It's time to start digging up those Squirrelled Nuts!!!!

Sea_Shell

Steve_PL_too said:

Sea_Shell

We're looking at putting £10k in a 1 year savings bond (1.7%)

You could do 10 x Virgin M plus accounts @ 2% each, and the cash wouldn’t be tied up either.  It’s a bit of a faff to set up, but maybe worth it? Once the first one is done, I’ve found that subsequent ones take no more than 2 minutes each to do.

I've been a rate tart in the past. Looking at simpler solutions these days.

No new log-ins/accounts required 😎

eastcorkram

Is there a specific reason for getting rid of some of the PBs?

Sea_Shell

eastcorkram said:

Is there a specific reason for getting rid of some of the PBs?

Guaranteed return 😎

TBH, if interest rates continue to rise, we'll probably move more money out of them in tranches.

We don't need their tax free status.

michaels

Sea_Shell said:

So, how to re-allocate our ~£54k cash pot.    It currently is split as follows:

£40,000 - Premium Bonds
£5,000 - Club Lloyds
£4,200 - Tax rebate cash
£3,500 - P2P Loanpad
£1,000 - Marcus

We're cashing in £15,000 of the PBs, and banking the £4,200.    Once that all hits the bank then...

We're looking at putting £10k in a 1 year savings bond (1.7%)
Keeping back ~£10k between Lloyds and Marcus* (to live on - top up Drawdown)
Put another £5k into Loanpad @3% (with the risks attached to that)

So we'd be:
£25,000 - PB
£10,000 - Raisin (Paragon)
£8,500 - Loanpad
£5,000 - C Lloyds
£5,200 - Marcus


Or any other configuration of the above!!? 



*I know about the new offering from Chase, but have parked that for now.  I'm running out of app space on my phone!!

Have you seen the new chase bank 1.5% instant access up to 100k (plus 1% cash back debit card)?

Virgin are now saying strictly only one 2% account per person, not sure if it is being enforced.

SouthCoastBoy

michaels said:

Have you seen the new chase bank 1.5% instant access up to 100k (plus 1% cash back debit card)?

Virgin are now saying strictly only one 2% account per person, not sure if it is being enforced.

Tricky one for me as I have a lot of my cash in ISAs and if interest rates finally go past 1 or 1.5% I would like to keep them ring fenced from tax, also looking to transition some of my cash ISAs into equities as inflation keeps moving up.

So the value of short term gain vs the long term needs to be considered. Having said that I have opened a chase account and put in 10k

k_man

michaels said:

Sea_Shell said:

So, how to re-allocate our ~£54k cash pot.    It currently is split as follows:

£40,000 - Premium Bonds
£5,000 - Club Lloyds
£4,200 - Tax rebate cash
£3,500 - P2P Loanpad
£1,000 - Marcus

We're cashing in £15,000 of the PBs, and banking the £4,200.    Once that all hits the bank then...

We're looking at putting £10k in a 1 year savings bond (1.7%)
Keeping back ~£10k between Lloyds and Marcus* (to live on - top up Drawdown)
Put another £5k into Loanpad @3% (with the risks attached to that)

So we'd be:
£25,000 - PB
£10,000 - Raisin (Paragon)
£8,500 - Loanpad
£5,000 - C Lloyds
£5,200 - Marcus


Or any other configuration of the above!!? 



*I know about the new offering from Chase, but have parked that for now.  I'm running out of app space on my phone!!

Have you seen the new chase bank 1.5% instant access up to 100k (plus 1% cash back debit card)?

Virgin are now saying strictly only one 2% account per person, not sure if it is being enforced.

From the end of the message you quoted 😋


*I know about the new offering from Chase, but have parked that for now. I'm running out of app space on my phone!!

Time4T_Accounts

michaels said:

Virgin are now saying strictly only one 2% account per person, not sure if it is being enforced.

I hadn’t seen the ‘one per person’, but was allowed to open my umpteenth yesterday.  Thanks, though.  Maybe it’s time to quit that one while I’m most definitely ahead.

Audaxer

Steve_PL_too said:

michaels said:

Virgin are now saying strictly only one 2% account per person, not sure if it is being enforced.

I hadn’t seen the ‘one per person’, but was allowed to open my umpteenth yesterday.  Thanks, though.  Maybe it’s time to quit that one while I’m most definitely ahead.

I had also read somewhere on this forum a few weeks ago that Virgin were now restricting it to one account per person, as I think it said that some people had opened 60 or 70 current accounts at 2% interest!

Time4T_Accounts

Yes... I’ve just revisited the Ts and Cs, and the restriction applies from 18th Feb.  I’ve opened just one, I think, since then so I’ll wait and see if they enforce it.  Shan’t try and open any more.  Whilst I’m not up in 60+ territory, I am well into double figures.

pensionpawn

MallyGirl said:

Retireinten said:

DT2001 said:

Retireinten said:

We're thinking of buying a bit of kit that will redirect our excess solar to heat our water via the immersion heater so we could potentially run the house without gas in the warmer months.

Highly recommend - we bought one about 3 years ago as we have an unvented system with a large hot water tank. I reckon it paid for itself in about 2 years, even then. Minimal gas consumption from April to Oct.

Installed it at the weekend, it works a treat. I was ever so slightly hungover on Saturday but even this did not affect the excitement at seeing the immersion heater ramp up to 2.8kwh when we switched it on. It wasn't the best day weather wise yesterday and it still produced enough hot water for a couple of showers.

Really pleased with it, expect to use very little gas now over the next 6 months or so. 

OH has raised the question of using some cash (liberated by early crystallisation of some of his pension) to maybe look at solar panels. It's a big SW facing roof but is in a conservation area so there might be constraints. A long time ago we saw a system that looked like slate - no idea how much the technology has moved on since then. It would also help to keep the temperature down in the attic room which is his office. Cutting down our fuel bills would make a big difference in our outgoings 

Our panels (installed just over 6 years ago) reduce our electrical import by 25% - 33% over the year and eliminate the need to use gas for H/W from April - Oct inc, if you also install a solar divert. The FiT is now much lower than it used to be (I presently receive 17p / kWhr) and that now pays over £1k pa tax free, however I still will not have paid off my install for another 12 - 18 months. After that it's 12 years of tax free solar cash point to offset the ever increasing energy bills. I've also eventually ordered a Tesla Powerwall to store some / most of the energy that I export (around 2.5 Mwhrs pa) and eliminate import from March to October inc and timeshift E7 from Nov - Feb. This was all part of my pension planning. Do the sums (I spent ages modelling the potential generation / returns etc) to determine the RoI and whether it's worth it. It's not a quick win. The Powerwall will not pay for itself in less than 8 years, unless the tariff's continue to soar, however it will allow me to be electrically independent, which if rationing is imposed from the end of the year (the government said they won't do it, which means they expect to) will keep us warm, illuminated, clean and connected to the outside world. I'm also engineering the central heating to work off water heated by the panels to save on gas from Feb - April and Oct - Nov. Hammer down the outgoings (without compromising on lifestyle) and the rest will look after itself.