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Keep it simple, stoopid
FunLovinCriminal
Posts: 485 Forumite
Hi all. Need your collective brains please.
Before kids I was all over the finances. But two kids later, and no spare time, I have let things slip. Want to try and get back on top of things though. Our savings are hardly working for us. So looking for a simple process.
Currently £3k in a virgin isa paying 0.2% interest monthly - less than £1 per month
£900 in a BoS account paying 0.5% annually
£750 in a BoS regular saver paying 4.5% annually
I am paying the max, £250 per month from the BoS account into the regular saver.
But think I should be emptying the isa first, as it is lower interest, but its Monthly?
Or is there another account, preferably virgin or BoS that I can put the isa and saving account into, esrning better rate, monthly?
Help?
Before kids I was all over the finances. But two kids later, and no spare time, I have let things slip. Want to try and get back on top of things though. Our savings are hardly working for us. So looking for a simple process.
Currently £3k in a virgin isa paying 0.2% interest monthly - less than £1 per month
£900 in a BoS account paying 0.5% annually
£750 in a BoS regular saver paying 4.5% annually
I am paying the max, £250 per month from the BoS account into the regular saver.
But think I should be emptying the isa first, as it is lower interest, but its Monthly?
Or is there another account, preferably virgin or BoS that I can put the isa and saving account into, esrning better rate, monthly?
Help?
Mortgage: 01/02/14 - £108k
Mortgage: Current - £97k
Mission: MF by 50
Mortgage: Current - £97k
Mission: MF by 50
0
Comments
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You could just transfer the ISA to a top payer, see https://moneyfacts.co.uk/savings-accounts/
There doesn't currently seem to be any disadvantage to keeping it within the ISA, and the top payer for easy access is currently Virgin Money (if you've held an account for long enough to qualify), so you are in luck.
1 -
Thank you masonic. I dont imagine the interest to be astonishingly better financially - but 0.2% and 0.5% isnt fabulous for my hard earnt savingsMortgage: 01/02/14 - £108k
Mortgage: Current - £97k
Mission: MF by 500 -
A quick and easy win would be to upgrade your Virgin cash ISA to the Virgin Easy Access Cash ISA Issue 2 paying 3.0%.
https://uk.virginmoney.com/savings/products/easy_access_cash_isa_exclusive_issue_2/
"If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)1
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