Soldato
Open up a LISA or HTB ISA for each of your children and use the government bonus on each to help fund your house move. 
Where to put savings?
- Thread starter ChrisD.
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What did you spend it on? (Being nosey)
Soldato
Coke and hookers ofc
Oh mostly nothing fun, my parents (who are getting on a bit) had two mortgages called in by Natwest (lifelong customers and never missed a payment) for a couple of BTLs, so £30k went there and then I had to do a roof and Kitchen in one of mine - bye bye £20k. I did buy loads of stuff for my RS4 and a new MTB as well but that wasn't from this money!
If you want risk free then you have two options:
- Open various current accounts to take advantage of higher rates on small amounts (faff).
- Easy option is to stick it in an easy access cash ISA.
But this time next year Rodney we could be millionaires....
Associate
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The other month one of the million £ winners only had 7k invested, so when you've got a mere few grand saved for a rainy day, it's a free lotto ticket every month. £50 a year interest from a savings or equivalent account is laughable. You can save 50 quid a year via other means easy enough. PB dropping 0.1% doesn't concern me. I literally can't understand why people think it's bad. Not optimal, sure, bad, not at all.
It used to be worth doing this when the rates were a bit higher but most places have cut to 1.5% now.
TrueIt used to be worth doing this when the rates were a bit higher but most places have cut to 1.5% now.
I've pretty much put all of my emergency fund in a Marcus account now.
Soldato
Interesting suggestion from that link
"I'd then fill up my Stocks & Shares ISA with £20k. As it's a lump sum I'd open an iWeb ISA and put it all in Vanguard's All-Cap index fund (or other global index tracker). Come April 6th I'd do the same thing again"
Anyone done this or created an acct on that site (assuming its https://www.iweb-sharedealing.co.uk/)? A few reviews kinda give it the thumbs up so am thinking of transferring an existing ISA into the Vanguard All-Cap as per suggestion.
Soldato
I've got a S+S isa from Vanguard (not their All-Cap fund though). Signed up directly through the vanguard site.
I've never heard of iweb but from the look of the site that you linked to, there's no way I'd put my money anywhere near it.
I've never heard of iweb but from the look of the site that you linked to, there's no way I'd put my money anywhere near it.
Soldato
I'd kinda agree. The reviews did state it was amateur hour. Which vanguard product / portfolio you on (if I can be so bold to ask)?
I just want a hands-off place to slap money.
Soldato
I'm saving for moving house in the next few months so most of my money is in easy access savings (marcus).
I've got under 2k in Vanguard which won't be needed for the house deposit. Its invested in a few different funds with the majority in LifeStrategy100. I've had just over 10% return in the past year.
I've got under 2k in Vanguard which won't be needed for the house deposit. Its invested in a few different funds with the majority in LifeStrategy100. I've had just over 10% return in the past year.
The Vanguard LifeStrategy funds are a decent hassle free option. You can chose your risk level with the different % equity funds they have.
Soldato
I use vanguard directly too
https://www.vanguardinvestor.co.uk/
I put all mine into Lifestrategy 100% equities, because I'm young(ish) and hoping not to have to touch it for a while
https://www.vanguardinvestor.co.uk/...estrategy_lifestrategy100equityfund_fund_link
If you're intending to access the cash soonish or it's a bigger amount you want to be more careful with, could could choose more like 40 or 60 percent, which are more stable.
The idea is that vanguard is a very low cost solution, your money will follow the markets so generally appreciate over time, but with a low fee to the service provider/fund manager. Other more active funds will claim to get you a better return, but when you factor in the much higher management fee, it turns out most fund managers don't justify the cost.
https://www.vanguardinvestor.co.uk/
I put all mine into Lifestrategy 100% equities, because I'm young(ish) and hoping not to have to touch it for a while
https://www.vanguardinvestor.co.uk/...estrategy_lifestrategy100equityfund_fund_link
If you're intending to access the cash soonish or it's a bigger amount you want to be more careful with, could could choose more like 40 or 60 percent, which are more stable.
The idea is that vanguard is a very low cost solution, your money will follow the markets so generally appreciate over time, but with a low fee to the service provider/fund manager. Other more active funds will claim to get you a better return, but when you factor in the much higher management fee, it turns out most fund managers don't justify the cost.
This is what I've found. I used to have various managed funds with much higher fees than Vanguard. By the time they'd been taken into account the Vanguard fund was outperforming them so I ended up just consolidating them all for an easy life.
Associate
Nothing wrong with iweb, part of Bank of Scotland.
1.5% is okay, but it still means you're effectively losing money due to inflation.
Whereas the US stock market did about 30% last year...
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Yes of course , however if this is just one part of a portfolio it would seem a reasonable place to put cash you may need to get hold of at shortish notice. Once you've used up each years ISA allowances its just finding a home that you're comfortable with the risk/reward. We have money in many different places and my wife loves seeing what we've 'won' each month out of the PB's , its our little bit of fun and if she doesnt get anything (very rare) its great seeing her have a little 10 second strop
Soldato
I've got £30k in savings I've currently sat in a 0.25% saving account so need to figure out what to do with this as it's slowly being wasted.
My thoughts are
Put all in 1.3% Marcus easy access saving now. I assume this isn't the same as the yearly £20k savings allowance you get? But just a normal, without penalty saving account that can change interest rate?
Open up a couple different regular savings, such as first direct and HSBC both offer 2.75% if paying in £300 per month which I'd have as a standing order, plus first direct offer a £100 joining bonus. Am I allowed more than 1 of these type of savings account, esp as first direct/HSBC are the same company?
Then once April hits I'd planned to get a new ISA and put £20k in there, but the savings rate seem to same as the marcus, but with the downside that taking money out comes with penalties.
Is there a better idea I can do with this money?
I don't intend to need it, and if I did, I'd imagine no more than £10k for a vehicle.
I should note that this £30k was saved from just a few months in summer last year and I expect to have the same again this summer, so all going to plan I'll have £60k by October, which is why I feel I definitely need to start making the most of the potential I can get from savings.
My thoughts are
Put all in 1.3% Marcus easy access saving now. I assume this isn't the same as the yearly £20k savings allowance you get? But just a normal, without penalty saving account that can change interest rate?
Open up a couple different regular savings, such as first direct and HSBC both offer 2.75% if paying in £300 per month which I'd have as a standing order, plus first direct offer a £100 joining bonus. Am I allowed more than 1 of these type of savings account, esp as first direct/HSBC are the same company?
Then once April hits I'd planned to get a new ISA and put £20k in there, but the savings rate seem to same as the marcus, but with the downside that taking money out comes with penalties.
Is there a better idea I can do with this money?
I don't intend to need it, and if I did, I'd imagine no more than £10k for a vehicle.
I should note that this £30k was saved from just a few months in summer last year and I expect to have the same again this summer, so all going to plan I'll have £60k by October, which is why I feel I definitely need to start making the most of the potential I can get from savings.