What do people do with their savings

hill_ekaterina

Hello all, in an attempt to get the best interest, I keep moving the portion of our savings that are in an easy access account. And I mean monthly! How do other people manage this? I am getting a huge FOMO.

Bazzalona13295

I just spread mine around.
One year bonds, easy access, regular savings.
Don't like it tied up for too long.

MikeJXE

I spread mine around too and as I am in my 80s I keep below probate limit at each bank so the kids have no hassle when I kick the bucket. 

I have recently opened 2, 1 year fix rate, 1, 2 year fix rate. I have enough funds in my easy access to get me through the next couple of years hopefully. 

I don't keep moving funds about for .25% better rate as it would make very little difference to the amount I have 

I like an easy life with no stress

GadgetGuru

I too like a life with no stress. I’m not bothered with interest at all, but I have £50k to invest into something - just don’t know what. I don’t want another property to rent out etc, because again, I don’t want the stress of it. Just don’t know where else to invest the money - holiday home in Dubai sounds tempting, but haven’t enough for that……

Albermarle

. I’m not bothered with interest at all

I think you are maybe on the wrong website/forum......

jimjames

When you can get 5% on instant access I don't bother with any other accounts. Any long term money is invested into my S&S ISA

thegreenone

IftiBashir said:

 holiday home in Dubai sounds tempting, but haven’t enough for that……

If you start looking at interest rates and investing wisely, this would be a possibility in the future.

VNX

I have 20k ish in instant access savings should I need it 

The majority of my savings are in ISAs and I have a sum in 1,2,3,4,5 year bonds to spread the monies as in the years to come (you’d think anyway) you won’t get these rates in years to come 

and even if you can, the money I have in bonds I don’t need anyway so even if they can be matched my instant access it doesn’t matter to me 

Richard1212

hill_ekaterina said:

Hello all, in an attempt to get the best interest, I keep moving the portion of our savings that are in an easy access account. And I mean monthly! How do other people manage this? I am getting a huge FOMO.

I avoid moving money around like a thing possessed---life is too short. I have a very large portfolio of shares and properties but of course we all need easy access to one or more savings accounts. If you do not have enough savings to have to bother with a tax bill, then you needn't bother with ISAs although most of us need to use them if we have any reasonable amounts. But put all  savings that do not attract enough interest to warrant paying tax into savings accounts. But not , as you do, into every new kid on the block who comes around  as top of the interest rate board. Pick the 3, 4 or 5 most continuously competitive savings banks over the past year or two and then put all money into one ( or two ) of them ( with £5 in the other one or two just to keep an account open and ease of transfer) and leave it there until a time comes when there is a noticeable and really sizeable difference over several months or more regarding their position and competitiveness in the top interest rate tables. For example, I have savings accounts ( joint) with 4 leading savings banks ( and I have left over £100,000 in Shawbrook for over a year : I have also cancelled one of my chosen high fliers ( Marcus) with another bank as Marcus is dying in the water). Of course, depending on your circumstances, you should balance between easy access and fixed accounts. Hope that's of some help.

retiringtoosoon

I keep mine in the local authority pool and frequently go swimming in it.

Any

hill_ekaterina said:

Hello all, in an attempt to get the best interest, I keep moving the portion of our savings that are in an easy access account. And I mean monthly! How do other people manage this? I am getting a huge FOMO.

Your post suggests this is just the part that you want/need in an easy access..
Rest of savings is investeted for the longer term.
What is the amount we are talking about here and what rate is it on?