My new shiny multiple accounts!

ceredigion

escapee wrote: »

Basically it's all a gamble, anyone of those high paying current accounts could pull its rates overnight and your interest could decrease rapidly.

Alternatively an ISA provider could offer a higher return on one of their products and to take maximum advantage, it would take you three financial years to put all of that money back into an ISA wrapper.

Nobody has a crystal ball to see into the future , you can only call it as it is now. If rates were to change in the future ,it would never be a overnight block change . It would be a slow gradual thing and then you would deal with it when it arises. There are some with more money than they know what to do with ,it may be possible to hedge your bets slightly. But for most it is now and now is current accounts, for cash reserves at least.

DreamerFTB

colsten wrote: »

Club Lloyds needs 2 monthly paying DDs

thanks, I've updated the original post.

DreamerFTB

escapee wrote: »

Alternatively an ISA provider could offer a higher return on one of their products and to take maximum advantage, it would take you three financial years to put all of that money back into an ISA wrapper.

Actually it could take 2 days! If you don't put anything in your ISA allowance 2015/2016, wait for April 2016, and put £15.250 the 5th and £15.250 the 6th, you would fill +£30k ISA allowance in 2 days

Archi_Bald

DreamerFTB wrote: »

Actually it could take 2 days! If you don't put anything in your ISA allowance 2015/2016, wait for April 2016, and put £15.250 the 5th and £15.250 the 6th, you would fill +£30k ISA allowance in 2 days

You said you had £35K, and it is correct that it would take three financial years to get all that money into ISAs.You are right, though, it could most likely be done in a lot less than 3 calendar years.
All based on current legislation, of course - which could change dramatically if Labour/SNP get their hands on it.

Small correction: the 2015/16 allowance will be £15,240 (unless Osborne feels over generous to ISA savers on Wednesday - most unlikely).

DreamerFTB

Yes, correct

DreamerFTB

I have just realised that I missed the cashback from TCB while opening the Nationwide FlexDirect account stupid me.

I don't think the account is active yet since I don't have login/password, they have to send me something by post and I need to go to verify my ID in a branch, do you think I can call them and cancel the activation, and then re-apply through TCB?

escapee

jimjames wrote: »

If you have spent 10 years building up an ISA balance that begs the question why would you keep it in cash? For that length of time and longer S&S ISAs are a far better option.

I'd love to put it into a S&S ISA but try as I might, I just can't get my head around it. As I have no confidence in my abilities/knowledge and the fact it bears an element of risk, I will just sit by the wayside watching others reap the rewards whilst I sweep up the chaff being offered by Cash ISAs.

EssexExile

escapee wrote: »

I'd love to put it into a S&S ISA but try as I might, I just can't get my head around it. As I have no confidence in my abilities/knowledge and the fact it bears an element of risk, I will just sit by the wayside watching others reap the rewards whilst I sweep up the chaff being offered by Cash ISAs.

Me too. I was always told not to invest in S&S for less than 10 years, then some advisers got cocky & said 5 years would be fine. It appears that the FTSE has just about got back to where it was about 16 years ago. I know if you pick the right shares you can beat that but I've no idea which are the right ones.

Archi_Bald

escapee wrote: »

I'd love to put it into a S&S ISA but try as I might, I just can't get my head around it. As I have no confidence in my abilities/knowledge and the fact it bears an element of risk, I will just sit by the wayside watching others reap the rewards whilst I sweep up the chaff being offered by Cash ISAs.

There is plenty of great reading material: https://forums.moneysavingexpert.com/discussion/5043692. It may seem daunting at first but it is actually quite easy.

EssexExile wrote: »

Me too. I was always told not to invest in S&S for less than 10 years, then some advisers got cocky & said 5 years would be fine. It appears that the FTSE has just about got back to where it was about 16 years ago. I know if you pick the right shares you can beat that but I've no idea which are the right ones.

5 years upwards is fine but the longer the better. Most investors would typically not pick any shares but instead invest in funds - - for exactly the reason you mention, namely that most people would not know which shares to pick, how long to hold them etc.

The fact that the FTSE has just reached its 1999 levels is often quoted but only by people who do no understand two things

1. the index level does not make any statement about dividend payments which are a major part of investment returns. You could read this for further detail: http://www.thisismoney.co.uk/money/investing/article-2890217/15-years-Footsie-peak-Investors-thank-dividends-making-money-shares-struggle-beat-safer-assets.html (I don't normally refer to Daily Mail articles but this one is quite good)
   
   
2. most people wouldn't just invest in the FTSE as is it not diversified enough

Water112

DreamerFTB wrote: »

I have just realised that I missed the cashback from TCB while opening the Nationwide FlexDirect account stupid me.

I don't think the account is active yet since I don't have login/password, they have to send me something by post and I need to go to verify my ID in a branch, do you think I can call them and cancel the activation, and then re-apply through TCB?

Isn't the Tcb for Nationwide for those switching only? Also you might not want to re-apply as that will put another credit search against you.

I've also been looking to open a few new accounts to get some better rates but have been worried about making all sorts of new credit searches. Its good to see you've had no problems opening them all at once! But it could be worth waiting a bit longer before applying for more after reading the credit ratings forum!