Where to put savings?

The_Abyss · 23 Feb 2020 at 21:20

easyrider said:
Kids gotta dream

Her finest hour (IMO)

Perfect choice for title music for season 3 of The Deuce.

TNGL · 15 Apr 2020 at 17:28

How have people found their experience with Marcus to be? Their security seems quite lax, they didn't even ask me to verify my phone number.

EdGey · 15 Apr 2020 at 18:08

Just find a decent savings account if you ask me. I'm using the Coventry triple access account at the moment - 1.45%

Reasonable return if you have an okay amount in there, and safe.

Nasher · 15 Apr 2020 at 18:09

TNGL said:
How have people found their experience with Marcus to be? Their security seems quite lax, they didn't even ask me to verify my phone number.

Did they have a funny accident and talk about a surprise inheritance?

Karl · 15 Apr 2020 at 18:10

TNGL said:
How have people found their experience with Marcus to be? Their security seems quite lax, they didn't even ask me to verify my phone number.

Pretty good thus far. You can only transfer funds to a linked account that you nominate when you create your Marcus account, and the 2FA is with my email address.

ChrisD. · 15 Apr 2020 at 18:25

I put all of my money into premium bonds, will have to see how it goes. I figure if I win once it's more than I'd get from a savings account. I'm also buying shares through work at a discount so there should be some extra money coming from that too.

easyrider · 15 Apr 2020 at 18:30

Another 75 quid this month on Premium bonds...last month it was 50 and the month before that 25

TNGL · 15 Apr 2020 at 18:46

Karl said:
Pretty good thus far. You can only transfer funds to a linked account that you nominate when you create your Marcus account, and the 2FA is with my email address.

Good idea, I've just set up 2FA on my email. I should have done that a while back.

Am I right in saying the app is only accessibly by US customers? If so it's a bit of a shame.

unwashed potato! · 15 Apr 2020 at 21:13

No app here in UK unfortunately. I didn't know they had one

Trusty · 15 Apr 2020 at 21:27

TNGL · 15 Apr 2020 at 22:30

Apex said:
No app here in UK unfortunately. I didn't know they had one

It's very odd, they do have one but it is only accessible in the US. I am sure it will make its way to us eventually.

Karl · 16 Apr 2020 at 11:19

TNGL said:
Good idea, I've just set up 2FA on my email. I should have done that a while back.

Am I right in saying the app is only accessibly by US customers? If so it's a bit of a shame.

Yeah. I also use Al Rayan for their easy access savings, and they do have an app, but it's convoluted and over-complicated for what it's trying to achieve.

Psycho Sonny · 16 Apr 2020 at 13:40

ChrisD. said:
I put all of my money into premium bonds, will have to see how it goes. I figure if I win once it's more than I'd get from a savings account. I'm also buying shares through work at a discount so there should be some extra money coming from that too.

they pay out less than inflation. it's not a smart move.

pay off your mortgage before any fees are incurred, e.g. 10% per year of the original amount, credit, loans, etc.

then if you have money left over and want quick access without risk spread among the current highest paying interest accounts, stocks and share isa's and gold.

premium bonds are basically for old clueless people.

ChrisD. · 16 Apr 2020 at 13:46

I don't want to pay a chunk of my mortgage because it is rainy day money. I have circa 4 months take home salary in bonds currently and I am topping up every month. I can have them out of bonds in a day or so. Releasing equity from a house isn't as easy. I have no debt apart from my mortgage and the PCP on my car (which is covered by a car allowance).

Psycho Sonny said:
premium bonds are basically for old clueless people.

My mrs wins nearly every month as does her mother, the amounts far exceed what any savings account would offer in a year.

Psycho Sonny · 16 Apr 2020 at 13:48

ChrisD. said:
I don't want to pay a chunk of my mortgage because it is rainy day money. I can have them out of bonds in a day or so. Releasing equity from a house isn't as easy. I have no debt apart from my mortgage and the PCP on my car (which is covered by a car allowance).

My mrs wins nearly every month as does her mother, the amounts far exceed what any savings account would offer in a year.

It's amazing how only the people winning ever post about them. It's as if there are zero losers.

How much do they own and how much have they won in the past 12 months?

ChrisD. · 16 Apr 2020 at 13:52

Psycho Sonny said:
It's amazing how only the people winning ever post about them. It's as if there are zero losers.

How much do they own and how much have they won in the past 12 months?

I didn't win this month, but it was the first full month since I deposited the money after paying off some credit cards. Even if I win £25, it's more than I can get in any savings account which allows near instant access. As I'm not interested in using it for the stock market as I buy VMware shares at a discount direct from my salary, I really don't see an issue putting them in bonds as it's not like it's 100's of pounds that I'm losing out on.

My mrs has 50k in there, she's won over £500 in the past year. No idea how much her mum has, that's not my business.

Both her and my money is being put towards us buying a house next year.

There are people in this thread who have won and I know others have too.

Karl · 16 Apr 2020 at 13:54

In contrast, I had a few grand in there for 2 years and never won a bean

Psycho Sonny · 16 Apr 2020 at 13:57

ChrisD. said:
I didn't win this month, but it was the first full month since I deposited the money after paying off some credit cards. Even if I win £25, it's more than I can get in any savings account which allows near instant access. As I'm not interested in using it for the stock market as I buy VMware shares at a discount direct from my salary, I really don't see an issue putting them in bonds as it's not like it's 100's of pounds that I'm losing out on.

My mrs has 50k in there, she's won over £500 in the past year. No idea how much her mum has, that's not my business.

Both her and my money is being put towards us buying a house next year.

There are people in this thread who have won and I know others have too.

So you are planning on buying a house. I get that. So you need money or equity to do that and for some reason you are choosing money over equity. Even though that money is getting you 1% of interest a year vs likely 2% in interest on the mortgage you currently have.

Again I would overpay the mortgage by the max amount before any fees are incurred going by your figures.

What you have leftover you can then put into premium bonds if you are so convinced it's the right thing to do.

Psycho Sonny · 16 Apr 2020 at 14:03

Karl said:
In contrast, I had a few grand in there for 2 years and never won a bean

Which is what happens to the majority of folk. People think it's amazing because they are winning something every other month but they fail to mention they have £60K invested. At that kind of level if you aren't winning £25 every other month I'd be worried.

ChrisD. · 16 Apr 2020 at 14:08

Psycho Sonny said:
So you are planning on buying a house. I get that. So you need money or equity to do that and for some reason you are choosing money over equity. Even though that money is getting you 1% of interest a year vs likely 2% in interest on the mortgage you currently have.

Again I would overpay the mortgage by the max amount before any fees are incurred going by your figures.

What you have leftover you can then put into premium bonds if you are so convinced it's the right thing to do.

If I end up without a job I need money, it's far easier to withdraw from bonds than it is to borrow against my house. My mortgage interest rate is 1.65% from memory so it's not exactly terrible.

I'd rather have 3 months minimum easy access money for a rainy day - especially in the current COVID-19 situation we are all in. Saying that my job is pretty safe at the moment but that's not to say it can't change.