Need advise about my £20K

jimjames

BUKI wrote: »

Up to 4% AER variable credit interest
Earn credit interest on your whole balance up to £5,000, if you pay two separate Direct Debits each month. Look here: lloydsbank.com/current-accounts/club-lloyds.asp#tab-row-2

Even though it only pays interest on £5k you'll still get more than your ISA pays on £20K!

ro2778

I'm assuming you're 20-30 something years old. If that's the case and you don't need that money, preferably until retirement, and could afford to lose it all, then I would transfer it to a stocks and shares isa but the definition of transfer is very specific i.e., don't take it out of the ISA tax wrapper. Then, ironically invest in lloyds (LLOY) who's shares are likely to increase in value, but mainly its for the dividends, and chose the option to reinvest dividends. Then take a look at your ISA in 20 years. I'd use Hargreaves lansdown and do it before the EU referendum. In the mean time use your considerable savings ability to do all the other stuff from scratch. Obviously if you think you will need to spend that 20k in the next 5 years, this plan doesn't work. Edit: this is a high risk option.

BUKI_2

adindas wrote: »

I believe you are not living in London.
Did you pay rent or living in family member ?
Are you not living exclusivey with Tesco Value Range ?
Are you not socialising ?

If the answer to all of that are no than it is extremely good.

How did you do that ?

No, I don't live in London and my current rent is low - relative's property.
Still socialising but stopped drinking a while back - which was waste of money.


Still do normal stuff, meet friends, cinema, restaurant and holidays


Must admit, most of my saving came from when I was single
but now being married (goshhh, my wedding cost me 10k - would have 30k now, imagine that lol)
I realise that women do tend to spend money with ease lol :P


Now and onwards, it won't be the same anymore ...
so saving will be much tougher .

bigadaj

BUKI wrote: »

ahhhhhh what a shame!!
I am short about £50 for not reaching 1,500.00 per month.
Unless they would accept 2 payment methods: 1 from my employer + 1 cash deposit :P ??


I already got at least 2 Debit: car insurance and my fitness.

You can move your own money in and out to meet the funding requirements if you want.

Look up the 5% loophole article and thread and that will give you some ideas. You can open accounts with nationwide, tsb, bank of Scotland, tesco and get a lot more interest, just make sure you know how much money you have to move and you have direct debits where needed.

Hoping you don't live in a family member.

BUKI_2

jimjames wrote: »

Even though it only pays interest on £5k you'll still get more than your ISA pays on £20K!

indeed, just looking into this.
Though there is this requirement of minimum £1500 pcm into my bank.
currently only get £1450 pcm from work and would be £50 short.


wondering if I can have deposit then another £100 each month.
Example could set my bro to transfer / pay that money on each month and then I pay him back lol


kind of a loophole

BUKI_2

bigadaj wrote: »

Hoping you don't live in a family member.

sorry, you lost me here?
what exactly do you mean ???
has that got anything to do with the interest rates?

ViolaLass

BUKI wrote: »

I assume once I upgrade to higher bank account then they may include it.
Having said that, there is a fee having to pay for upgraded cards - which always turned me off.


Just looked into this: moneysupermarket.com/current-accounts/high-interest-bank-accounts/
I assume all these card would eventually require a monthly fee.

Have you tried actually finding out?

ro2778

Or if you want the super high risk option, transfer to a stock and shares ISA, then fill in a W-8BEN form and invest half in tesla, and half in Google / alphabet. That's what I'd do if I had 20k to burn

xylophone

wondering if I can have deposit then another £100 each month.
Example could set my bro to transfer / pay that money on each month and then I pay him back lol

You could do that, or you could pay in £50 from savings or take out £50 and pay it back in again....

And look at other high interest current accounts, remembering that you can cycle money in and out on the same day to meet requirements.....

You might want to open a Nationwide Flexdirect Account - this gives you access to the Flexclusive ISA which accepts transfers in (and is fully flexible) and to the Flex monthly saver...

BUKI_2

ViolaLass


just looking into Lloyds Club Card,
thinking to top up the -£50 via cash deposit each month since my wage does not meet 1.500


Will see if other banks offer better rates!