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fivetide

innovate wrote: »

You are a fast reader - - - there is TONS of stuff to read on monevator.

I had a look through the link you sent. I'm not trying to be funny so please don't take it the wrong way. The outline description of what they are advocating, mixed classes etc seems very similar to what I was speaking to the bank about except they are, as you are advocating saving the fees and doign it yourself. I'm not sure I'm confident enough (I have zero experience but some knowledge of what I need to be looking at)

However, if you say you want to pay someone to look after your money, then you are probably doing well with a banker. Just don't expect to make much money since they will charge you substantial sums of money.

The fees are those outlined. The 5% seems the hefty charge upfront but the ongoing 2% (of profits I think) doesn't seem too far off the mark. There are no other fees listed at all.

I'm not intent on this particular fund but I do like the idea of a brand with a track record when it comes to something like this, that's all. That's why I was looking for a bit more guidance as I haven't looked at somethign like this before.

Apologies if the question has annoyed you in some way. That isn't the intention.

edit has to be this one run through Aviva http://www.natwest.com/personal/investments/g1/investments-for-everyone/managed-investments/balanced-growth-fund.ashx#tabs=section1 so i think your link was right.

5t.

ChopinonaBudget

Hi,
I'm in a fair bit of debt (the signature corroborates that!) but my earning have been rising year on year and I'm looking at a possible Self Assessment tax bill of £3000, give or take, come January 2014. I'm loathe to pay the HMRC in intalments as that's a lot of interest I'm giving them, and I also can't set up a regular direct debit to pay them as my income fluctuates wildly each month.
I'm considering opening an ISA instead, squirreling away between 10% and 15% of my earnings (I'll do the exact maths when it comes to the crunch), earning myself a bit of interest on my cash, before withdrawing the lot in December 2013 to pay the bill in January.
My question is this.... bearing in mind I have no intention of saving anything above and beyond what I would immediately withdraw in almost exactly a year, would an ISA be worth it for me? Or would the interest be so negligable that I'd be better off just hiding the cash under my bed?
Thanks!

innovate

If you are a basic rate tax payer, a First Direct Regular Saver (max £300/mth, 12mth commitment) will pay you more than the best available cash ISA. Worth trying to get one of these if they take you on (you need their Current Account for it - - see thread on the Savings Board).

The Nationwide Flexclusive Regular Saver (6%, max £250/mth until31/10/13, no commitment) also pays more than an ISA for a basic rate tax payer. Some hoops to jump through but could be worth it. Again. there's a thread over on the Savings board about this.

You might also be able to make £5 (net after basic rate tax) a month by cycling £1K through a Halifax account. Doesn't all have to be in one lump sum - just must add up to £1K.

If you are a higher rate tax payer, an instant access cash ISA would presently probably pay the best interest for your situation.

ChopinonaBudget

innovate wrote: »

If you are a basic rate tax payer, a First Direct Regular Saver (max £300/mth, 12mth commitment) will pay you more than the best available cash ISA. Worth trying to get one of these if they take you on (you need their Current Account for it - - see thread on the Savings Board).

The Nationwide Flexclusive Regular Saver (6%, max £250/mth until31/10/13, no commitment) also pays more than an ISA for a basic rate tax payer. Some hoops to jump through but could be worth it. Again. there's a thread over on the Savings board about this.

You might also be able to make £5 (net after basic rate tax) a month by cycling £1K through a Halifax account. Doesn't all have to be in one lump sum - just must add up to £1K.

If you are a higher rate tax payer, an instant access cash ISA would presently probably pay the best interest for your situation.

Thanks, that's very helpful I've got to get through this years bill and then I'll start looking seriously at saving towards next year. I didn't realise there was other options out there (i spend all my time working out how to pay less on my debts, ive not looked at savings before) so that's some really useful ideas you've given me there, much appreciated!

larneymel

Hi all,

I'm sorry if this has been answered elsewhere, I have looked and looked and looked! I'm a "newbie" but have visited the site for about a year, just never needed to ask a question before

I would like to open an ISA for this tax year 2012-13. I'm currently sitting on 1,500 in my current account and need to invest and would like to be able to top this up as and when until April 2013 then moved it into a fixed/untouchable one and start a new one.

I CANNOT get me head around what type of ISA i need this year! please help. I need a good paying one that i can transfer into at the end of the month with whatever spare cash i have. I cannot fathom what I should be asking for/google-ing... If i type in "pay monthly ISA" i get advice on ISA's that pay monthly interest, not ISA's I can pay into monthly or as and when...

