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bykergrove Avatar
banned5y, 11m agoPosted 5 years, 11 months ago
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bykergrove Avatar
banned5y, 11m agoPosted 5 years, 11 months ago
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#1
think santander are the best atm.. my dads be sorting out all his accounts over the past few weeks chopping and changing loking about 3% or 3.very little%

if you wont need to touch the money then a 2yr isa will give yo ua better rate though.. i currently have none in an isa :D

Edited By: joeprosho on Apr 20, 2011 23:29
banned#2
more than you
#3
£13,750 / 2.75% (My son's Uni/first car fund)
2 Likes #4
bykergrove
zombrex
£13,750 / 2.75% (My son's Uni/first car fund)

Nice! how old is your son? Uni fees are getting crazy high these days

3 years old in May, just making sure he's sorted when the time comes, unlike my parents i want to give my son the best possible start in life
#5
bykergrove
DangerGod
more than you

lol what account is it brah? is it better than 3.2%? because 3.2% sounds pretty lame :(

3,2 sounds pretty decent atm tbh.. about the mark my dad was talking about anyway, i can let you know tomorrow what he transferred his last year ISA into tomorrow as he's in bed (he was on about 3.2 last year and then it does the standard second year drop to 0.5% lol), he has just been through this whole rigmarole and devoutly uses MSE,

overheard him saying if you put it in one for 2yrs which you didnt touch you could get about 4.3 or so atm.. id have to ask him like i say though


Edited By: joeprosho on Apr 20, 2011 23:40
banned#6
bykergrove
DangerGod
more than you


lol what account is it brah? is it better than 3.2%? because 3.2% sounds pretty lame :(


yeah but only just/ natwest
#7
bykergrove
joeprosho
think santander are the best atm.. my dads be sorting out all his accounts over the past few weeks chopping and changing loking about 3% or 3.very little%

cools I think with santander you can't transfer old ISAs into the account... :| I have quite a large ISA so was wondering if i sold myself short by going with halifax with 3% + 0.2% bonus because I have a premier current account with them. Do some accounts do better rates if you transfer larger amounts to them from previous ISAs?

thats exactly it i think, he was with santander and he cant transfer to the one they are offering this year due to there terms and conditions so has had to switch banks

Edited By: joeprosho on Apr 20, 2011 23:43
#8
bykergrove
zombrex
bykergrove
zombrex
£13,750 / 2.75% (My son's Uni/first car fund)

Nice! how old is your son? Uni fees are getting crazy high these days

3 years old in May, just making sure he's sorted when the time comes, unlike my parents i want to give my son the best possible start in life

That's awesome. By the time he's passed his test that'll get him a nice car or a debt free degree! all the best!

joeprosho
bykergrove
DangerGod
more than you

lol what account is it brah? is it better than 3.2%? because 3.2% sounds pretty lame :(

3,2 sounds pretty decent nowadays tbh.. about the mark my dad was talking about anyway, i can let you know tomorrow what he transferred his last year ISA into tomorrow as he's in bed, he has just been through this whole rigmarole and devoutly uses MSE,

overheard him saying if you put it in one for 2yrs which you didnt touch you could get about 4.3 or so atm.. id have to ask him like i say though
I was tempted and probably should have gone for a 2 year fixed rate. i don't need the money just yet so could have done with a better rate. I remember seeing in the past there were some accounts with stepped interest rates depending on the balance but in a silly rush (my previous account rate went down to like 0.1% I went with halifax because of the extra bonus... now that my previous account money has hit the account i'm getting a bit of buyers remorse!

your dad sounds like a gansta btw. also, i'd stick some cash in an isa if i was you... tell the tax man where to stick it!

lol its his thing, he's screwed for a pension so spends his days managing about 20 accounts and just gets lost in them all

i certainly will get isa'ing as soon as i have some wages to save, new job starts may 12th, whole new city so here we go.. all my moneys sat in my current account atm.. which is pretty pointless.. but it is soon to be disposed with rent deposits rent and my first holliday for a very... long time

like i say ill let you know tho
#9
bykergrove
joeprosho

lol its his thing, he's screwed for a pension so spends his days managing about 20 accounts and just gets lost in them all

i certainly will get isa'ing as soon as i have some wages to save, new job starts may 12th, whole new city so here we go.. all my moneys sat in my current account atm.. which is pretty pointless.. but it is soon to be disposed with rent deposits rent and my first holliday for a very... long time

like i say ill let you know tho
oh ****, what happened did his pension take a hit during the downturn? I have a private pension because I reckon you'll need to be something like 150 before you get a state pension by the time i retire.

