How and where do you save money?

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Soldato
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I'm just interested to see what people's thoughts and opinions are on where they save their money. There is a lot of options available and I know there will be people who will have used a lot of different sorts of savings options, be it ISAs, savings accounts, investment funds, etc; I'm hoping you'll be able to share your experiences with them.

For example, I know that premium bonds are an absolute waste of time, your money is very inaccessible if you were to need it for an emergency and the return you get on your money is neither guaranteed or at an average rate comparable to other options. You can however win a million quid which I think is the appeal.
 
We overpay our mortgage using the preferential options I get from working for a bank.

We have a savings fall back in case of unexpected life changes.

No ISAs as they don't exist here.

Works well for us.
 
Got a 2 year ISA and a savings account. Both were around 3%, but now the savings account has been reduced to 1.75% and there doesn't seem to be many that offer much more than that any more.

I miss my 6% savings accounts :(. I used to upgrade my PC with the interest, but now I'm actually losing money so I have still got a GTX280 :eek:.
 
Mark A said:
Got a 2 year ISA and a savings account. Both were around 3%, but now the savings account has been reduced to 1.75% and there doesn't seem to be many that offer much more than that any more.

I miss my 6% savings accounts :(. I used to upgrade my PC with the interest, but now I'm actually losing money so I have still got a GTX280 :eek:.
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Yep its pretty grim for savers our there at the mo :(
 
Mark A said:
Got a 2 year ISA and a savings account. Both were around 3%, but now the savings account has been reduced to 1.75% and there doesn't seem to be many that offer much more than that any more.

I miss my 6% savings accounts :(. I used to upgrade my PC with the interest, but now I'm actually losing money so I have still got a GTX280 :eek:.
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Why not put it in a Australian savers account?

a lot are offering 5% for 6 months and then 3.5% after. or 4.92% if you make no withdraws each month.

Australian Government's up to £170k guarantee.

The UK has a double taxation treaty in place with Australia, so you won't pay tax twice
 
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sanaxe1 said:
Why not put it in a Australian savers account?

a lot are offering 5% for 6 months and then 3.5% after. or 4.92% if you make no withdraws each month.

Australian Government's up to £170k guarantee.

The UK has a double taxation treaty in place with Australia, so you won't pay tax twice
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Sounds too good to be true, whats the catch?
 
bloodiedathame said:
Sounds too good to be true, whats the catch?
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Presumably exchange rate fluctuations.

Edit: Thinking about it, you're not so much investing in a savings account, more investing in foreign currency, with all the risks that go with it such as actually partly losing your original investment.
 
Mark A said:
Got a 2 year ISA and a savings account. Both were around 3%, but now the savings account has been reduced to 1.75% and there doesn't seem to be many that offer much more than that any more.

I miss my 6% savings accounts :(. I used to upgrade my PC with the interest, but now I'm actually losing money so I have still got a GTX280 :eek:.
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We have 6% on our regular savings account, and also 6.75% on our long term deposit account. However they are dependent on what type of bank account you hold and regular payments into each.
 
Castiel said:
We have 6% on our regular savings account, and also 6.75% on our long term deposit account. However they are dependent on what type of bank account you hold and regular payments into each.
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Who are you with out of interest? I'd imagine the same sort of deals are not available to new customers?
 
I've got the usual ISA and savings account. Plus I have some stocks and shares. I've also been gambling a little and buying art and jewellery with a view of making a profit. The good thing about these items are that I can liquidate them quickly and get back what I paid for them at the very least.
 
I keep my savings in a standard current account. So I can access it whenever, how ever I want.

I don't see the point of having an ISA account with all these limitations, telling me what I can and cannot do with my own money I put in. I put money in the bank to SAVE not to make a profit from interest, especially now.
 
malachi said:
I keep my savings in a standard current account. So I can access it whenever, how ever I want.

I don't see the point of having an ISA account with all these limitations, telling me what I can and cannot do with my own money I put in. I put money in the bank to SAVE not to make a profit from interest, especially now.
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It's not so much trying to make a profit, but to try and keep up with inflation, so your savings aren't slowly dwindling away.

Also there are many ISA accounts that allow you to do what you want with your money. Some you can access online and move money out and in as you please.
 
i'm all about instant access or similar

nationwide savings account with 1 withdrawal free per year
one ISA account with ING, instant unlimited access.

move it around each year once rate falls
 
-Index linked savings bond (RPI +1%, tax free so is averaging about 5% net)
-Few ISAs scattered around that I really ought to try and consolidate but am too lazy - got a few building societies for carpet-bagging potential but it's been ages since I had many windfalls (Portman, Birmingham Midshires...) - starting to think I'd rather have everything in a single (online) account for simplicity.
-Generic instant accesss savings account
-Got quite a lot in online bookmakers as well but the balances there fluctuate a lot for obvious reasons
 
I put my savings into an oeic (open ended investment company) which is also an ISA so any profit is tax free. I did this about 5 years ago, just before the recession hit. the price of the oeic share price fell from 126p to about 90p so i felt i had no option but to stick with it. Quite glad i did as the price is now at 163p and climbing steadily. Just wish i had started it when the price hit the low of around 90p a share.

I also have an ISA but it has very low returns.
 
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