My MF Mission 2015

hiddenshadow

Congrats on the exam!

EatingTheElephant

Well done on passing your exam

I am not sure about the 123 a/c either if the interest rate drops on the account. I like the fact that you can put a large chunk in there, but 1% will be a large reduction

gallygirl

EatingTheElephant wrote: »

Well done on passing your exam

I am not sure about the 123 a/c either if the interest rate drops on the account. I like the fact that you can put a large chunk in there, but 1% will be a large reduction

On the other hand, the fact that the first £1,000 of interest is now tax free does help a bit. Especially if you are a 40% tax payer, you were only getting 1.8% anyway.

hiddenshadow

gallygirl wrote: »

On the other hand, the fact that the first £1,000 of interest is now tax free does help a bit. Especially if you are a 40% tax payer, you were only getting 1.8% anyway.

True, but that applies to all accounts so it's not like the 123 account is unique with the interest being tax-free.

That said, I have a feeling all savings accounts will be dropping their rates over the next 6 months, so 2% might look attractive.

gallygirl

hiddenshadow wrote: »

That said, I have a feeling all savings accounts will be dropping their rates over the next 6 months, so 2% might look attractive.

My thoughts exactly. Oh dear, back to the P2P, I think a convo with Mr GG is in order :eek:.

lippy1923

Same ETE. I like the 123 purely for the large amount you can hold (and cashback as a bonus) The lazy girl in me finds this easy to manage while I'm waiting for the mortgage deal to end.


Here's to hoping I can find myself a 5 year fix next year for 2% or less

shangaijimmy

GG i've just taken the plunge and opened a funding circle account. Only been 5 days, and started with less than £500 to trial it out. So far £340 has been taken for loans, i've earned 25p interest and after fees the system is telling me ill receive 7% interest after fees and bad debt. If you would like a referal code just send me a PM.

With the base rate drop im thinking that we need to find other ways of making our money work and maybe this is it. I'm using a pot that we won't be touching for 10yrs at the earliest so i thought it was worth a go. I may well add to it every month with our long term savings if it seems to work out well enough.

gallygirl

shangaijimmy wrote: »

GG i've just taken the plunge and opened a funding circle account. Only been 5 days, and started with less than £500 to trial it out. So far £340 has been taken for loans, i've earned 25p interest and after fees the system is telling me ill receive 7% interest after fees and bad debt. If you would like a referal code just send me a PM.

With the base rate drop im thinking that we need to find other ways of making our money work and maybe this is it. I'm using a pot that we won't be touching for 10yrs at the earliest so i thought it was worth a go. I may well add to it every month with our long term savings if it seems to work out well enough.

Thanks SG, I'm already with them, it's for Mr GG and/or joint monies I'm thinking of.

evansc1

Hiya lippy!

Great to read what you have achieved in the past year or so! You're doing so well!

We're completing on first home this month and aiming to OP straight off so have been taking hints and tips from your journey

Carl

lippy1923

Glad to have you on board evansc1 Great you are planning ahead to OP straight away. If you keep that up you will be MF in no time!