whoop! new job? congrats! make sure you set up a regular savings account... even if you save like £25 a month it's better than nothing. where are you going on hols to? i'm heading off to Cyprus in a couple months!

the missus is doing the round the world jobby, been away for 3 months so im out to see her in california, do a little bit of travelling round there then head to the grand canyon and vegas to finish.. booked sum cheap rooms in the mgm grand and such so should be class, go in a week, seems to be a few HUKD'ers heading to vegas this may btw.. must have been years since i last went abroad (northern ireland excluded) and never been to america

just dont think my dads ever had set pension just to the random nature of work he has done, being as he for the majority of his life has been effectively part time in public sector work i believe due to being an actor aswell, need the flexibility for that kind of work, he'll probably have to look at releasing equity or i think he might well look into investing in property in general which is alwasy a relatively sound move.. he's still relatively young though only about 45 so he'd be lucky to be half way through his working life lol, eesh i daren't tell him that!!
#10
starsparkle2311
How do you cancel an ISA? I'm with Halifax at the moment but I want to switch to my main bank account, do I just go into the branch and cancel it? I can find all this out with a simple walk down town to my local Halifax btw, but I thought I would just ask first;)

............ you could ring up possibly, or jsut go into branch and cancel it, u might need to make an appointment though

wouldnt they be fine to cancel it though if they dont want to have an ISA at all this year though byker?

Edited By: joeprosho on Apr 21, 2011 00:10
#11
Hope G-G-G-Granville's been swatting up on his ISA's, and that this time, unlike the last, his information is correct.
#12
starsparkle2311
How do you cancel an ISA? I'm with Halifax at the moment but I want to switch to my main bank account, do I just go into the branch and cancel it? I can find all this out with a simple walk down town to my local Halifax btw, but I thought I would just ask first;)

You want to get your hands on the cash, rather than transfer to another ISA or whatever?
Yes, just go in and get it ( the advisors like you to make an appointment but we have found that they aren't as busy as they would like to make out and can fit you in if you are there - phone ahead if you on't want to hassle about that) you probably already have internet access as well and can transfer it youself to your currrent account.
I say this on the presumption that you don't have a bond that will mean you can't get your loot until a specified time.
#13
bykergrove
joeprosho

the missus is doing the round the world jobby, been away for 3 months so im out to see her in california, do a little bit of travelling round there then head to the grand canyon and vegas to finish.. booked sum cheap rooms in the mgm grand and such so should be class, go in a week, seems to be a few HUKD'ers heading to vegas this may btw.. must have been years since i last went abroad (northern ireland excluded) and never been to america

just dont think my dads ever had set pension just to the random nature of work he has done, being as he for the majority of his life has been effectively part time in public sector work i believe due to being an actor aswell, need the flexibility for that kind of work, he'll probably have to look at releasing equity or i think he might well look into investing in property in general which is alwasy a relatively sound move.. he's still relatively young though only about 45 so he'd be lucky to be half way through his working life lol, eesh i daren't tell him that!!

vegas sounds awesome! if you can stretch it.. i'd say check out new york too. it's pretty much the best city i've ever been to! I spent 10 weeks there a couple years back with work... was too awesome! :) I've never been to vegas though!

ah right, yeah property is a good place to secure income. that's one of my plans to get a couple of extra properties to rent out and get a holiday home in Cornwall or somewhere and also a place abroad. rent them out when i'm not using them :)

private pension is a good idea too. see if your new company does them and find out if they top it up with company contributions. I currently put 15% of my salary into my pension (including company top up) since we're so young by the time we retire compound interest would have turned the pension into a monster (touch wood). if you do open up a pension make sure you review it's performance annually and make adjustments as necessary.

