Planetarion Forums

Dace · 22 Jul 2005, 03:23

As usual when trying to research something GD is my first serious stop.

I'm kinda hoping some of you guys know enough to help me.

Anyways ...

I think it's time for me to become a grown up person.

I only need to spend about 1/2 my salary but it seems that i piss most of it away without realising it.

This is because all the money i have goes into my current account and sits there until it's spent.

As such i was thinking of re-evaluating my financial situation.

My plans are as follows:

1.) CHANGE MY BANK

I'm pretty sure that the interest rate i'm getting on my current account is not the best. I vaguely recall some account advertised someplace that offered some massive % rate (on £250/month for a max of 12 months) as long as you paid in a min of £1k/year. Does anyone else know what im talking about? If you don't know about that account please suggest the best current account deals out there.

2.) SAVINGS ACCOUNT

I need a general standard run of the mill savings account. Obviously the higher the % rate the better. Please suggest away.

3.) ISA's

I wanna save tax free as much as possible. Please advise on any positive experiences you have with ISA's or their equivalent.

4.) GENERAL SAVING

I'm sure i've missed out some nifty way of saving. If you know of any way please suggest away.

General links to finacial type stuff will be appreciated.

Thanks in advance.

Demon Dave · 22 Jul 2005, 03:30

Quote:

Originally Posted by Dace

1.) CHANGE MY BANK

I'm pretty sure that the interest rate i'm getting on my current account is not the best. I vaguely recall some account advertised someplace that offered some massive % rate (on £250/month for a max of 12 months) as long as you paid in a min of £1k/year. Does anyone else know what im talking about? If you don't know about that account please suggest the best current account deals out there.

I think you may be on about one of the Halifax accounts

Quote:

2.) SAVINGS ACCOUNT

I need a general standard run of the mill savings account. Obviously the higher the % rate the better. Please suggest away.

I don't know any of the details, but the ING Direct (i think that's what it's called) gives you 5%
As for any other savings tips, all i do is have a Standing Order going from my current account into my savings every month. You don't even have to think about putting money away each month, since it's all done for you and you can just forget about it

pablissimo · 22 Jul 2005, 09:58

I've an internet-only savings account running at about 5% that I pipe £x a month to with a standing order. Means that it's not immediately available when I go the cash point (stopping me from spending the damned stuff as easily), though if I actually 'do' need the money then I can transfer between it and my current account is instant since they're both at the same bank.

Kurashima · 22 Jul 2005, 10:25

Currently, Internet Savings accounts are offering quite good interest rates, and the alliance and leicester are offering some cracking rates.

Your first choice has to be a company pension scheme. Alas, youre in the public sector, so i dunno if they even exist. Next up, purchasing in a sharesave and share options scheme. Again though, public sector, no options.

A cunning plan would be to find a family member who IS in private sector employment, persuade them to up their contributions to said scheme, and then pay them that amount per month to keep them on the level. Then split the profits when they cash in say 5-10 years from now.

Make sure youve got it in writing though, else you could get stung. Even family get greedy.

Zar · 22 Jul 2005, 10:54

I recently set up an Internet only Savings account at 5.4% (which is the highest in the market at the moment)

http://news.bbc.co.uk/1/hi/programme...ox/4667667.stm
http://www.icicibank.co.uk/personal-...s-account.html

If the fear of setting up an account with a foreign bank scares you - know that they are a successful bank that aren't going anywhere. You'll enjoy the extra interest http://news.bbc.co.uk/1/hi/business/4181489.stm

Otherwise ING 5% comes highly accredited

As for ISA - Building societies tend to offer the best rates. Depending on how much you save and what your future plans and current cash flow are look at both Mini-Cash and Maxi ISA's.

An alternative way of saving is to invest into the stockmarket. You can do these through ISA's. The banks will also offer stock, funds, Investment options and bonds. You have a wide choice. Although the pay on your investment can often be higher that interest from savings, there is a risk to take as well. If you are able to accept the risk, these will tend to have the greatest payoff.

Nadar · 22 Jul 2005, 11:10

Quote:

Originally Posted by Dace

4.) GENERAL SAVING

I'm sure i've missed out some nifty way of saving.

Only buy the things you need. Example: I bought an mp3-player 2 years ago and I've only used it probably less than 10 hours. That was $200 out of the window for me. Don't buy things just "to have it", dunno if you do that though.

roadrunner_0 · 22 Jul 2005, 11:17

www.fool.co.uk is a good place for advice on loads of different things dace

also, are you on a final salary pension yet?

if not get into the scheme before the govt. try and close it down, as they tried just before the election and im sure that they are going to try again

MAdnRisKy · 22 Jul 2005, 11:46

i work in the public sector.

my pension is better than all of yours.

fact

lokken · 22 Jul 2005, 11:57

the Fool is a fantastic place for investment advice, they are top lads there

Tomkat · 22 Jul 2005, 13:17

Quote:

Originally Posted by MAdnRisKy

i work in the public sector.

my pension is better than all of yours.

fact

Not mine

Knight Theamion · 22 Jul 2005, 14:47

I use the following construction

1 spending account which i have a CC from

1 general buffer account where all my 'income' is deposited, this has two automatic transfers a month 1) my rent 2) a standard ammount which goes to my spending account .. rest is saved automatically

1) savings account for 'the bigger things' which i occasionally drop money on when the buffer account has lots on it

QazokRouge5 · 22 Jul 2005, 15:50

Quote:

Originally Posted by Dace

I think it's time for me to become a grown up person.

Anyone else read that and chuckle*?

*chucklechucklechucklechuckle

A2 · 22 Jul 2005, 16:16

Quote:

Originally Posted by Dace

1.) CHANGE MY BANK

I'm pretty sure that the interest rate i'm getting on my current account is not the best. I vaguely recall some account advertised someplace that offered some massive % rate (on £250/month for a max of 12 months) as long as you paid in a min of £1k/year. Does anyone else know what im talking about? If you don't know about that account please suggest the best current account deals out there.

HSBC has a savings account (regular saver) that pays 8% interest after a year as long as you put in between £25 and £250/month my standing order from your current account and don't withdraw anything. You can adjust the amount each month if you like, or leave it. After a year they pay you the interest in one lump sum and convert the account to one of their High Interest accounts, but without the 60 day notice period.