Adjusting savings

LightKnow

apologies if something like been covered tons times

I currently have £1600 left pay on credit card - at the moment I pay roughly £90 a month 


I was thinking taking out bit cash out my stock and shares ISA that I got sat in cash - ideally was thinking two things either pay my credit card off

or use the £1600 over few months to put into my funds 

Then save £275 each month in plum interest ISA - reason I was thinking this by the time my car insurance, road tax is due - my credit card will reduce down to 1,150 then I can pay them all with what's saved up but still have money left over ?

Lastly

I have been saving over years in premium bonds to try for prize draw but I thinking taking the £2700 out  ( assuming this won't be taxed ? If I withdraw from bonds) and putting it in triodos bank , I know interest they provide is not high but I want to leave in long term plus am intrigued how they make positive use which they show you 

jimjames

If you're paying interest on the credit card then yes pay it off asap using whatever money you have available. There are no investments guaranteed to return 30% per year so clearing that debt should be a priority over having S&S ISA. If it's on 0% then no rush at all but make sure you have the funds to clear it when it runs out. 

d63

LightKnow said:

apologies if something like been covered tons times

I currently have £1600 left pay on credit card - at the moment I pay roughly £90 a month 


I was thinking taking out bit cash out my stock and shares ISA that I got sat in cash - ideally was thinking two things either pay my credit card off

or use the £1600 over few months to put into my funds 

Then save £275 each month in plum interest ISA - reason I was thinking this by the time my car insurance, road tax is due - my credit card will reduce down to 1,150 then I can pay them all with what's saved up but still have money left over ?

Lastly

I have been saving over years in premium bonds to try for prize draw but I thinking taking the £2700 out  ( assuming this won't be taxed ? If I withdraw from bonds) and putting it in triodos bank , I know interest they provide is not high but I want to leave in long term plus am intrigued how they make positive use which they show you 

On the off-chance you’ve not encountered the term before, “stoozing” or “stooze” is more or less the technical term for what you are proposing, and indeed reams of advice, good and bad, have been written about it, though the following article might be a useful place to start:
https://www.moneysavingexpert.com/credit-cards/stooze-cash-credit-cards/

But as JimJames stresses in his reply, your A number One priority should be to first clear any outstanding  credit card debt..