Expired

Saving Money - Advice Needed

40 replies
Found 11th Aug 2009
Me and my girlfriend are looking at putting some money away every month to put away and slowly save towards a deposit for a property.

However what is the best way to save the money, ive been looking at ISAs but what and where gives the best interest as well?

rep shall be dished out as per usual.

40 Comments

The best place is to put it in a foreign bank account. E.g Turkish bank accounts give around 15% interest last time i checked, could be different now but might be the same for some other countries

Original Poster

DarkKnight;5995789

The best place is to put it in a foreign bank account. E.g Turkish bank … The best place is to put it in a foreign bank account. E.g Turkish bank accounts give around 15% interest last time i checked, could be different now but might be the same for some other countries



what and keep it in sterling in a turkish bank account?
as i know they rely heavily on sterling and mainly the dollar to keep the country afloat.

Currently im with Allience & Leicester and the give 6% interest and you will get quidco with that aswell i think its £50 the account is only for a year and the 6% interest is for an amount of £2500 if you have anything over that you will get less for the amount over.
I know its not really a major amount but its quite decent.

Original Poster

zedf;5995820

Currently im with Allience & Leicester and the give 6% interest and you … Currently im with Allience & Leicester and the give 6% interest and you will get quidco with that aswell i think its £50 the account is only for a year and the 6% interest is for an amount of £2500 if you have anything over that you will get less for the amount over.I know its not really a major amount but its quite decent.



well there is me and my girlfriend so thats £5k for a year between us...which is about right. as we havent worked out what we can save yet, especially as i dont know what im doing in regards to uni yet.

Give it to me I'LL LOOK AFTER IT

promise!

awoodhall2003;5995816

what and keep it in sterling in a turkish bank account?as i know they … what and keep it in sterling in a turkish bank account?as i know they rely heavily on sterling and mainly the dollar to keep the country afloat.



You can do either GBP or YTL

tinkerbell28;5995826

Did people not say that about Iceland a while … Did people not say that about Iceland a while ago.......................MSE has loads of good stuff on this, as we have been looking into it, as hubby want's to buy another property in a year or two for a permanent base.



But what about some of the US and UK banks like Northern Rock? any company can collapse in this economic climate

DarkKnight;5995872

But what about some of the US and UK banks like Northern Rock? any … But what about some of the US and UK banks like Northern Rock? any company can collapse in this economic climate



You are covered for upto losses of £50,000 per account in UK banks under the financial compensation scheme, if you have your money in a foreign bank you are not covered

Original Poster

taurus_the_bull;5995854

Give it to me I'LL LOOK AFTER ITpromise!


i bet you will...:thumbsup:

DarkKnight;5995872

But what about some of the US and UK banks like Northern Rock? any … But what about some of the US and UK banks like Northern Rock? any company can collapse in this economic climate


as below...

treble99;5995914

You are covered for upto losses of £50,000 per account in UK banks under … You are covered for upto losses of £50,000 per account in UK banks under the financial compensation scheme, if you have your money in a foreign bank you are not covered


latter point = cheers. :thumbsup:

awoodhall2003;5995832

well there is me and my girlfriend so thats £5k for a year between … well there is me and my girlfriend so thats £5k for a year between us...which is about right. as we havent worked out what we can save yet, especially as i dont know what im doing in regards to uni yet.



So you could have 2 accounts one in your name and one in your girlfriends name the only thing is you have to put in £500 per month minimum but if you do what i do i have standing order set up so its just transfered.
The interest per month would be around £15 which is decent return.

Original Poster

yeah its got to be safe as well!

Original Poster

tinkerbell28;5995993

^^ Like I say MSE have threads etc dedicated to this kind of stuff, it's … ^^ Like I say MSE have threads etc dedicated to this kind of stuff, it's a bit more of a financial site than a deals site and there are some that know the ins and outs of this kind of thing.


kk ill have a read over there tomorrow after work, just wondered if anyone on here had much expeirence.

Savings accounts are VERY poop at the moment compared to this time last year. You could try looking for an online saver that gives a bonus rate for the first 12 months. I did that with an Egg savings account last year which meant I got at least 2.45 apr even after the BOE base rate kept plummeting. However, keep in mind some banks dont let you take your cash our for a year, or they give you access to your cash, but still dont pay the interest until a year has finished!

Check out Martin Lewis' site for best info.

