16 years isn't it?
To rub salt in the wound, my son's S&S Junior ISA has gained 29.83% in his short 5 year lifespan.
Best savings account?
- Thread starter Merlin5
- Start date
16 years isn't it?
To rub salt in the wound, my son's S&S Junior ISA has gained 29.83% in his short 5 year lifespan.
Transfer it. That's a life-changing issue
Soldato
Recommendations for £500 a month to be put into. Shouldn't be accessed at anytime during the savings period if things don't go completely **** up
I think if I was in this situation I would gamble them on premium bonds.
You should get over that period a return that is slightly below market rate, but you may be lucky.
Also tax free, if your saving as much as you say then your probably skirting around the limit or paying tax anyway.
Soldato
Quite happy with my Coventry BS ISA - still at 4.8%
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Soldato
I am most likely going to go with an ISA that allows monthly payments (Virgin seems not bad at 4.51%, but haven't finished looking, first payment I make is 1st Nov). As for my current accounts I have my main bank account that my salary comes into, off that I have a monthly saver and a fixed ISA. I then have a second current account that I use for some bills that I opened as it also required you to have a current account to open a monthly saver. I then have one other current account linked to a savings account that I just need to close down at some point as it has basically nothing in it now. I am not currently saving a load so am under the amount required to pay on the interest and then the £500 monthly will always be in an ISA and will only be £6k a year so under that allowance easily.
Can you pay into that monthly or just at the start?
Soldato
I've seen that, I'm just wary of something I've never heard of and my money.
Pretty sure it complies with all the UK regs for 85k.
Soldato
Lets give em a try then.
I've had a t212 account for a good while now. (for S&S isa.)
I would set a t212 s&s ISA up but I have maxed out my 20k limit for this year on the zopa cash Isa
As far as I know you could pay simultaneously into a cash and s&s isa but you can't go over a £20k limit.
Soldato
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Yeh. So you would have to think which product would give you the most value over a year or two or morePretty sure its £20k in each,
Nope, Its £20k total
Yeah I use t212 for both. And as you can transfer between the 2 without losing your limit it works for me. Also, if you withdraw you can re-add without loss of limit
Soldato
you can only earn £1000, £500 or zero amount in normal/reg savers account depending on your tax bracket before you have to start paying tax on it.
This amount is also affected by your annual taxable income, as if the £1000 Personal Saving Allowance takes you above the 50.27k 20% tax bracket. Then your PSA is only £500 and you would have to pay tax at the 40% rate.
It's a lot of maths juggling, specially the fact that most banks don't pay in the intreast till the last few days of the tax year so you have little time to adjust your other income to take your income below the tax bracket again. I tend to give myself a 1-1.5k buffer in my salary for intreast and dividend income.
Most of my savings are going into S&S ISA at the moment which doesn't affect taxes.
This amount is also affected by your annual taxable income, as if the £1000 Personal Saving Allowance takes you above the 50.27k 20% tax bracket. Then your PSA is only £500 and you would have to pay tax at the 40% rate.
It's a lot of maths juggling, specially the fact that most banks don't pay in the intreast till the last few days of the tax year so you have little time to adjust your other income to take your income below the tax bracket again. I tend to give myself a 1-1.5k buffer in my salary for intreast and dividend income.
Most of my savings are going into S&S ISA at the moment which doesn't affect taxes.
Underboss
hi
as im thick, could someone explain this please
if you goto MSE
www.moneysavingexpert.com
go down to TSB and Yorkshire bank, why is TSB interest LOWER even though its a FIXED rate at 6% ?
both paying in £250 a month for 1 year
as im thick, could someone explain this please
if you goto MSE
Regular savings accounts
Get the best regular savings accounts by ignoring normal best buy tables - you could earn up to 8% by reading our guide at Money Saving Expert
www.moneysavingexpert.com
go down to TSB and Yorkshire bank, why is TSB interest LOWER even though its a FIXED rate at 6% ?
both paying in £250 a month for 1 year
hi
as im thick, could someone explain this please
if you goto MSE
Regular savings accounts
Get the best regular savings accounts by ignoring normal best buy tables - you could earn up to 8% by reading our guide at Money Saving Expert
go down to TSB and Yorkshire bank, why is TSB interest LOWER even though its a FIXED rate at 6% ?
both paying in £250 a month for 1 year
Very briefly, if you are only saving a little bit each month, you can get very good rates, but those rates might only apply for about 1 year, then they might drop to something daft like 2% after 12 months so youl'll have to move your savings to a better account to keep the money working for you.
Also those types of accounts might have a maximum you can pay in per year, to qualify for the 'good rate'.
If you are 'only' saving £500 per month between you, and have no other savings, the easy thing to do would be to bang the lot into a cash ISA, or you both have your own cash ISA's and split the money that way....pretty much zero risk, and tax free interest.
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This guys Youtube channel is really worth a watch if you are new to financial planning...
www.youtube.com
It's a bit overwhelming when you first start watching, as there's a lot of stuff to learn*, but if you browse his videos and just watch some you think might apply to you, it will start falling into place.
*there's a lot of stuff to learn, but it's stuff worth getting to grips with as it's your future!
This is quite a good video to start with:
Chris Palmer
I help people on their Financial journey and share honest advice about Investing and Cryptocurrency. We lack so much knowledge from the education system not teaching us about investing from an early age and I hope to change that! I'm sharing my whole investment journey and currently on my path...
www.youtube.com
It's a bit overwhelming when you first start watching, as there's a lot of stuff to learn*, but if you browse his videos and just watch some you think might apply to you, it will start falling into place.
*there's a lot of stuff to learn, but it's stuff worth getting to grips with as it's your future!
This is quite a good video to start with:
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Man of Honour
- Joined
- 21 Nov 2004
- Posts
- 46,011
I found easy access regular savers a great way to get a good saving habit started with small amounts and decent interest until I got up to my tax free interest allowance.
I’m now working on premium bonds just because I find them fun, but ISA allowance is obviously the standard first route to go down.
I have a decent pile invested in trust, so saving just keeps me on the straight and narrow more than anything. Otherwise I’d also be investing!
I’m now working on premium bonds just because I find them fun, but ISA allowance is obviously the standard first route to go down.
I have a decent pile invested in trust, so saving just keeps me on the straight and narrow more than anything. Otherwise I’d also be investing!
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trading212 is massive, I've been using it for years to buy/sell stocks as do many others on this forum.