ill probs get on it after i have saved up a deposit for a house tbh but once im there illl be all over pension planning! one step at a time :D

cornwall would be class
1 Like #14
bykergrove
joeprosho
starsparkle2311
How do you cancel an ISA? I'm with Halifax at the moment but I want to switch to my main bank account, do I just go into the branch and cancel it? I can find all this out with a simple walk down town to my local Halifax btw, but I thought I would just ask first;)

............ you could ring up possibly, or jsut go into branch and cancel it, u might need to make an appointment though

wouldnt they be fine to cancel it though if they dont want to have an ISA at all this year though byker?
yeah either way they can cancel it if they need the money but they will lose benefit of building the isa allowance up from previous years. essentially starting from scratch (one year's maximum) when they wish to open a new one up.

ahh i see.. i think..

would my allowance have built for instance if i still had an ISA open from 5 years ago that only had like £10's in it? or do you have to transfer to build on it?

Edited By: joeprosho on Apr 21, 2011 00:24
#15
starsparkle2311
Thank you Chesso, it's not so much getting my hands on the loot, I just want to change who I have my ISA with. Basic transfer I guess, best going down there and asking:) How's you btw? Hope you are well x
Hey SS - long time, no drunken Friday rant eh??;)
I'm fit and hope that you are too.
OK I get it now - moving ISA to best rate. We have found that the very best ones don't allow transfers in but have a good look around this w/e. They will be getting a bit desperate, I hope, for money in soon. The papers have lists of best buys etc but moneysupermarket.com has the gen, for free. You can just do everything online - up until the point that they decide they want paper!!
Asking your present provider is probably unlikely to give you the best current deal!! But, on the other hand, we are only talking fractions of a % in the present climate, so you can go with whoever you 'feel safe' with.
#16
bykergrove
joeprosho

ill probs get on it after i have saved up a deposit for a house tbh but once im there illl be all over pension planning! one step at a time :D

cornwall would be class

yeah my ISA and savings are for my down payment looking to save like 60% of the value of the house (I live at my parents house so costs are minimal, inb4 stalkers) and get one of those fancy offset mortgages so i can pay off the house with my savings and not pay tax on the interest! but still have the option to use the savings on lump sum stuff like cars/children's education etc.

My honest advice would be to contribute to a pension and ISA as soon as you can. especially your pension. if by the end you saved up the same amount but you started contributing to your pension 10 years later than a parallel universe you... the parallel universe version would have much more than you in his pension pot.

check this out for example:http://www.bbc.co.uk/news/business-11876532

re your isa allowance question, the answer is unfortunately no. you have to max it out each year to roll the allowance over. I have a large amount in mine but i've had it since i was like 18 or something and maxed it out each year and kept the interest in there too.

hmm makes sense, probs why my dad cant really be arsed starting now! you must be sitting on a nice wee penny in those isa's though!

well that expontential curve has swung it for me, you go through a completely private pension or through your work? i know mine for the one im starting doesnt have one yet (which is actually a little suprising considering who they are) so wonder where i should go for pensions from there.. bet my dad knows!

or at least i bet he's read the MSE thread on it!

Edited By: joeprosho on Apr 21, 2011 00:41
#17
quick question:
When you take out a loan from SLC for uni, how much more do you pay back?
#18
davidbeckham187
quick question:
When you take out a loan from SLC for uni, how much more do you pay back?

dunno i get random letters through every now and then showing me the interest, bought 40 quid a month on 20k i think ive got

Edited By: joeprosho on Apr 21, 2011 00:43
#19
bykergrove
My honest advice would be to contribute to a pension and ISA as soon as you can. especially your pension. if by the end you saved up the same amount but you started contributing to your pension 10 years later than a parallel universe you... the parallel universe version would have much more than you in his pension pot.



I'd counter that advice for anyone with a mortgage and say you are generally far better off overpaying on a mortgage (provided it is cheap/free to do so) than invest in an ISA in the current climate...

