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Thread: Any bank/savings buffs on here?

  
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    Kev.'s Avatar
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    Any bank/savings buffs on here?

    Figured i'd chance it rather than paying for advice

    What's "the place" to store your money in now to get the most out of it? The type of account i mean.

    I'm with the Nationwide & not particularly interested in moving

    I have an Instant Access ISA which when the new tax year begins i max out to its £3,600 limit & then leave it for the year

    I have 2x FlexAccount savings. 1 for my wages which never has more than £1k in & is my main card, the other for internet transactions which only ever has a couple hundred in at most ever, unless something costs more than that & then i just transfer some money over to pay for the item.

    Oh, also have a joint account but there's sod all in that.

    With all these percentage figures flying about & small print on what you can & can't do ......... what's the best way to save my money?

    I have an 'ok amount' in my e-Savings account but i'm sure it could be getting a better return than what it is getting. I generally don't need to withdraw from it, but occasionally do (big sums - car insurance for e.g.)

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    resu's Avatar
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    i just throw all my money in my e savings as its got significantly higher interest than my flex account

    plus if you have over a certain figure in your e savings you get an even higher amount of interest.

    once i get some spare cash i'll prolly put it on premium bonds
    you never know i could be a millionaire by next year :P

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    I used to dump everything into the e-Savings until i saw the interest rate on the ISA was tax free whereas you get taxed on the e-Savings, so that's why i now max out my ISA for the year & then leave it.

    I know the way i do it is better than 'most' people, but i also know i could be saving a better way. Just don't know what that is really.

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    There isn't really a better way to save at the minute.
    ISA account is best thing to do via nationwide.

    Max it out.

    Open your e-savings plus account(there new, better interest rate)
    Put what ever you want in it, next tax year transfer 3,600 to your ISA.
    and so on.

    Stocks and bonds help your save better, but there too dodgy at the minute.
    Quote Originally Posted by DaveDempsey View Post
    Hey atleast MOTing your car should be a lot simpler than MOTing your EX. Replacing a worn out bush on a car is far easier.



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    ^ ^ agreed with that one.
    Unfortunately with the interest rate being so low right now, everything's affected, so there's no best way of saving at the moment. Although things like ISAs or premium bonds won't gain you much now, at least you won't lose anything.
    Although things are dire now, they will get better in time, and then you can consider something like a mini investment plan (involving stocks, bonds & shares) when once things do pick up, you'll get the most out of your money.

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    I just use ING direct but their rate has dropped to 1% so pretty pointless having it really. Wish i had enough spare cash knocking about to bung in an ISA.

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    My other half works for funds network and says you should put any savings you want to make in a stocks ISA and look at funds investing. At the moment she says everyones going into bond funds as they're returning more than cash. Plus if they're in isa the interest you get is tax free too. The bond funds aren't the same as bonds in that you're not locked in. Only thing is you can lose money too though theyre not risky as stocks.

    This is way over my head but she knows her stuff

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    Nationwide ftw!

    But as said before, open a E-saving plus account!

    Flexaccounts paying no interest atm1


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    Guess who I work for.

    Put your cash into:
    a golden ISA 3.61% 3600 p/a
    a monthly saver 6% fixed for 12 months 20-250p/m <<very good
    a More4More saver 0.5% £1+ 0.7 10k+ 0.9 25k+ ... if your getting higher then that I need to talk to you about investments.
    Oh or a 9 month bond 2.5%



    If you are interested in a stocks and shares ISA investments £7,200 or £14,400 if your a couple with 7.5% fixed return over 5 years.






    ..... BARCLAYS!

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