Savings Advice (9 Viewers)

[ccfc922]

Just wondered if anyone could suggest a low amount (probably £200+ a month, depending on spare cash) ISA or savings account? Or any other ideas that have worked for anyone?

I've been in debt for a few years and finally got out the other side, but I want to put the money I'm used to paying out into some form of savings rather than piss it away.

Ideally something I'd have to apply to withdraw or physically go to a bank to withdraw, so not tempted on a night out

 

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[CCfC2023]

https://www.moneysavingexpert.com/savings/

Read here or ask there on the savings forum loads of good info

 

[CCfC2023]

isa is the best route mostly the best paying accounts are online which you fund and withdraw via your main account .

 

[duffer]

Good work on getting yourself sorted mate, I can imagine that took some hard work and discipline. Respect! I've yet to be in a place where I can worry too much about savings, still too much month at the end of the money.

Fwiw, I tend to go to this place for decent advice, might be worth a read (below)....

Also, I don't know your circumstances obviously, but I'd politely offer that it's never too early to start thinking about a pension.

https://www.moneysavingexpert.com/savings/best-cash-isa/

 

[ccfc922]

Good work on getting yourself sorted mate, I can imagine that took some hard work and discipline. Respect! I've yet to be in a place where I can worry too much about savings, still too much month at the end of the money.

Fwiw, I tend to go to this place for decent advice, might be worth a read (below)....

Also, I don't know your circumstances obviously, but I'd politely offer that it's never too early to start thinking about a pension.

https://www.moneysavingexpert.com/savings/best-cash-isa/

Thank you it was a mixture, mainly hard lessons learnt but also I was very lucky I had support around me.

I'd always be a strong advocate for people asking others for advice when in debt, as if I had of maybe a couple of years before, I wouldn't have fallen into it as badly.

I will check that out, thank you

I do have a current work place pension, but also an old pension just sat there, so I need to reinvest or link that somehow.

 

[rob9872]

Private pension - you'll get your tax back on it too and definitely can't touch it.

 

[shmmeee]

Private pension - you'll get your tax back on it too and definitely can't touch it.

Can you get a pension that just tracks the US stock market?

 

[Mucca Mad Boys]

If you’re under the age of 39, get a stocks and shares Lifetime ISA (LISA).

 

[hill83]

Only drink in Wetherspoons

 

[SomersetSB]

ISA deffo, if you have a big lump sum Premium bonds are great!!

 

[rob9872]

Can you get a pension that just tracks the US stock market?

Not heard of one, but I'm sure it would be possible.

 

[rob9872]

ISA deffo, if you have a big lump sum Premium bonds are great!!

As long as you reinvest any winnings into more premium bonds, which then give more wins. Otherwise, the fund never grows.

 

[Wyken Sky Blue]

If you’re under the age of 39, get a stocks and shares Lifetime ISA (LISA).

This is what I was going to say

Deposit up to £4k a tax year year and the government will add 25%. So if you deposit £4k before April you will get £1k from the government

Sent from my Pixel 8 using Tapatalk

 

[robbiekeane]

Can you get a pension that just tracks the US stock market?

Just open a SIPP on Vanguard and invest it wherever you want

“VTI” for US stock market.

I throw every penny in “VT” though instead which covers international stocks too proportionately

Transfer your pensions | Vanguard UK Investor

There are many reasons you may want to transfer your pension to Vanguard. You can save money, time and even save on withdrawl fees.

www.vanguardinvestor.co.uk

 

[SAJ]

ISA deffo, if you have a big lump sum Premium bonds are great!!

Premium bonds are generally a shit investment unless you are a high rate tax payer and have maxed out all other forms of interest. The odds on “winning” from £100 invested

As long as you reinvest any winnings into more premium bonds, which then give more wins. Otherwise, the fund never grows.

I really wouldn’t invest in premium bonds unless I had maxed out all my other allowances eg as a basic tax payer received £1000 interest from elsewhere. Maxed out on you annual ISA limit £20,000 and even then with Premium bonds unless you are very lucky your general return is closer to 1.5% rather than the 4% that is advertised. The only reason they are able to advertise the 4% return is because of the 2 £1 million payouts per month and the 2500 payouts above £5000 a month. Your odds of winning a prize are 21,000 to 1.

 

[shmmeee]

Premium Bonds aren’t a serious investment are they? I’ve only ever known parents buying them for kids for fun.