Original Poster

Bomazu;5996032

Savings accounts are VERY poop at the moment compared to this time last … Savings accounts are VERY poop at the moment compared to this time last year. You could try looking for an online saver that gives a bonus rate for the first 12 months. I did that with an Egg savings account last year which meant I got at least 2.45 apr even after the BOE base rate kept plummeting. However, keep in mind some banks dont let you take your cash our for a year, or they give you access to your cash, but still dont pay the interest until a year has finished!Check out Martin Lewis' site for best info.



Yeah see i will need access, or rather would feel safer with access...for emergencies etc.
yeah i dont mind even opening a few accounts...obviously we might be able to save more then what some accounts allow pa.

Original Poster

tinkerbell28;5996069

You will generally find accounts with access will give you lower returns, … You will generally find accounts with access will give you lower returns, for the most part.


yeah of course they will, might be an idea to have one thats closed...will have to be weighed up

ONe of my uncles lost 50 grand due to an international bank , he was chasing up daily but it's been a year on and no progress just weekly calls now.

Original Poster

MarzBarz;5996198

ONe of my uncles lost 50 grand due to an international bank , he was … ONe of my uncles lost 50 grand due to an international bank , he was chasing up daily but it's been a year on and no progress just weekly calls now.


definitely keeping my money in this country!
thats a horrible thing though,

tinkerbell28;5996217

^^ That's why you invest over here, ok, NOT Turkey:thumbsup:



I seen the amount of money people have got from investing there, it's worth the risk

DarkKnight;5996262

I seen the amount of money people have got from investing there, it's … I seen the amount of money people have got from investing there, it's worth the risk



Oh yea, Turkey is an almost third world country, plus you will have to pay currency exchange to pay money in and again to draw money out, that is assuming you get it out.

Not good advice.:roll:

tinkerbell28;5996276

People said that about Iceland though, maybe to you, others may not be … People said that about Iceland though, maybe to you, others may not be able to afford that risk, so it's not cracking advice in this situation really.



Up to you if you don't want to make much money.
I just gave an answer based on the OP's question of where can i get the most interest, the last answer i would give is UK

tinkerbell28;5996276

People said that about Iceland though, maybe to you, others may not be … People said that about Iceland though, maybe to you, others may not be able to afford that risk, so it's not cracking advice in this situation really.



Agreed

tinkerbell28;5996441

No it's terrible in all honesty and very risky.You can't make anything if … No it's terrible in all honesty and very risky.You can't make anything if you loose it, his question was the best way to save with the best possible interest too, investing all your hard earned cash into some tin pot bank in Turkey with no protection, is not the best way of saving money, no matter which way you argue it.



Who says you will loose it?
and
UK - almost 0% interest for most bank accounts now
Turkey - people are actually living off the interest

Say you put £100,000 in a bank there, you make £160,000 profit in 10 years for doing ****** all, and thats on the lowest interest rate. the rate has been around 15% there not long ago so it would be almost £200,000 profit if you started earlier

DarkKnight;5996571

Who says you will loose it?and UK - almost 0% interest for most bank … Who says you will loose it?and UK - almost 0% interest for most bank accounts nowTurkey - people are actually living off the interest Say you put £100,000 in a bank there, you make £160,000 profit in 10 years for doing ****** all, and thats on the lowest interest rate. the rate has been around 15% there not long ago so it would be almost £200,000 profit if you started earlier



Get real, it is lousy advice, just face it.

Do you have money invested in a Turkish Bank?

You may as well put your money on the favourite at Newmarket.:roll:

Local Councils are still millions of pounds out of pocket over the Icelandic Bank affair.

dcx_badass;5996674

My ISA is at 0.5% it sucks!



You can certainly get better than that.

depending on where you like there will be a credit union near you,some of the larger cu gave out a 5% dividend this yr,its tax free and all cu are goverened by the fsa,same as banks,so your moneys safe upto 50k

tinkerbell28;5996622

It's crap advice, full stop, like I say if you want to gamble your money … It's crap advice, full stop, like I say if you want to gamble your money fair play, Adam want's to buy a house with his:thumbsup:People thought the same investing in Icelandic banks and that went tits up didn't it.Like you say who knows who will go bust in this climate, if it happens to be the Turkish bank you have funds in you are screwed.It's shockingly bad advice for the op's situation, it's quite simple really.



