What to do with money?? Savings and mortgage advice.

Uvbntangoed100

Hi i'm coming to the stage that I have some savings in various accounts etc. some of which are nearing there rate expiry date etc.

I am 31 years old, Mortgage -£46,207.35 at 3.19% 5 year Fixed.
Nationwide FD £2500.00 5% rate expires in January.
1st account main current account for now.
1st direct regular saver £3600 6% ends soon. Not sure if I can open another Regular saver with them?
ISA £8000
NEW ISA £4500

I am allowed to overpay upto 10% of my mortgage figure which would allow me to to pay upto £4600 if I wanted.

I do require to keep some cash incase of emergencies etc.

Any suggestions on what to do now? with my savings etc.

Thanks

xylophone

You will be able to start a new regular saver with FD.
Have you opened a regular E saver (£1 will do) to receive the proceeds on maturity? Doing this will also mean that you can maintain the FD current account without the need to pay in £1000 a month to remain charge free.

Have you considered the Santander 123 as a main current account?

Have you considered using high interest current accounts? http://www.moneysavingexpert.com/banking/compare-best-bank-accounts?_ga=1.36562663.632060106.1405012823

Have you considered switching the Flex account to Halifax?

If you want to keep the ISAs, have you checked that you are getting the best possible rate?

Uvbntangoed100

I just opened a regular E saver
The flex direct account will resort to 1% in January so not sure if worth having? As for ISAs im not sure if im getting best rates. The new ISA is a better rate than the old one, but im not sure if im allowed to just swap the funds from that into the new one?
Thanks

xylophone

You could switch the Flex direct?

Halifax offers £100 to switch and £5 a month provided that you have two DDs and pay in £750 a month - can be in and out from your main account. http://www.halifax.co.uk/bankaccounts/bankaccounts2.asp

Have you looked at Santander 123? http://www.santander.co.uk/uk/current-accounts/123-current-account

http://www.moneysavingexpert.com/savings/best-cash-isa

anon_ymous

Id want to put in around 2K in to a TSB account tbh at the very least.

Tbh, assuming you're a 20% tax payer, it looks like it's ever so marginally better to put as much money you can in to an account that pays 4% interest (Because after tax, it's 3.2%)

anon_ymous

Uvbntangoed100 wrote: »

I just opened a regular E saver
The flex direct account will resort to 1% in January so not sure if worth having? As for ISAs im not sure if im getting best rates. The new ISA is a better rate than the old one, but im not sure if im allowed to just swap the funds from that into the new one?
Thanks

This is more a "heads up" more than any thing else. You've got a nationwide account right??

I've noticed that Nationwide tend to offer an amazing offer, in the first week of April, ever year. Last April I got an ISA that's paying 2.5% and it's easy access

Same as the year before, though that was a "Flexclusive ISA"

These accounts are very rapidly pulled from the market, soon after they've made the headlines

To get 2.5% now, you've got to lock yourself in for 5 years

OUCH. See:

http://www.moneysavingexpert.com/savings/best-cash-isa#manipulate

atush

Have you got a pension? What is your LTV? Are all your isas Cash isas?

Uvbntangoed100

I currently do not have a pension, used to but need to start one up.
LTV is the best rates now, but tied into mortgage for 4 more years.

Uvbntangoed100

have a regular save ISA that pays 2.59% instant access. Newer one
and an instant ISA saver at 1.50% was ISA transfer

Can I move money from the ISA transfer one into the newer one without being penalised etc.

both are nationwide accounts

Uvbntangoed100

I have opened a new regular saver with First Direct
Will look at opening a TSB account aswell
Thanks folks appreciated!

colsten

Uvbntangoed100 wrote: »

have a regular save ISA that pays 2.59% instant access. Newer one
and an instant ISA saver at 1.50% was ISA transfer

Can I move money from the ISA transfer one into the newer one without being penalised etc.

No you can't

The account only accepts new ISA subscriptions. Transfers into the account from any other ISAs are not permitted

http://www.nationwide.co.uk/support/support-articles/terms-and-conditions/regular-saver-isa-terms-and-conditions