How and where do you save money?

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keeping money in a safe is not such a bad idea, but you would be better buying gold or silver and storing it in a safety deposit box in different countries around the world, if you have a lot. if I had a fair amount of savings I would not put it in to a mortgage. I would buy gold and silver and store it in a bank deposit box in the uk or if I had a secure house a house safe. I would also take some of it and invest it in to long term low risk as possible stocks. but the easy solution I just put in to a savings account that tries illeviate loss from inflation as much as possible

government lendor of last resort won't be there forever. I wouldn't like to be in a position where I have to rely on the government insurance on a failed bank.
 
What's more likely to happen, you get robbed and lose your money or the government can't pay out? Both are pretty unlikely but the former. Now, this, of course assumes you are under the government threshold, which is high enough for most people, and if not, you can put it in another bank for more protection. (The insurance is per registered banking institution, IIRC)
 
We have a joint savings account with around 3% at the moment but is maturing soon, and a personal savings account but that rate has dropped to about 1.5% so need to find some new places to squirrel away monthly spare cash.
 
desires said:
Question about ISAs, you get ~£5k, at the end of the tax year, can you put more in the same one or do you have to open up a new ISA and if the latter can that ISA be with the same bank?
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You would open a new one, with the same bank or a different one it doesn't matter.

Then if/when the tie in period of the first one expires (eg: introductory bonus rate for the first year) then when you open a new one get one that accept transfers in.

So even though you can only put in a max of ~£5k in cash in any one tax year, you can transfer in older ISA's without taking up that limit.

So after 20 years you could have ~£100k in 1 ISA paying interest tax free.
 
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What would be a suggestion for saving for a mortgage deposit? I live in London so would need a beefy deposit to live anywhere I won't get stabbed. But jokes aside, what would be a sensible place to put savings to build up a mortgage deposit? Looking to build up 20-50k but at the moment obviously don't have that sort of money lying around.

Obviously I would prefer it to be safe and at the very least to lessen the inflation damage. It would all be used for the deposit when the amount is enough so not a massively long term investment but several years to save up.
 
Ok so being called a Burke for answering the OPs question honestly has hit a bit of a nerve with me. All i said was i used to keep all my cash in the bank (it was one of those "high" interest online saver jobbies from RBS) but now i keep as much as i can save (around £100 pw) in a safe at home. I use this money to overpay my mortage once a year and take the wife on a nice holiday. Thats it, by the end of Jan all the cash has gone, ive knocked my mortgage down and the wife has a new tan and its time to start again.

and all these people agree over paying the mortgage is a good idea;

The_Abyss said:
Overpay the mortgage as much as I'm allowed
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billysielu said:
A better use of money is making intelligent purchases. e.g.
- buy a car outright instead of credit
- put down a bigger house deposit / overpay mortgage

you get the jist
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platypus said:
overpaying the mortgage.
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I started doing this a few years back now, when RBS cut the rate on the "HIGH" interest online saver. I dont like the thought of having my money tied up in a bank for short, mid or long term so ISAs are out of the question for me. Im also in business for myself, so if i was to go bust and owe the tax man, the vat man, a couple of suppliers and some joe bloggs from down the road, where is the first place the insolvency people going to look? the bank, so whats the first thing they are going to do??? sieze all my cash and pay who i owe as much as they can.
So i feel a whole lot better having a stash at home. I do pay money into the bank, there are certain bills that you cant pay all at once, for example, my mobile phone, virgin media, utility bills. Also i pay money in the bank to prove i have an income. Other bills like insurance, councils tax etc etc get paid in full.

So i cant see how i can be a burke, stashing cash for 12 months at home and then putting it to good use dont seem a bad idea to me. thats my opinion, thats what i do and thats the answer i gave to the OP wheh he asked the question. or maybe i should read the thread, find the guy with the most posts and copy what they say???
 
nick.lidgett said:
*snip*
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No-one is saying you're daft for paying off a mortgage, they're saying it's daft to stash the cash in a safe at home (you sound oddly like my paranoid parents . . .) when it's guaranteed in a bank/building society and will not just sit there losing value like it does stored at home - assuming that your savings account has a reasonable interest rate.

Your original paranoid/conspiracy rant on the previous page is what started it off!
 
2.25% ISA (freedom to withdraw and deposit as many times as I want)
4% Online Saver

Up to now though I've overspent on outstanding debts. As many have said on here, it's better to reduce/remove debts before saving.

Now I'm debt free the saving starts for a chunky deposit on a house for a low rate mortgage (I hope)...
 
Dave said:
No-one is saying you're daft for paying off a mortgage, they're saying it's daft to stash the cash in a safe at home (you sound oddly like my paranoid parents . . .) when it's guaranteed in a bank/building society and will not just sit there losing value like it does stored at home - assuming that your savings account has a reasonable interest rate.

Your original paranoid/conspiracy rant on the previous page is what started it off!
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Ok i can see how my original post may have be misconstrued, i was just keep to get my point across.
i can also see the good reasons of putting it in a bank but for me personally, it doesnt fit in my master plan. And also like i said about if i went bust, it just makes me feel better.
 
Small savings (circa £5k) for small term events (car maintenance, house bills) then a third of all extra money at the end of the month (circa £1k) gets bumped straight into paying off the mortgage.
 
rossk26 said:
2.25% ISA (freedom to withdraw and deposit as many times as I want)
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If i took my £5k and put it in this guys ISA i would get £112.50 in interest so when i drew it out 12 months later to pay mortgage and go on my jollies id have an extra £112.50 to spend, i can see how this is good for long term savers but its not enough for me to risk the lot if the worst was to happen in business terms. These are dark times we are living in and im just trying to ride the storm.
 
nick.lidgett said:
If i took my £5k and put it in this guys ISA i would get £112.50 in interest so when i drew it out 12 months later to pay mortgage and go on my jollies id have an extra £112.50 to spend, i can see how this is good for long term savers but its not enough for me to risk the lot if the worst was to happen in business terms. These are dark times we are living in and im just trying to ride the storm.
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That's why it's good as you can withdraw instantly without penalty...
 
Unemployed at the moment so saving is difficult, however I have two savings accounts and two other bank accounts, my plan is (for when I gain employment) to have one account receive the income then feed it to the others, then use a separate account for the money I've budgeted to spend (I do a budget every month) and if I earn enough, pay at least twice as much as I need to into the bill account so in 12 months time I'm a year ahead in my payments and continue like that to build up a nice cushion to fall back on should something go wrong.

One of my savings accounts can only be accessed in-branch, I like that as it's harder to touch it, but there if I need it.

Oh, I've also got some accounts in Australia, always intended sending some over to build up a nice little holiday fund for when I'm next over there but haven't got around to it so far.
 
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For those who want/have regular savers, First Direct is still (after several years) offering 8% regular saver accounts if you have a FD current account. £300 /mo. max deposit.
 
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