Tradefair & Financials
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26 Mar 10
19:57
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Date Joined:
07 Sep 06
Right ill get straight to it... as you know i aint got a clue about saving rates weather they are about to go up or down etc, im 26 and to my name i have £3,000 (in my bank isa which is returning me a whooping 50p a month interest) and £4,300 in my A + L Esaver which is giving me about £1.40 a month interest.
I have now decided that im going to save £50 every week ontop of my savings, any ideas on where to put my money? and weather to join my £3,000 & £4,300 together?
Ive looked on moneysupermarket and one that catched my eye was ICICI Bank UK
HiSAVE Fixed Rate Account 4.10% over 2 years, question is will i be able to keep putting my weekly savings into this account or isit the 1 and only lump sum? (i dont intend on spending any of this money)
Last question is when do we expect the interest rates to rise to roughly 5% again? 2 or 3 years?
TIA
I have now decided that im going to save £50 every week ontop of my savings, any ideas on where to put my money? and weather to join my £3,000 & £4,300 together?
Ive looked on moneysupermarket and one that catched my eye was ICICI Bank UK
HiSAVE Fixed Rate Account 4.10% over 2 years, question is will i be able to keep putting my weekly savings into this account or isit the 1 and only lump sum? (i dont intend on spending any of this money)
Last question is when do we expect the interest rates to rise to roughly 5% again? 2 or 3 years?
TIA
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Wait a few weeks until the tax year and open a new cash Isa with the £4,300.
Then transfer the £3000 into this account.
You will then be able to top up this account with a futher £800 max.
The best intrest rates for ISAs allowing transfers will be about 2.75%.(including bonus)
Every year you'll proberbly need to open a new ISA and transfer.
Not the best rates but could prove the best strategy in the long term.
Then transfer the £3000 into this account.
You will then be able to top up this account with a futher £800 max.
The best intrest rates for ISAs allowing transfers will be about 2.75%.(including bonus)
Every year you'll proberbly need to open a new ISA and transfer.
Not the best rates but could prove the best strategy in the long term.
Get it out of pounds, anything else silver, gold, swiss francs, asian currencies, but NOT pounds.
Withdraw it all and invest it in the stock market...on quality FTSE 100 stock.
I am being serious. If you have no need for the money for 5 years or so you will be amazed by the returns you will get in comparison to the pathetic savings rates we are being offered.
Furthermore, you are young enough to survive should the financial armageddon ever come, which it wont of course.
It really is a no brainer...and I honestly would do it f I were you.
I am being serious. If you have no need for the money for 5 years or so you will be amazed by the returns you will get in comparison to the pathetic savings rates we are being offered.
Furthermore, you are young enough to survive should the financial armageddon ever come, which it wont of course.
It really is a no brainer...and I honestly would do it f I were you.
Thanks for the replies.
I opened a HSBC eISA online, when i opened it i transfered my funds from my HSBC cash ISA but now it wont let me go over my £5,100 limit ??? it says that it allows ISA transfers.. so i gather my previous ISA funds dont count towards my £5,100 limit? my other cash ISA is still in 'my accounts' when i go online banking.
Have i done something wrong? & will a phone call sort it out ?
Thanks.
I opened a HSBC eISA online, when i opened it i transfered my funds from my HSBC cash ISA but now it wont let me go over my £5,100 limit ??? it says that it allows ISA transfers.. so i gather my previous ISA funds dont count towards my £5,100 limit? my other cash ISA is still in 'my accounts' when i go online banking.
Have i done something wrong? & will a phone call sort it out ?
Thanks.
You didn't draw the money out of the old ISA and put it in the new one did you?
You should have transferred it from ISA to ISA using a transfer form (ie, you don't touch the cash, the old bank talks direct to the new one).
A phone call won't help.
However, you can now put the rest into a normal ISA, and invest it in shares. You could even watch how the shares ISA massively outperforms the cash ISA, and then sit back and laugh at your mistake.
You should have transferred it from ISA to ISA using a transfer form (ie, you don't touch the cash, the old bank talks direct to the new one).
A phone call won't help.
However, you can now put the rest into a normal ISA, and invest it in shares. You could even watch how the shares ISA massively outperforms the cash ISA, and then sit back and laugh at your mistake.
Shab -
I got reading this:
http://www.fool.co.uk/Investing/guides/How-When-And-Where-To-Invest.aspx
By reading that surley it would make sense investing it into BP or Vodaphone (or can i invest in any big firms?), i dont plan on touching this money for many years to come.
Should i bite the bullet ?
I got reading this:
http://www.fool.co.uk/Investing/guides/How-When-And-Where-To-Invest.aspx
By reading that surley it would make sense investing it into BP or Vodaphone (or can i invest in any big firms?), i dont plan on touching this money for many years to come.
Should i bite the bullet ?
...until the next imminent financial slump and you watch your savings being obliterated :^0
I'd stick to cash personally, variable rate if possible because interest rates are likely to rise
I'd stick to cash personally, variable rate if possible because interest rates are likely to rise
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