+1, OP dont even think about putting your money in a foreign bank. Christies cancer hospital put millions of money that people had donated in a Icelandic bank and lost it all. They were lucky that the UK government agreed to reimburse them

tinkerbell28;5996622

It's crap advice, full stop, like I say if you want to gamble your money … It's crap advice, full stop, like I say if you want to gamble your money fair play, Adam want's to buy a house with his:thumbsup:People thought the same investing in Icelandic banks and that went tits up didn't it.Like you say who knows who will go bust in this climate, if it happens to be the Turkish bank you have funds in you are screwed.It's shockingly bad advice for the op's situation, it's quite simple really.



As always Tinks knows her stuff x x x Brilliant lady

OP walk into any bank you choose and mention high interest accounts without wanting to withdraw anything for a fixed period and you'll have their customer sales peeps making cups of coffee for you! x x

Banned

Inactive;5996934

Get real, it is lousy advice, just face it.Do you have money invested in … Get real, it is lousy advice, just face it.Do you have money invested in a Turkish Bank?You may as well put your money on the favourite at Newmarket.:roll:Local Councils are still millions of pounds out of pocket over the Icelandic Bank affair.


+1

Also, darkknight has failed to take into account that the turkish lira has devalued by about 20% against the pound over the last few years. 15% isnt so attractive now :whistling:

Another bit of advice Andre' get off here and stop ordering stuff.

Original Poster

tinkerbell28;5996622

It's crap advice, full stop, like I say if you want to gamble your money … It's crap advice, full stop, like I say if you want to gamble your money fair play, Adam want's to buy a house with his:thumbsup:People thought the same investing in Icelandic banks and that went tits up didn't it.Like you say who knows who will go bust in this climate, if it happens to be the Turkish bank you have funds in you are screwed.It's shockingly bad advice for the op's situation, it's quite simple really.


Why does everyone EXCEPT adam, think my name is adam! :whistling:

dcx_badass;5996674

My ISA is at 0.5% it sucks!


that hurts!

ettam123;5997182

depending on where you like there will be a credit union near you,some of … depending on where you like there will be a credit union near you,some of the larger cu gave out a 5% dividend this yr,its tax free and all cu are goverened by the fsa,same as banks,so your moneys safe upto 50k


will be something to look into cheers

ClarityofMind;5997195

As always Tinks knows her stuff x x x Brilliant lady :)OP walk into … As always Tinks knows her stuff x x x Brilliant lady :)OP walk into any bank you choose and mention high interest accounts without wanting to withdraw anything for a fixed period and you'll have their customer sales peeps making cups of coffee for you! x x


yeah its just time and ideally want to check them all out...

csiman;5997448

+1Also, darkknight has failed to take into account that the turkish lira … +1Also, darkknight has failed to take into account that the turkish lira has devalued by about 20% against the pound over the last few years. 15% isnt so attractive now :whistling:


doesnt matter as i know you can keep as well as spend dollar and sterling in turkey. without the dollar the turkish market wouldnt exist!

Adam2050;5997497

Another bit of advice Andre' get off here and stop ordering stuff.


true...true...but i havent bought that much off here for a good few months now!

tinkerbell28;5996622

It's crap advice, full stop, like I say if you want to gamble your money … It's crap advice, full stop, like I say if you want to gamble your money fair play, Adam want's to buy a house with his:thumbsup:People thought the same investing in Icelandic banks and that went tits up didn't it.Like you say who knows who will go bust in this climate, if it happens to be the Turkish bank you have funds in you are screwed.It's shockingly bad advice for the op's situation, it's quite simple really.



Well, it's better advise than your non-advise that's for sure.
It's not gambling money, it's a bank not a casino, in a country where they actually know how to control themselves and everyone i know have not had problems with

Inactive;5996934

Get real, it is lousy advice, just face it.Do you have money invested in … Get real, it is lousy advice, just face it.Do you have money invested in a Turkish Bank?You may as well put your money on the favourite at Newmarket.:roll:Local Councils are still millions of pounds out of pocket over the Icelandic Bank affair.