Edited By: jah128 on Apr 21, 2011 00:47
#20
bykergrove
joeprosho

hmm makes sense, probs why my dad cant really be arsed starting now! you must be sitting on a nice wee penny in those isa's though!

well that expontential curve has swung it for me, you go through a completely private pension or through your work? i know mine for the one im starting doesnt have one yet (which is actually a little suprising considering who they are) so wonder where i should go for pensions from there.. bet my dad knows!

yeah my pension is through my employer. speak to your manager/HR when you start to find out about any pension schemes they may have but haven't communicated well. if it's a big company they may contribute too. and don't forget contributing to a pension is tax efficient and once you retire you can pull out a whopping 25% tax free! round the world cruise anyone? (avoid those waters near somalia though... unless you have great life insurance :p)

lol thinking about retirement at the age of 23.. but i suppose we have too!

still this whole thread is too much like hard work for me at this time of night! thinking about my student (thankfully only) debt and other financial matters,

night all
#21
jah128
I'd counter that advice for anyone with a mortgage and say you are generally far better off overpaying on a mortgage (provided it is cheap/free to do so) than invest in an ISA in the current climate...

my dads mortgage free, so irrelevant for him but i can see where your comign from based on current rates lol
#22
bykergrove
davidbeckham187
quick question:
When you take out a loan from SLC for uni, how much more do you pay back?

it depends on several factors: your salary (they take a percentage of it so the higher it is the faster you pay it off and the less interest you pay), Bank of England base rate (the loan tracks at base rate plus 1%) and the size of the loan.

but yeah depending on all those factors the interest is kind of significant over the long term.

or surely insignificant when yo uget to the age they wipe it? please tell me that still exists! ill stop posting now..
#23
bykergrove
Mortgage vs Pension not so much especially in the long term.


Probably not, but it does depend on how good your pension scheme is... I'd say its almost inevitable that at some point in the next 40-odd years there will be some fairly cataclysmic collapses in various pension schemes and providers, given the current shortfalls and ever increasing life expectancy; something will go royally ****-up for some people. Same could possibly be true also for the housing market, but I think its probably a safer bet overall...
banned#24
£LOTS - 5.03% Birmingham Midshires 5 year fix taken out 18 months ago.
#25
bykergrove
csiman
£LOTS - 5.03% Birmingham Midshires 5 year fix taken out 18 months ago.

Good move! I think the rates should be around about recovered by then so when it matures you'll still get a good rate! How long have you had your isa?Did you have one of those TESSA products before? I was too young to get a tessa iirc.


At a guess I'd say about 18 months if that's what he said.

Btw, your fawning in this thread is actually making me feel nauseous.
1 Like #26
zombrex
£13,750 / 2.75% (My son's Uni/first car fund)

Thats amazing, my son is 3 and the other is 1, i thought I was doing well with just over £1000 for the 3yr old and £600 for the 1 year old. Guess not compared to you.
But at least I am trying!! More than a lot of parents.
x
banned#27
bykergrove
csiman
£LOTS - 5.03% Birmingham Midshires 5 year fix taken out 18 months ago.

Good move! I think the rates should be around about recovered by then so when it matures you'll still get a good rate! How long have you had your isa? Did you have one of those TESSA products before? I was too young to get a tessa iirc.

Ooops! Its not an ISA as I dont pay tax so bonds are better rates if you dont pay tax on the interest

money can be withdrawn at any stage with 3 months loss of interest so it was a no-brainer to me

still, not as good as my previous bond with BHAM midshires which was 3 years at 7.36% and matured 18 months ago.

Edited By: csiman on Apr 21, 2011 09:09
banned#28
bykergrove
csiman
bykergrove
csiman
£LOTS - 5.03% Birmingham Midshires 5 year fix taken out 18 months ago.
Good move! I think the rates should be around about recovered by then so when it matures you'll still get a good rate! How long have you had your isa? Did you have one of those TESSA products before? I was too young to get a tessa iirc.
Ooops! Its not an ISA as I dont pay tax so bonds are better rates if you dont pay tax on the interestmoney can be withdrawn at any stage with 3 months loss of interest so it was a no-brainer to mestill, not as good as my previous bond with BHAM midshires which was 3 years at 7.36% and matured 18 months ago.


Holy ****! How do you not pay taxes on your bonds? Is it because your total income is below threshold or for some other reason? I used to do 2year bonds but now just have my isa and instant access accounts.

