Savings Advice (1 Viewer)

ccfc922 · Jan 8, 2025

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

CCfC2023 · Jan 8, 2025

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

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

CCfC2023 · Jan 8, 2025

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

duffer · Jan 8, 2025

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 · Jan 8, 2025

duffer said:
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 · Jan 8, 2025

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

shmmeee · Jan 8, 2025

rob9872 said:
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 · Jan 8, 2025

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

hill83 · Jan 8, 2025

Only drink in Wetherspoons

SomersetSB · Jan 8, 2025

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

rob9872 · Jan 8, 2025

shmmeee said:
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 · Jan 8, 2025

SomersetSB said:
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 · Jan 9, 2025

Mucca Mad Boys said:
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 · Jan 9, 2025

shmmeee said:
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 · Jan 9, 2025

SomersetSB said:
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

rob9872 said:
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 · Jan 9, 2025

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

nicksar · Jan 9, 2025

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

My Sister in Law and Brother in Law both hold the max £50k each in Premium Bonds... they reckon they make approx 5% each a year in prize money,I will attach an interesting article about Premium Bonds....I don't personally have any.

nicksar · Jan 9, 2025

£50k in Premium Bonds after a year: What could you win? - Be Clever With Your Cash

Three very different results show there’s no guarantee Even though we’ve had some of the best savings rates in years, Premium Bonds remain popular. Despite no guarantee in what you could win, people hope they might get lucky and net big prizes – especially if they have a lot of cash invested. To...

becleverwithyourcash.com

Savings Advice (1 Viewer)

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£50k in Premium Bonds after a year: What could you win? - Be Clever With Your Cash

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