Money Sat Doing Nothing

YksDB

Hi all. I've been trying to research what to do with my savings, so while I keep looking and reading all the stickies I'll post here for a little bit of help!



I don't have much, I've just taken a little out to cover a lack of wage when switching jobs and getting my first car, but I still have just south of £10,000.



Currently, this is not in my name. A few years back I was one of the Morrisons staff members who had their bank account data leaked (2014). Nothing came of it, but the bank advised that for the short term I move my money into a different account, so it went into my mum's. From there it got forgotten about, basically.



It makes next to no interest and I also can't access it when I want to.



In the next few years, I want to save my money, gain interest and ultimately put it towards a mortgage for my own house.



How do I go about getting the money from this account, I reckon my mum's bank won't take too kindly to closing this account, and where would be the best place to put my money to make a little bit of interest towards said mortgage deposit?

ctdctd

First, get your mum to move the money into a bank account owned by you.
Then decide on a suitable savings account once that's done.


HTH

Bravepants

Marcus by Goldman Sachs is a good instant access account. You have to set up a niminated account for transferring money to and from it, but it is instant access.

xylophone

Your mother needs to transfer the money to you.

Are you eligible for a LISA?

https://www.moneyboxapp.com/cash-lifetime-isa/

Savings accounts here

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

Eco_Miser

I think that advice five years ago meant to another account in your name. However, that's water under the bridge now, as is the interest you didn't get.
Why would you want to close your mum's account? You just need to have her remove your money from it, leaving her money where it is.

As mentioned Marcus is a good savings account, but it's 1.45% AER can be beaten, read this board for announcements of higher rates.
You can also get considerable higher interest (3% or even 5%) by feeding multiple Regular Savings Accounts, see https://forums.moneysavingexpert.com/discussion/5776240 for details of the best accounts.

YksDB

@ctdctd



An obvious first step but one that I need to do, so thank you.


@Bravepants


Instant access does sound like something that I need. My work and wage income problems have been sorted out and I shouldn't need to dip in, but who knows what's around the corner. Also, what happens if I think right I want to move into my own house next week and need my deposit now?



@xylophone


LISA is something that I've never heard of so I'll look into that. Thank you also for the link to good savings accounts to check out.


@Eco Miser


Yes, it probably did mean that... oh well no point crying over spilt milk. If I did that I'd never stop crying about past financial mistakes! I think the money is 100% mine in there now (it was her second bank account), which is why moving mine out would make the balance zero.



Yet another thread to read, thank you. Sound like a bit of micromanagement at first glance but if the benefits are worth it then I'm all for it.



Getting my bank account and savings in a sensible place is phase one, over the next couple of months I want to be well on my way to financing like an adult. If this first thread is anything to go by then there's going to be some fantastic advice fro this forum so thank you for the very positive welcome and first impression!

Eco_Miser

YksDB wrote: »

I think the money is 100% mine in there now (it was her second bank account), which is why moving mine out would make the balance zero.

Doesn't matter, you can leave the account open with a zero balance.

YksDB wrote: »

Yet another thread to read, thank you. Sound like a bit of micromanagement at first glance but if the benefits are worth it then I'm all for it.

You just need to read the first nine posts (that are updated as required), maybe a few more to get the idea, and the last few pages for the up-to-date discussion.
You open Regular Saver accounts as available/needed, than set up Standing Orders to feed them from your current account. After that you just need to make sure that there's sufficient money in the current account to pay the SOs, and your utility DDs etc., either from your salary or by a transfer from your instant access savings account.
If you stagger the RSs so they don't all mature at once, after a year, a maturing RS will fund its successor, and all the others for that month, then there'll be another maturing the following month, and so on.

I use a spreadsheet to keep track of a) where my money is, and b) where and when it's moving.

Aretnap

Eco_Miser wrote: »

Doesn't matter, you can leave the account open with a zero balance.

Or indeed your mum can close it. It's not clear why you'd think that the bank "wouldn't take too kindly" to your mum closing the account - people close bank accounts every day. What do you think happens to them? It's not like the banks are going to send the heavies round.

fudgecat

Excellent advice from Eco Miser. I also have an Excel spreadsheet with balances, accounts, etc. I have several Regular Savers - Virgin are particularly good though you do need to go into branch to open them which is a pain, but you can have several of their 3% Reg saver on the go, with staggered maturity dates. Also look for local BS as they can be excellent . Don`t regret past mistakes, just move forward to a new Savvy future!:D

Joe9090

YksDB wrote: »

@ctdctd



An obvious first step but one that I need to do, so thank you.


@Bravepants


Instant access does sound like something that I need. My work and wage income problems have been sorted out and I shouldn't need to dip in, but who knows what's around the corner. Also, what happens if I think right I want to move into my own house next week and need my deposit now?



@xylophone


LISA is something that I've never heard of so I'll look into that. Thank you also for the link to good savings accounts to check out.


@Eco Miser


Yes, it probably did mean that... oh well no point crying over spilt milk. If I did that I'd never stop crying about past financial mistakes! I think the money is 100% mine in there now (it was her second bank account), which is why moving mine out would make the balance zero.



Yet another thread to read, thank you. Sound like a bit of micromanagement at first glance but if the benefits are worth it then I'm all for it.



Getting my bank account and savings in a sensible place is phase one, over the next couple of months I want to be well on my way to financing like an adult. If this first thread is anything to go by then there's going to be some fantastic advice fro this forum so thank you for the very positive welcome and first impression!

Surely this is not the same forum as quoted in Post 15 here https://forums.moneysavingexpert.com/discussion/6056372/forum-announcement ?

YksDB

fudgecat wrote: »

Excellent advice from Eco Miser. I also have an Excel spreadsheet with balances, accounts, etc. I have several Regular Savers - Virgin are particularly good though you do need to go into branch to open them which is a pain, but you can have several of their 3% Reg saver on the go, with staggered maturity dates. Also look for local BS as they can be excellent . Don`t regret past mistakes, just move forward to a new Savvy future!:D

Love the idea of a spreadsheet! Geek it up!


The first stage has begun, my money will shortly be in my own name.