I dont work so dont pay tax on interest :)
2 Likes #29
Bout tree fiddy @ tree fiddy% :p
#30
leeste16
zombrex
£13,750 / 2.75% (My son's Uni/first car fund)

Thats amazing, my son is 3 and the other is 1, i thought I was doing well with just over £1000 for the 3yr old and £600 for the 1 year old. Guess not compared to you.
But at least I am trying!! More than a lot of parents.
x


Same as me, think LO has around £1000, my dad pays £30 a month into the little ones savings account. You just save what you can afford don't you.

His is Halifax 6%

Edited By: RosieWoo on Apr 21, 2011 12:51: Making it clearer
#31
bykergrove
RosieWoo
leeste16
zombrex
£13,750 / 2.75% (My son's Uni/first car fund)
Thats amazing, my son is 3 and the other is 1, i thought I was doing well with just over £1000 for the 3yr old and £600 for the 1 year old. Guess not compared to you.But at least I am trying!! More than a lot of parents.x
Same as me, think LO has around £1000, my dad pays £30 a month into his savings. You just save what you can afford don't you.His is Halifax 6%

to spur you guys on and to let you know that paying in what you can is better than nothing at all I took leeste's example and applied compound interest to it.

Assuming they put 600 a year in (i used this value in this example this because their one yearold has 600 in their account)

Lets also assume the average interest rate is 5% and the interest earned stays in the account then after 17 years of putting just 600 a year into the account the child would have an account worth over 17,500.
Wow that is impressive, I'll have to look into it a bit more then, and carry on saving thoses pennies
x
#32
only have £1k in isa about 3% but i threw loads of money in shares.. and now im rolling in it :)
#33
my dad went transfers to halifax at 3%, new one santander at 3.3, and he thinks you can get santader 2yr fixed at 3.7

http://www.moneysavingexpert.com/savings/best-cash-isa
#34
You can get5.00 fixed for 5 years @birmingham midshires which is part of the Ll/TSBHalifax deposit£ 5000.00 and maturity will be approx £6400.00 give or take a few pounds not bad at all ...........fill ya boots...........

Edited By: TommyCooper on Apr 22, 2011 12:25
banned 1 Like #35
TommyCooper
You can get5.00 fixed for 5 years @birmingham midshires which is part of the Ll/TSBHalifax deposit£ 5000.00 and maturity will be approx £6400.00 give or take a few pounds not bad at all ...........fill ya boots...........

sounds good until you see that any withdrawals in year 1 means you lose 365 days of interest! 320 days in year 2 etc

I wouldnt tie in for 5 years with those penalty rates

http://www.bmsavings.co.uk/savings/isa-savings/697/5-year-fixed-rate-isa-yearly-interest.aspx?WT.ac=BMHOMEISA2-697
#36
Depends on how you are in managing money larger rewards for those that can discipline themselves in money management
!!!!!!!!!!!!!!!
banned 1 Like #37
TommyCooper
Depends on how you are in managing money larger rewards for those that can discipline themselves in money management
!!!!!!!!!!!!!!!

what a ridiculous comment!

a fixed rate of 5% tied in for 5 years is a poor investment whichever way you manage your money
#38
I Wouldnt say that with it being tax free ...........My Scottish Widows Endownment 10yrs policy matured last year 10 yearly payments of £360.00 total payed in £3600.00 whch returned £3300.00 a downfall of 300 quid if i had put it in an isa/pep then i would of been payed outover £2300.0 pound s if not more and 1000+over a 5 yr term better safer than sorry ............



Edited By: TommyCooper on Apr 22, 2011 17:15: .
banned 1 Like #39
TommyCooper
I Wouldnt say that with it being tax free ...........My Scottish Widows Endownment 10yrs policy matured last year 10 yearly payments of £360.00 total payed in £3600.00 whch returned £3300.00 a downfall of 300 quid if i had put it in an isa/pep then i would of been payed outover £2300.0 pound s if not more and 1000+over a 5 yr term better safer than sorry ............



you cant compare a with profits endowmemt and an ISA. ISAs dont have life insurance built in for starters.....

anyway back on subject, 5% rate is still poor as interest rates are bound to go up substantially over the next year or two


Edited By: csiman on Apr 22, 2011 17:27
#40
Substantially i just dont think so Matey may go up but not that much you make me laugh !!!!!!!!!!

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