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22 Jul 2005, 03:23
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#1
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so f*cking zen
Join Date: Jan 2003
Location: Hitting Bottom
Posts: 8,499
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Financial Advice
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.
__________________
On a long enough timeline, the survival rate for everyone drops to zero.
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22 Jul 2005, 03:30
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#2
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Insanity Prawn Boy!
Join Date: Dec 2001
Location: In a bush where you can't find me
Posts: 2,474
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Re: Financial Advice
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.
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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.
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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
__________________
They shall not grow old, as we who are left grow old:
Age shall not weary them, nor the years condemn.
At the going down of the sun and in the morning
We shall remember them.
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22 Jul 2005, 09:58
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#3
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Henry Kelly
Join Date: Apr 2000
Posts: 7,374
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Re: Financial Advice
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.
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You're now playing ketchup
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22 Jul 2005, 10:25
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#4
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Has Soup On His Head
Join Date: Aug 2000
Posts: 10,095
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Re: Financial Advice
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.
__________________
And the Banker, inspired with a courage so new
It was matter for general remark,
Rushed madly ahead and was lost to their view
In his zeal to discover the Snark
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22 Jul 2005, 10:54
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#5
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Chief over all Monkeys
Join Date: Apr 2003
Posts: 1,771
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Re: Financial Advice
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.
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22 Jul 2005, 11:10
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#6
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I see you!
Join Date: Sep 2002
Location: In any girl
Posts: 2,825
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Re: Financial Advice
Quote:
Originally Posted by Dace
4.) GENERAL SAVING
I'm sure i've missed out some nifty way of saving.
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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.
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22 Jul 2005, 11:17
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#7
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cynic
Join Date: May 2000
Location: Bishop Auckland Co. Durham
Posts: 8,809
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Re: Financial Advice
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
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lazy
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22 Jul 2005, 11:46
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#8
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home wrecker
Join Date: Jan 2001
Location: The other side of the galaxy ;)
Posts: 1,041
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Re: Financial Advice
i work in the public sector.
my pension is better than all of yours.
fact
__________________
May the Farce be with you...
#pr0nstars - a pimp is for life, not just for christmas
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22 Jul 2005, 11:57
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#9
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BlueTuba
Join Date: Aug 2000
Posts: 6,339
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Re: Financial Advice
the Fool is a fantastic place for investment advice, they are top lads there
__________________
"Build a man a fire, and he'll be warm for a day. Set a man on fire, and he'll be warm for the rest of his life."
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22 Jul 2005, 13:17
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#10
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:alpha:
Join Date: May 2002
Location: London, UK
Posts: 7,871
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Re: Financial Advice
Quote:
Originally Posted by MAdnRisKy
i work in the public sector.
my pension is better than all of yours.
fact
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Not mine
__________________
"There is no I in team, but there are two in anal fisting"
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22 Jul 2005, 14:47
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#11
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Miles Teg
Join Date: Nov 2001
Location: Dom City
Posts: 5,192
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Re: Financial Advice
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
__________________
Audentes Fortuna Iuvat
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22 Jul 2005, 15:50
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#12
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Back from timeout.
Join Date: May 2002
Posts: 901
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Re: Financial Advice
Quote:
Originally Posted by Dace
I think it's time for me to become a grown up person.
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Anyone else read that and chuckle*?
*chucklechucklechucklechuckle
__________________
Quote:
Originally posted by Marilyn Manson
You'll have to prise my penis from my cold, dead hand!
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Quote:
Originally posted by Yahwe
Gay ducks only do it because it impresses their peers.
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22 Jul 2005, 16:16
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#13
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#planetarion
Join Date: Feb 2002
Location: Birmingham, UK
Posts: 1,538
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Re: Financial Advice
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.
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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.
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- A2
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