Transfer H.L. s+s Isa over to Natwest...Considerations.

Qyburn

Still going ahead even though everyone says it's a really bad idea?

Dandytf

Qyburn said:

Still going ahead even though everyone says it's a really bad idea?

Very much in progress...
Nice thanks from HL which includes this piece of interest as I didn't manually sell stock/cancel DD.
Remember, you can sell your holdings before we do but it won’t be possible to cancel any sale instructions that have already taken place.

This to me looks very proffessional Transfer via HL, they always have answered any queries since opening my account.

thanks mser's 

Dandytf

Decent HL update today, ISA has left HL towards NWI, maybe a few days?
I appreciate Sipp could be more time -for mse Pensions thread, maybe I'll reveal to which extent my two ETF's have landed HL Sipp in serious negative territory, yet  overall only -4.72%

jimjames

Dandytf said:

OD is my responsibilty to reduce through this and next year, great to hear NWI maybe considered separately.
I did consider part  withdrawal  towards OD, though going to try the reduce elswehere  1st to help repay OD.
Overdraft these days are max apr 39% approx, 

What investment have you found that beats the 39% interest rate on your overdraft?

If you have £1000 invested and £1000 overdraft by the end of the year the overdraft will be £1390 and the investment might be £1100. That's certainly not any MSE strategy.

Dandytf

jimjames said:

Dandytf said:

OD is my responsibilty to reduce through this and next year, great to hear NWI maybe considered separately.
I did consider part  withdrawal  towards OD, though going to try the reduce elswehere  1st to help repay OD.
Overdraft these days are max apr 39% approx, 

What investment have you found that beats the 39% interest rate on your overdraft?

If you have £1000 invested and £1000 overdraft by the end of the year the overdraft will be £1390 and the investment might be £1100. That's certainly not any MSE strategy.

It's certainly not the 1st time my non mse strategy has been mentioned.

thanks anyway.

Qyburn

I don't know how else it could be described, running up an overdraft @ 39% APR just through routine shopping, then sticking spare money into poorly understood investment accounts.

I know it's not the subject of this thread, but do you have other debts, and a plan to clear them in a few months? I don't use credit myself, but if i needed to short term I'm sure I could find it cheaper than 39%.

Dandytf

Can mser's suggest timescales for NWI placing Investments trade.

30/10

Great news, your ISA transfer is complete.

We've invested it for you in the plan you selected.

Your Contract Note will be added into 'Your important documents' as soon as the trade is confirmed.

p.s. OD is to be reduced through cost effective monthly savings, and dare I say it using up some Isa savings.

thanks 

Dandytf

NWI Isa Signed and Transfer setup since 17/10-01/11, I've had very positive experience.
Opening -0.38% 01/11
Going forward I believe NWI choice of 'Balanced'' Funds could out perform my previous HL Isa.
No way a direct comparison.
I'll be posting Sipp update if and when required.
Maybe I'll leave re setting up Monthly DD's for both and let OD settle until q1 '24

Thanks Mser's

Dandytf

Qyburn said:

I don't know how else it could be described, running up an overdraft @ 39% APR just through routine shopping, then sticking spare money into poorly understood investment accounts.

I know it's not the subject of this thread, but do you have other debts, and a plan to clear them in a few months? I don't use credit myself, but if i needed to short term I'm sure I could find it cheaper than 39%.

Just noticed whilst I take a break from Isa/Sipp monthly DD'S.
Is it worth to shift some rbs OD over to another account which would mean 25% rather than 39%.
I could use this as next step in working towards OD during' 24.

Qyburn

Dandytf said:

Is it worth to shift some rbs OD over to another account which would mean 25% rather than 39%.

Without knowing all the facts about both accounts we can't be completely certain, but all being equal shifting your debt from somewhere that costs 39%, to one that costs 25% does sound a good idea.

It's still worth spelling out that while you're running an overdraft it simply makes no sense to increase the overdraft in order to pay into a savings account. Especially an investment account. Each payment into the ISA makes you a guaranteed loss of 39% per year. In return your investment may give a return of say 5 or 6% per year, may make more, or may lose value. I really can't see the logic. It's virtual certainty that each payment into the ISA makes you worse off than if you hadn't made it.

That all said, what exact fund or funds have you chosen in NAT West?