Money | Vital Football

Money

Barney2004

Barney2004

Vital 1st Team Regular
i have quite a bit of money stashed away in a savings account (which isn't maturing at all in this climate)

i'm a great believer in if you have money, that money should be making you money without risking it.

So my question is , what shall i do with it? fixed term bond for a year?
 
You could always use a little of it to buy premium bonds. The opportunity cost is almost zero and you might just strike lucky.
 
If you're absolutely not going to touch it look around for the best return given how bottomed out things are. No idea if bonds are better than ISA's though mate.
 
mike_field said:
If you're absolutely not going to touch it look around for the best return given how bottomed out things are. No idea if bonds are better than ISA's though mate.
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bonds are coming in at 1.34% at the moment. Which is good for people that don't need to touch the money for a year. Which i don't.

ISA's are coming in at 0.9%
 
Nothing to get excited about in the UK, but Mrs P and myself are sending our savings back 'home' to Indonesia and getting 5.25% on a deposit account.
 
Barney2004 said:
i have quite a bit of money stashed away in a savings account (which isn't maturing at all in this climate)

i'm a great believer in if you have money, that money should be making you money without risking it.

So my question is , what shall i do with it? fixed term bond for a year?
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Don't leave it in your current account that’s for sure.

I use Hargreaves Lansdown which is a pricey platform but when it’s your life savings I’d rather use a recognised provider, and they do active savings accounts. I can see Investec offering 1.36% for a year.

Or if you are happy to go higher risk, look at a Stocks and shares ISA with some of it. Stick to index tracker funds to start with just so you don’t accidentally piss it all away on a few stocks.
 
danvilla2 said:
Don't leave it in your current account that’s for sure.

I use Hargreaves Lansdown which is a pricey platform but when it’s your life savings I’d rather use a recognised provider, and they do active savings accounts. I can see Investec offering 1.36% for a year.

Or if you are happy to go higher risk, look at a Stocks and shares ISA with some of it. Stick to index tracker funds to start with just so you don’t accidentally piss it all away on a few stocks.
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Investec is exactly the one i was going to go with mate, for a year
 
Until / unless interest rates recover, grab the isa's for the tax breaks, and for me, I went premium bonds for as much as I could, once I sold the business, you are 'gambling' on winning enough to beat what (scant) interest you can get. Martin Lewis does a few good blogs on it if you google (they have changed it so there is actually less chance now)

But also, at least it is gov protected and safe.

And if you can, top up your pension for the tax break, remembering you can access at 55, which for you (as you are younger!) I know might seem a while away, but it soon creeps up on you.

Few of my mates are very established financial advisers if you need an intro (no obligation, no commission to me, just happy to introduce)
 
The Fear said:
Until / unless interest rates recover, grab the isa's for the tax breaks, and for me, I went premium bonds for as much as I could, once I sold the business, you are 'gambling' on winning enough to beat what (scant) interest you can get. Martin Lewis does a few good blogs on it if you google (they have changed it so there is actually less chance now)

But also, at least it is gov protected and safe.

And if you can, top up your pension for the tax break, remembering you can access at 55, which for you (as you are younger!) I know might seem a while away, but it soon creeps up on you.

Few of my mates are very established financial advisers if you need an intro (no obligation, no commission to me, just happy to introduce)
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cheers mate, appriciated!
 
You should keep 3 - 6 months of expenses in a bank account that you can access any time.

Since you have a young business, you should be on the higher end of that scale.

If you have anything above that, put it into an index fund. That should average around 8%.
 
Or if you can afford it, buy a place that needs doing up a bit, do it up and then rent. But obviously, when busy running one business, it isn't always an option.
 
The first £1000 of interest on savings is now tax free. I think there will be a lot of people like me who are unlikely to ever get near that much interest in a year. With ISA rates so poor they are no longer the attraction they was.
I had my ISA with Santander paying me 0.03% I closed it about 3 months ago and switched to a savings account with the Coventry paying 0.55. Still not great but a lot better than I was getting with my ISA with Santander. I can make up to 5 withdrawals a year without penalty.
At my age I dont want to be locking my money into bonds or fixed rates for 2-3-4 years.
Bank rates on now on the move upwards and this should result in higher savings rates.
The key is to really look around and see what best meets your needs and circumstances.
 
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