Best place for my savings

I have a Cash ISA with 3 years allowance in it with Natwest which only pays around 0.5% now , but I can't move it to their E-Isa as they can't do internal transfers :mad:

Their E-Isa pays 3.5% afaik - so I'll have to set up a new ISA with someone else soon
 
Moeks said:
With interest rates the way they are now, I'd say Premium Bonds look like a decent bet.
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The average return on premium bonds is 1%, they are a total waste of time. Best bet is a stocks and shares isa, an index tracker has low charges and I've made 22% since december.
 
I have over 50K in savings at the moment and the interest is appaling :( I need to get off my arse this week and sort it out. I'm getting more interest after tax in my savings account than I am in my ISA :( If I was a bit younger I'd be tempted to take it all out and go travelling again for a few years.
 
Why on earth do you have £50k in savings? Do you not have a mortgage you could put it against, if you dont, you should do, with the market like it is.
 
Jez said:
Why on earth do you have £50k in savings? Do you not have a mortgage you could put it against, if you dont, you should do, with the market like it is.
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Waiting until September mate to see how things go :) A small part of me still wants to take the whole lot out so I can die in a massive blaze of glory, but alas, I'm too sensible these days :(
 
Just reinvested my ISA at 2.75% with Nationwide for a year. Around £7400 in there now. Should be nice and large by the time I'll have to start paying tax on normal savings :) (17 at sixth form atm)
 
Solari said:
Waiting until September mate to see how things go :) A small part of me still wants to take the whole lot out so I can die in a massive blaze of glory, but alas, I'm too sensible these days :(
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Buy yourself a cheeky 360 for a while if you cant think what else to do with it, money in the bank is worthless with the way things are, it wont depreciate really and will provide summer fun :)
 
Solari said:
I have over 50K in savings at the moment and the interest is appaling :( I need to get off my arse this week and sort it out. I'm getting more interest after tax in my savings account than I am in my ISA :( If I was a bit younger I'd be tempted to take it all out and go travelling again for a few years.
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Nice pot for investing, it could potentially make you a very wealthy man :)
 
Jez said:
Buy yourself a cheeky 360 for a while if you cant think what else to do with it, money in the bank is worthless with the way things are, it wont depreciate really and will provide summer fun :)
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I've been aching to buy another car but my sensible side is saying wait and plough as much as possible into a house to get a lower mortgage. I am determined not to pay any more than 900 quid a month on a mortgage. I want as much disposable income as possible as I've been saving more than a mortgage+bills would cost each month for a while. Getting a mortgage should make me considerably better off ;) Short term pain, long term gain you see...
 
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Moeks said:
With interest rates the way they are now, I'd say Premium Bonds look like a decent bet. When the best interest rates were double what they are now, before the "banking crisis' kicked off, it was generally regarded as being better to use high interest savings accounts, once your ISA quota was used up. I'm not so sure now, using an ISA is still a good idea, I'd put anything left into Premium Bonds though I think.
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Energize said:
The average return on premium bonds is 1%, they are a total waste of time. Best bet is a stocks and shares isa, an index tracker has low charges and I've made 22% since december.
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In the current climate there's nothing really very good. If you can find an offshore account the UK gov will usually back it up to the tune of £50k I think. You might be able to get 4-5%. I thought Premium bonds are currently 1.5% (slashed from their previous return of 3%).

To be honest though, even though I wish I had £4200 spare, it's hardly going to get great returns anywhere. You might make £50 over a couple of years but is it worth the hassle. My money's been in Premium bonds for a while and I'd rather save the effort and drop a % or so on the return.

also higher gains = higher risks. 22% is good but in ISA, premium bonds, savings accounts etc your money is essentially safe
 
Moeks said:
With interest rates the way they are now, I'd say Premium Bonds look like a decent bet. When the best interest rates were double what they are now, before the "banking crisis' kicked off, it was generally regarded as being better to use high interest savings accounts, once your ISA quota was used up. I'm not so sure now, using an ISA is still a good idea, I'd put anything left into Premium Bonds though I think.
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This.
Www.moneyfacts.co.uk for a look at the best cash isas. Then take out some premium bonds. Guaranteed your capital back and can pull out when you want.
 
OoOverclockaoO said:
I have a Cash ISA with 3 years allowance in it with Natwest which only pays around 0.5% now , but I can't move it to their E-Isa as they can't do internal transfers :mad:

Their E-Isa pays 3.5% afaik - so I'll have to set up a new ISA with someone else soon
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Absolute rubbish, they do transfer internally as I am midway through the transfer process :) I'm currently about to hit week 4 but have been advised there is a backlog of new accounts/transfers.
 
Aren't you only covered for the first £30k if the bank collapses? I'd split that amount over 2 seperate institutions if you're got it all in one account.
 
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