Advice on savings account
- Thread starter youdsy
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Stocks and Shares ISA.
My portfolio as an example:
My portfolio as an example:
As mentioned above, LISAs are good bet, possibly then S&SISA if you can stomach a bit more risk, but in terms of standard savings account the Santander 123 account gives 1.5% interest plus cashback on direct debits and so on.
Either that or look at the higher rate saving accounts, but have limited maximums, and play the monthly transfer game to qualify for the higher interest.
Either that or look at the higher rate saving accounts, but have limited maximums, and play the monthly transfer game to qualify for the higher interest.
But what does any of that mean? What sort of returns are you getting etc?Stocks and Shares ISA.
My portfolio as an example:
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The goal is 7-10% over the long term, but for actual data see:
Legal & General UK Index
Legal & General International Index Trust
iShares Emerging Markets Equity Index
Morgan Stanley Sterling Corporate Bond
iShares Global Property Secs. Eq. Index
Nationwide themselves have very good savings accounts. So why has it been left in a 0.1% account?
Flexclusive ISA is 1%. Their regular saver is 5%.
Max is 300 per month for 12 months.
Cause after 12 months they refer back to an everyday savings account...my 5% ends in Feb in my nationwide account.
30k invest in premium bonds as interest rates are poo.
The regular saver yes (only £250/mo anyway), but the ISA and something like the Loyalty Saver Account, no.
They take like 5 minutes to open via the app or website.
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Some banks do Investment ISAs, which looks like a Stocks and Shares ISA where they manage it for you. Pretty cool if you don't want to bother learning about it yourself.
https://www.lloydsbank.com/investments/investment-isa.asp
https://www.lloydsbank.com/investments/investment-isa.asp
Linky? I can't see any on nationwide site with a decent interest rate.
regular saver with hsbc advance - 5% on £250 a month
nationwide flexdirect 5% on balances up to £2500
nationwide regular saver - 5% on £500 a month
first direct first account £100 on using the switching service - then open a saver account (although low interest rate) to bypass the £10/month fee
first direct regular saver - 5% on £300 a month
that's how i split my money. benefit for all of these are that you don't need any active direct debits, so you still can use your main account and have these on the side
nationwide flexdirect 5% on balances up to £2500
nationwide regular saver - 5% on £500 a month
first direct first account £100 on using the switching service - then open a saver account (although low interest rate) to bypass the £10/month fee
first direct regular saver - 5% on £300 a month
that's how i split my money. benefit for all of these are that you don't need any active direct debits, so you still can use your main account and have these on the side
The nationwide accounts are for 12 months ...then what ?
https://www.nationwide.co.uk/products/savings/flexclusive-isa/features-and-benefits - 1%
https://www.nationwide.co.uk/products/savings/loyalty-saver/features-and-benefits - up to 1% depending on how long you've been with Nationwide
Also the Flexdirect is 1% after the first year (5%).
Not exactly very hard to find these and can be opened almost instantly if an existing customer.
Regular saver (5%) can be reopened after the preceding one closes as well.
These aren't best buys as there are higher earning ones but that depends on how much you value your effort and how many account providers you wish to manage.
The world stock markets have gone through a strong rally in the past few years (as well as the one off depreciation of the pound making assets outside the UK suddenly more valuable) and people's advice is being influenced by that.
The idea you can get 20% a year long term is absurd. That isn't to say it is a bad thing to do though.
The idea you can get 20% a year long term is absurd. That isn't to say it is a bad thing to do though.
1% is rubbish...though.
Offer me a significantly better risk free rate.