I hope this makes sense! Many thanks in anticipation of your responses :T

Larney

innovate

try this thread https://forums.moneysavingexpert.com/discussion/401374

That is, assuming you want a cash ISA - - - though you mention the word 'invest' so may be you are after a S&S ISA? What is your timescale for 'locking away' the money?

larneymel

Hi, thanks for the reply - its a cash ISA I would like. I have read through the thread you suggested but I'm still confused. I cannot seem to see easily whether you can pay in cash up to April 2013 when I do a search.
I basically need a cash ISA that I can put my £1,500 into now and top up to £5,000 before April 2013 using a standing order or BACS transfer each month.
But I don't know what I'm asking for/searching for!!!
Sorry if this sounds very simple to everyone else!!!

badger09

larneymel wrote: »

Hi, thanks for the reply - its a cash ISA I would like. I have read through the thread you suggested but I'm still confused. I cannot seem to see easily whether you can pay in cash up to April 2013 when I do a search.
I basically need a cash ISA that I can put my £1,500 into now and top up to £5,000 before April 2013 using a standing order or BACS transfer each month.
But I don't know what I'm asking for/searching for!!!
Sorry if this sounds very simple to everyone else!!!

Everyone has to start somewhere so ask away!

Any of the 'Variable Rate Cash ISAs' at the top of the 1st page of kazza's list should be suitable as they are mostly Instant Access, ie they let you pay in (and take out if necessary) as and when you want to. Have a look at the ING 3% or if you're fairly sure you won't need to get at it in a hurry, the Coventry 60 days Notice, paying 3.25%

Avoid the Fixed Rate ones as they generally only allow one deposit, or at least give you a limited time (could be only 2 weeks) to make further deposits.

Remember with the Instant Access ones, which usually have a bonus for the first 12 months, you'll probably have to move it to another provider (using their transfer process) when the rate drops, or before that, if better rates appear.

HTH

Feel free to come back if that's not clear

Spiggle

larneymel wrote: »

Hi, thanks for the reply - its a cash ISA I would like. I have read through the thread you suggested but I'm still confused. I cannot seem to see easily whether you can pay in cash up to April 2013 when I do a search.
I basically need a cash ISA that I can put my £1,500 into now and top up to £5,000 before April 2013 using a standing order or BACS transfer each month.
But I don't know what I'm asking for/searching for!!!
Sorry if this sounds very simple to everyone else!!!

In the first post on that thread you want to be looking at Variable Rate Cash ISAs (often referred to as easy access but always check the terms and conditions). Looking at the current list the very first one with Barclays would suit you if you have a Barclays account or £500+ in savings in another Barclays account. Otherwise the next best would be the Manchester Building Society offering (scroll down the first post of that thread to find it) and then the Sainsbury's Bank Cash ISA just below.

These accounts are not restricted on payments in, on withdrawals or terms so you could transfer to a better offering in March/April 2013. The best rates have in previous years tended to come out in about March and the competition is hot from then until April/May when rates tend to fall again.

For reference for you in the future:

Easy Access / Variable Rate Cash ISA tend to not have any restrictions on paying in, withdrawing or how long you must keep the money in. The rate of interest being paid can go down as well as up (with a bit of notice) but usually will remain the same as when you took it out for 12 months (not guaranteed though).

Fixed Rate ISA (FRISA) will guarantee the rate for whatever period/term is relevant to the offering e.g. 1yr, 2yr, 3yr, 5yr, etc. Normally will only accept one pay in so should try to max out straight away. Normally has penalties for withdrawal before the term is up.

Notice Accounts can be fixed rate or variable and will require a specified amount of notice before you can withdraw funds without penalty.

When you come to move your money in March/April, you will need to look for an ISA that 'accepts transfers in'. Some ISA will accept transfers of mature funds while others will not and only take 'new money'. Transfers of mature funds do not count towards your annual allowance. All ISA (excepting longer term FRISA) mature on 6th April each year and new allowance becomes available to you to save.

Hope that helps,
Spigs

innovate

badger09 wrote: »

....Have a look at the ING 3% .....

ING does not have FSCS protection, only a passport scheme protection.

As I have said several times elsewhere, the absence of FSCS protection would put me off completely.

http://www.moneysavingexpert.com/savings/safe-savings