Am I doing the most efficient saving??

TomJ

Eco_Miser wrote: »

I've not heard of this account before - a market-equalling rate on a market-beating amount and an account name suspiciously like Nationwide's offering.

That should of course be 2.5K... Don't know quite how I made that typo...

enjoyyourshoes

TomJ wrote: »

Halifax Flexdirect also pays 5% on balances up to £33.5K, but only for a year.



Hi thanks for the detail on Santander RS, I a a customer and this is the fist time I am aware ! (Great marketing internally)

Just read the Halifax and it says 5% unto £2500, not £33.5 K. ?

colsten

I am pinching myself here as at least two people seem to know about a 5% Halifax account. I'd dearly love to open one of these, whether it takes £2.5K or £33.5K - could either of you please post the link to the details? Thanks mates

TheTracker

The best way to save more money quickly is to change jobs. Most people could be paid more money for the work they do by doing the same work elsewhere and/or do more highly paid work than they are currently employed to do. By all means get those extra few quid with hight interest current accounts, but look at how you can change the rest of your life to help achieve goals. At age 27 I think there are few job types where with some ambition, training, and commitment, you couldn't double your income in 5 years.

adindas

TomJ wrote: »

Halifax Flexdirect also pays 5% on balances up to £33.5K, but only for a year.

I wonder why this account has never been mentioned here on MSE ?? If it did exist it will become headlines. Any link ??

Do you mean Nationwide Flexdirect account paying 5% up to £2500 ??

jimjames

TomJ wrote: »

That should of course be 2.5K... Don't know quite how I made that typo...

As well as the wrong bank - maybe start again!

colsten

TheTracker wrote: »

The best way to save more money quickly is to change jobs. Most people could be paid more money for the work they do by doing the same work elsewhere and/or do more highly paid work than they are currently employed to do. By all means get those extra few quid with hight interest current accounts, but look at how you can change the rest of your life to help achieve goals. At age 27 I think there are few job types where with some ambition, training, and commitment, you couldn't double your income in 5 years.

Hmh.

If only it was that simple.

If you are 27, you might well command a better salary with a different employer, and you could put at least some of that extra money into your works pension (as you should be putting at least 13.5% of your salary into a pension at age 27). You might be single and fancy-free and be able to relocate for a better job to just about anywhere.

If you are 37, the situation can be somewhat different. You might already be in the best job/on the best career path you can hope to ever get, and you might be limited by family commitments on where you can move for a better job. You also have precious few years left to make a significant difference to your pension.

Fast forward to age 57, and ditching one job for a better one will only be an option for very few people of that age. That's if they are still working and aren't lucky enough to have retired already. Their savings requirements and opportunities will be vastly different to those 30 years their junior, and many of this age group will be grateful for a decent interest rate on a few tens of £Ks in cash.

/sermon off

Thrugelmir

masamoah wrote: »

3. I am creating a diverse portfolio with H & L which includes funds, bonds and shares. I invest about £300 a month in this. So I plan to buy shares in construction, banking, oil, as well as bonds to make this portfolio less risky.

Never risk what you cannot afford to lose. For the amount you are investing the potential term short gains aren't sufficient to warrant exposure. If you need the funds for a property purchase.

masamoah

Great point. I am a Maths Uni graduate and only on £21k. I know with my skills and determination, i can get something a lot better paid. I am in the process of searching for jobs.

masamoah

wow. you mentioned that i should be putting 13.5% of my salary into a pension?? I am only doing 5%. How did you come to the figure of 13.5%?