eco_Miser

Sweetteamum wrote: »

I have looked at that current account in particular. However, I need to put £500pm in. I would only be able to do this if I used them for the bills. Unless I'm missing something.

Yes, you're missing something, you can also take £500 out if you want. So if you're saving £200 a month, you put £500 in and take £300 out. If you've multiple accounts you cycle £500 around all the accounts.

This is all explained on many other threads on this board. Have a read of some. Don't forget to tick the boxes for paperless, otherwise you get nothing.

Sweetteamum

Eco_Miser wrote: »

Yes, you're missing something, you can also take £500 out if you want. So if you're saving £200 a month, you put £500 in and take £300 out. If you've multiple accounts you cycle £500 around all the accounts.

This is all explained on many other threads on this board. Have a read of some. Don't forget to tick the boxes for paperless, otherwise you get nothing.

Oooops! I definitely missed that......Thank you, I'll have a look again.

puk999

In post 18 you mention your husband has debts of £24k. What's the interest rate?

Sweetteamum

puk999 wrote: »

In post 18 you mention your husband has debts of £24k. What's the interest rate?

I don't know off hand tbh. He's got 3 different creditors.

flossy_splodge

There is also the fact that if you put what money you can save into a properly designated pension, then if you fall on hard times and need to claim benefits, any money in a pension pot does not count as savings but money in an ISA does. So saving in an ISA could seriously affect any benefit entitlement which in the circumstances you describe does matter.

Sweetteamum

flossy_splodge wrote: »

There is also the fact that if you put what money you can save into a properly designated pension, then if you fall on hard times and need to claim benefits, any money in a pension pot does not count as savings but money in an ISA does. So saving in an ISA could seriously affect any benefit entitlement which in the circumstances you describe does matter.

That's a really good point to make. Thank you. We don't want to touch the money anyway.