Advice about maturing fixed rate saver

Clare43

YorkshireBoy wrote: »

Food? Birthday/Xmas presents for friends/family? The card itself as a Xmas present for someone special in two years time?...loaded with the full £170.Yes.You have £6K in Tesco. You transfer this cash at the rate of £500 per month in total into 2 x 5% reg savers.
The money spends just under half the year in a 3% account, and just over half a year in 5% accounts. Ergo the aggregate is just a little over 4%. With me now?

Yes I realised what you meant and edited my query out of my reply but you'd already seen it and kindly replied

bigadaj

Clare43 wrote: »

Top up the investments I already have with L&G or do you have other suggestions ?
My main pension is the NHS one - I'm a nurse and I also have 3 pension policies I've taken out over the years - one with HSBC ( now Reassure ) one with the Royal National Pension fund for Nurses ( now part of LV ) and one with Norwich Union ( now Aviva )

How old are you?

Putting the money into isas might be a good idea, this could be more investment trusts or unit trusts.

If you are at or nearing 55 then more pension might be worthwhile, you can access when you want and you get an immediate tax relief boost.

Clare43

bigadaj wrote: »

How old are you?

Putting the money into isas might be a good idea, this could be more investment trusts or unit trusts.

If you are at or nearing 55 then more pension might be worthwhile, you can access when you want and you get an immediate tax relief boost.

I will be 44 on Wednesday ! :eek:

TheShape

Clare43 wrote: »

Have two Tesco current accounts - both with 3k in. Opened a BOS vantage account yesterday which has 1k in at present.

As soon as you have the DDs set up/paying out, transfer £2k from Tesco to BOS to get your balance above £3k to earn 3% interest rather than the 2% you will currently be getting there.

Clare43 wrote: »

Never shop in M&S so as the money from them is in the form of M&S gift cards ( I think ? ) I wouldn't really use it.

Do you drink wine? M&S sell wine!

Clare43

TheShape wrote: »

Do you drink wine? M&S sell wine!

Due to other health problems I rarely drink at all

Thanks for the comments so far. A lot have been about changes to accounts I currently have. Any more suggestions about the 8k maturing fixed term saver ?

Eco_Miser

Clare43 wrote: »

Thanks for the comments so far. A lot have been about changes to accounts I currently have. Any more suggestions about the 8k maturing fixed term saver ?

I read them as "open two more 5% Regular Savers, and pick up bonuses for opening the required current accounts" rather than changing anything you already have.

You could put the 8k into a Personal Pension (or Self Invested Personal Pension) to get the tax back (and keep at least a quarter of it when you cash in at 55 or older).
You could invest it within an S&S ISA, either in more of what you've got, or something to complement that.
You could buy something expensive now, rather than at a later date when it has become even more expensive due to the falling pound.
You could spread it in even more current accounts and regular savers.
Or you could do a mixture of these things.

Clare43

In another thread someone has recommended investing in gold. I've briefly thought of this before but never done anything. Would people recommend it ? What's the best way to do it ?

badger09

Clare43 wrote: »

I will be 44 on Wednesday ! :eek:

Happy Birthday Clare43:bdaycake:

Are you going to change your username to Clare44:rotfl::rotfl::rotfl:

TheShape

Clare43 wrote: »

In another thread someone has recommended investing in gold. I've briefly thought of this before but never done anything. Would people recommend it ? What's the best way to do it ?

I think filling as many of the 3%+ current accounts and regular savers and then funding a S&S ISA is probably a better idea than getting involved in investing in Gold. There seemed to be plenty of warnings about the volatility, lack of dividends etc that investing in Gold involves.

Nothing/nobody on the other thread convinced me that gold was something worth investing in unless I really had some money I could really speculate with.

MyOnlyPost

I have opened loads of accounts at loads of banks over the past 12-18 mths in order to get the best possible return on my cash. Despite this I still use the same main account I have for 21 years so you don't have to change banks, just create more accounts.

I have read a lot of YorkshireBoys posts and he knows where of he speaks. If you want the safety of cash rather than investments you can't beat a combination of the best paying current accounts mixed with the best reg savers. Keep your cash in the highest paying current accounts and transfer out to even higher paying savings accounts to maximise returns.

Currently as a single person (it's higher for couples) you could have £15,000 in Bank Of Scotland at 3%, £6,000 in Tesco at 3% and £1500 in TSB at 3% and over the course of the year you could filter that into a NW reg save 5% at £500 pcm, a 1st Direct Reg saver £300 pcm at 5% a M&S reg saver £250 pcm at 5% and a HSBC reg saver£250 pcm at 5%. I admit that sounds daunting so you may want to scale it back.

Regarding M&S I don't shop their either but I will if I can buy stuff for free