I don't have enough money to invest at the moment, if i did have a few thousand or more pounds, i would definetely invest there, i actually have some sense.
Quoting about an Icelandic bank incident has nothing to do with banking situations in other countries, do you understand that? it's like saying DR Republic of Congo is a dangerous country and one not to visit, so you should not visit any country in the world.
So you grow up

csiman;5997448

+1Also, darkknight has failed to take into account that the turkish lira … +1Also, darkknight has failed to take into account that the turkish lira has devalued by about 20% against the pound over the last few years. 15% isnt so attractive now :whistling:



Where did you get that information from? as it's completely wrong
it's been £1 - 2.5 Turkish Lira for a hell of a long time, at least 5 years. so there is no crash that you talk about, the only thing that did happen was that the inflation is so high that it actually gained on GBP, so your facts are actually the opposite of the truth.

What a strange thread, i offer advise that can help you get the best investment and people with less sense disregard it and actually don't offer any advise themselves indicating how foolish they sound.

For those people who think it's crazy to invest in an international bank, if a bank starts to crumble, you just take your money out fast and don't loose any...duh

DarkKnight;6002190

how foolish they sound.For those people who think it's crazy to invest in … how foolish they sound.For those people who think it's crazy to invest in an international bank, if a bank starts to crumble, you just take your money out fast and don't loose any...duh



If you have your money in a turkish bank account and live in England its not as easy as popping into the high street and emptying your account is it?

treble99;6002230

If you have your money in a turkish bank account and live in England its … If you have your money in a turkish bank account and live in England its not as easy as popping into the high street and emptying your account is it?



You yuse ze zing called ze indernet

tinkerbell28;6002252

He just can't accept the fact he is wrong clearly and when pointed out by … He just can't accept the fact he is wrong clearly and when pointed out by yourself and 2 others, rather than go quietly, he thought he would push his crap advice, waste ot time:thumbsup:



Don't worry, i'm not going to give any more advise or comments on this thread, i don't want to waste more of my time :thumbsup:

Banned

DarkKnight;6002190

Well, it's better advise than your non-advise that's for sure.It's not … Well, it's better advise than your non-advise that's for sure.It's not gambling money, it's a bank not a casino, in a country where they actually know how to control themselves and everyone i know have not had problems withI don't have enough money to invest at the moment, if i did have a few thousand or more pounds, i would definetely invest there, i actually have some sense.Quoting about an Icelandic bank incident has nothing to do with banking situations in other countries, do you understand that? it's like saying DR Republic of Congo is a dangerous country and one not to visit, so you should not visit any country in the world.So you grow upWhere did you get that information from? as it's completely wrongit's been £1 - 2.5 Turkish Lira for a hell of a long time, at least 5 years. so there is no crash that you talk about, the only thing that did happen was that the inflation is so high that it actually gained on GBP, so your facts are actually the opposite of the truth.What a strange thread, i offer advise that can help you get the best investment and people with less sense disregard it and actually don't offer any advise themselves indicating how foolish they sound.For those people who think it's crazy to invest in an international bank, if a bank starts to crumble, you just take your money out fast and don't loose any...duh


BIG LOL

have you reached australia yet?

Just face the fact that your 'advice' is dangerous at best, and downright imbecilic if the truth be told. :x

Banned

DarkKnight;6002190

For those people who think it's crazy to invest in an international … For those people who think it's crazy to invest in an international bank, if a bank starts to crumble, you just take your money out fast and don't loose any...duh



Without a shadow of a doubt, this is clearly the dumbest statement I have ever read! :whistling:

Original Poster

csiman;6006106

Without a shadow of a doubt, this is clearly the dumbest statement I have … Without a shadow of a doubt, this is clearly the dumbest statement I have ever read! :whistling:



not far off...think ive heard dumber things actually on these very forums...not saying any names though :whistling:

csiman;6006106

Without a shadow of a doubt, this is clearly the dumbest statement I have … Without a shadow of a doubt, this is clearly the dumbest statement I have ever read! :whistling:



+1

Indeed, like the Turkish banks are going to tell their customers that they are about to go belly up.:whistling:


Words fail me.. :x

DarkKnight;6002190

Where did you get that information from? as it's completely wrongit's … Where did you get that information from? as it's completely wrongit's been £1 - 2.5 Turkish Lira for a hell of a long time, at least 5 years. so there is no crash that you talk about, the only thing that did happen was that the inflation is so high that it actually gained on GBP, so your facts are actually the opposite of the truth.



You forgot to mention that Turkey had to re-issue their currency to new notes because the old ones had become worthless a few years back.

I purchased a 1.000.000 Turkish Lira note for 62 pence on my last visit there, I still have it.:whistling:

Original Poster

right closing this as i was after some advice...and now its all gone downhill! :whistling:
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