Finance Review

Outsider_83

I think your overreliance on regular savers with very minimal returns is a bit odd. Setting up the Tesco account is also more trouble than it's worth and the 3% is only paid on a certain balance.

I'm surprised the recommendations on here aren't more imaginative, perhaps it's the lack of money you have to play around with is the problem?

chockydavid1983

The requirements are usually listed here too:
https://www.moneysavingexpert.com/banking/compare-best-bank-accounts
For the Tesco one, see 'Need to knows'

chockydavid1983

Outsider_83 wrote: »

I think your overreliance on regular savers with very minimal returns is a bit odd. Setting up the Tesco account is also more trouble than it's worth and the 3% is only paid on a certain balance.

I'm surprised the recommendations on here aren't more imaginative, perhaps it's the lack of money you have to play around with is the problem?

This is all about maximising interest on a cash balance.
Of course, if you have significant extra cash, you can then look at investments and pensions etc but this isn't what the OP asked.

badger09

Cotta wrote: »

Do all those accounts pay 3%, is there any switching bonus involved?

Cotta wrote: »

Is that a requirement to avail of the 3%?

Cotta

We're all trying to help you formulate a plan to maximise the return on your savings.

However, there really is no point in you firing off piecemeal questions about every single T&C on every account that's mentioned. You really need to read & understand the T&Cs of all of the accounts you're considering, rather than rely on information from random people on the net.

If after you've done that, you want clarification - that's the time to ask.

badger09

Outsider_83 wrote: »

I think your overreliance on regular savers with very minimal returns is a bit odd. Setting up the Tesco account is also more trouble than it's worth and the 3% is only paid on a certain balance.

I'm surprised the recommendations on here aren't more imaginative, perhaps it's the lack of money you have to play around with is the problem?

I may have missed it, but what is your suggestion?:cool:

Outsider_83

badger09 wrote: »

I may have missed it, but what is your suggestion?:cool:

What you're proposing is much too complex, the t&c's alone are incredible and a slight oversight could be costly.

Why not either just lump all money into a high paying current account (3% is pathetic by the way), or buy some stocks and shares? The OP seems to have enough money to go down this route.

chockydavid1983

Fair enough if you're not interested but the OP has stated that they don't mid doing a bit of work and even asked for more suggestions after coming up with an initial plan.
Also, it seems as though they're looking to maximise cash savings and remortgage to a lower LTV rate so S&S ISA is probably not the best option at this point (though may be at some point)

badger09

Outsider_83 wrote: »

What you're proposing is much too complex, the t&c's alone are incredible and a slight oversight could be costly.

Too complex for whom? Many of us are managing multiple current accounts and regular savers to maximise returns (on whatever sum of cash we choose to hold, for whatever reason).

T&Cs are not incredible if you read and understand them. T&Cs for regular savers are rarely more than a few paragraphs.

Outsider_83 wrote: »

Why not either just lump all money into a high paying current account (3% is pathetic by the way)

Which 'high paying current account' do you suggest?

Outsider_83 wrote: »

or buy some stocks and shares? The OP seems to have enough money to go down this route.

OP has asked about managing a cash sum of around £8k which he has saved with help from this forum. He is asking for suggestions of what to do with his savings when regular savers mature. With that in mind, most of the responses have focused on maximising the returns from that cash fund.

From the figures provided, that looks like a healthy emergency fund, so I'm assuming:cool: he wants to keep all, or most of that in readily accessible cash.

Additional pension contributions have been mentioned, as has a S&S ISA, but OP's priority is to maximise his savings now.

I have no idea whether OP has enough money to 'buy some stocks and shares' or whether that would be a good idea, as he hasn't told us his longer term plans.

Cotta

Apologies if I have annoyed people with my questions and indeed the way I have construed this topic.

- I would like to have some immediate cash (actually doing some work for me).

- I also want to dramatically slash my mortgage rate at renewal which will be at the start of 2019.

- I do have a small cash sum of money coming to me in two months time, it's nothing extreme just to the tune of around £5k, I am not sure if this alters my mix greatly?

I would be interested in getting into stocks and shares but I'm unsure if my mix suits it.

chockydavid1983

It's OK, I don't think you've annoyed anyone :-).

If you have an additional lump sum coming in, to squeeze extra money from it, you may want to open some more current accounts and regular savers (see above).

My strategy with cash savings is to:
a) Have enough open current accounts paying the best rates to hold all my cash that isn't in a regular saver
b) Feed money from these into multiple regular savers paying higher rates

That way, you have as much as possible at any time paying the top rates (currently regular savers) and everything else in the next best (currently current accounts)