Simple living in the country - back to basics

starnac

This sounds like a really good idea. 

DD and DS have premium bonds. Elderly friends of mine (almost like extra grandparents to my two) buy them PB's every year for their birthdays and Christmas and have done since DD was a baby. So they both have a decent amount each. However DS wins £25 about twice a year and DD has never won anything!! So it's hit and miss.  

Cheery_Daff

Certainly is! Someone bought me £5 worth as a baby - I found them again when I was almost 40 and in the intervening years I'd won nothing 😂

I did see on today's list though one of the winners (can't remember if £10k or £100k) had just £2 of bonds, bought in 1970. What a lovely surprise if they ever decide to hunt them down - I hope they do!

So, Ecology joint savings account opened now, hooray! I'm going to wait until the details arrive before I open any others - don't want to end up wrecking my whole plan by having too many people doing credit checks in one day or something stupid. So NW is open because it's linked to an existing account, and I'll wait for this one before I do the next ones. Hopefully it won't all take long!

Now that's all underway, the next straightforward job is to get Mr Cheery's credit card set up. This is actually an extra card attached to my account - we've already got it, it just needs the PIN changing. They have a stupid system where you set up a new PIN online, which we did, but you can't use it until you've used the one they sent you at least once - which we never did, and now I'm not sure where the paperwork is... A relatively easy fix, but that will mean we can put all diesel and most food spends through there, meaning more rewards. We're up to about £19 so far, payout is July and we got £105 last year (but we'd bought several large kitchen appliances which we're not intending to do this year!)

Staffordia

Ooh! That PB winner might be me, my mother bought that amount for me around that time.  I will try and dig them out!

Karmacat

This is great!  And so much has happened since I looked yesterday!  I never thought of the Ecology Building Soc, that's a good rate for an easy access, even the 2.25% - mine is at Principality, I think its at 2.1%.  

I've had several Regular Savers - close them all at the moment, to put the money into that 4.35% ISA - the only thing I'd beware of, is that once you have a certain amount in your RS, they cut the rate, drastically - but at least they tell you, so you can deal with it.  And it's easy to see in the app.  EG, Nat West I had two RSs, a pathetic rate one that I closed, and a great rate one that I kept open.  But they only let me put £50 a month in, and they said they'd drop the rate once it got to £1000.  Now, they've told it can stay at the great rate (5%, I think) till its at £5,000.  Must check if I can up the payment, now that I've closed the other one.

Hope that all makes sense 🙄

Cheery_Daff

Ooh, it would be SO exciting if it was you Staffordia!! Do report back!! 😁

Yes KC, that makes sense - they usually only run for a year (the NW one runs for 2 years, but you can only add £50 a month). 

Just had my head over a steaming bowl of water again, I'm actually quite enjoying doing this, I don't usually bother when I've got a cold, but I've been so bunged up and it's such a relief. Also feels like a nice facial 😂

beanielou

Another one to consider is First Direct.  Their regular saver is 7% for a year.

Cheery_Daff

Thanks Beanie - I did check all the ones on the MSE list, but sadly the First Direct one is fixed, so you have to leave your dosh in for a year, and I don't want a fixed one (even though in all likelihood I probably would end up leaving it there...). Definitely one to consider next time though.

FreetodoasIlike

I hope you don’t mind me commenting on your diary, Cheery.  I sometimes lurk on diaries and commented for the first time in diary-land on Beanielou’s diary on New Year’s  Eve and commented in more detail about my debt free journey on another diary,

Like you, I am debt free, and I’m about 6 or so years older than Mr Cheery so will get my state pension next year. Like you, my partner is older (by 15 years) and we both receive private pensions and he also receives his state pension. I always lurk (but have now decided to post) on debt free diary forums, as being debt free is important as I never, EVER, want to owe 30k again!!!!

On the subject of premium bonds, my savings of around £30k were in premium bonds, and I used to win on average £25 per month. I say average, because some months I won nothing, and other months I would win £50. The most that I’ve ever won was £100, so a good win. However, just before Christmas, and with interest rates rising, I decided to withdraw £20k and opened a two-year fixed rate ISA which will give me a guaranteed monthly income of around £72 per month. I still have 10k in premium bonds, so hoping for my big win! At least my monthly income will be regular for the next two years. The rise in interest rates is, of course, not guaranteed, or may even fall, so Martin doesn’t recommend going for an income bond more than 2/3 years, so for at least the next 2 years I have that guaranteed income.

With regard to you looking at interest on savings accounts (much better than keeping your savings in premium bonds) I’m sure you realise that if you’re not investing in an ISA, you will be liable for 20% tax (sorry if I’m stating, as Basil said the “ble….ing” obvious!!!!

Good luck on your financial (and other) plans for 2023, and best wishes. I wish you well and will continue to post on yours (and other) diaries.

Love Free x

PS As my name suggests, I retired with a private pension before pension age. So long live next year when I receive my state pension!!!

PPS - the reason that I kept my savings in premium bonds was because that interest rates for the last few years have been so dire. My friend, who is a financial adviser, said that many of his clients who are small business owners keep their “cash” in premium bonds to withdraw easily for their tax return - and there is always the chance of a big win. It’s like gambling without losing money!

redofromstart

That was my logic on the premium bonds last year  @FreetodoasIlike but less attractive now the savings rates have improved. 

Cheery_Daff

Hi Free, and welcome to diaryland! 😊😊 The more the merrier, I say 😊😊 thabk you for sharing your experiences, and yes, roll on your state pension!

Thanks for pointing out the tax on interest - I hadn't even considered that, so went looking... Sadly I'll be nowhere near hitting the £1000 personal allowance threshold this year (unless Agent Million lost my phone number down the back of the sofa and will ring tomorrow) so not something I have to worry about! Worth considering as I save more though, or if I ever break into the 40% tax bracket. 

Less nose-blowing for me tonight, and more coughing, and my sore neck has transferred to the other side - likely as a direct result of me sitting funny while the first side hurt. Sigh! Mr Cheery has been providing IT support to his dad over the phone so the Cheery household has not been living up to its name tonight 🙄😂