Banks

[Bulletproof Saint]

Dunno what I've got funny enough Just thought an ISA was an ISA, just that you can only have one in total, and that different banks offer different rates, didn't know ISA's had fixed or variable rates

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

This guy knows his onions when it comes to banking / savings, the site is a great resource for info on your topic.

Regards

 

[hmallett]

Current annual rate (per tax year) that you can put in is around £3600-£3800 iirc. Can basically only put that much in per year. Put in say 3k and then remove it, you can still only put £600-£800 (depending upon rate) back in until the end of the tax year.

It's £3600 in a cash ISA per tax year.
What's better, fixed or variable? it depends upon whether you can predict the future!
With a fixed rate, you know how much interest you're going to get. If the interest rate goes up, you won't get any more interest on your ISA. With a variable rate, interest rate changes will affect you, but if the interest rate goes down, you may get lest interest than you initially thought.
Basically do you want a certainty about your interest, or are you prepared to take a (small) gamble? (The interest rates are so low they can't get much lower!)

 

[Kier]

It's £3600 in a cash ISA per tax year.
What's better, fixed or variable? it depends upon whether you can predict the future!
With a fixed rate, you know how much interest you're going to get. If the interest rate goes up, you won't get any more interest on your ISA. With a variable rate, interest rate changes will affect you, but if the interest rate goes down, you may get lest interest than you initially thought.
Basically do you want a certainty about your interest, or are you prepared to take a (small) gamble? (The interest rates are so low they can't get much lower!)

Will I lose money if I put them in a Variable account and the interest rates go down loads?

 

[Garree001]

Will I lose money if I put them in a Variable account and the interest rates go down loads?

Not unless the interest rates go into minus figures! I don't think this is even possible The lower the interest rate, the less you get back on it when the interest is calculated, but you wouldn't actually lose any. Only place you may lose money is in investments.

Although they are hated by some people, others seem to swear by Premium Bonds - others like the o/h!

Else, just whack it in a normal savings account where you get an OK rate. I personally have an internet savings account with Lloyds TSB and another with Barclays. Interest rate is fairly average, but I do get to move the money around as and when I so choose. That said, if you feel you couldn't trust yourself with the money at such easy access, this may not work!

If you want to set up one of these, you can usually just do so if you have internet banking with your current account. I was able to with both of mine and once the money is in there, i just forget about it - and I have no will power or ability to save at all

 

[Stu DemonD]

Although they are hated by some people, others seem to swear by Premium Bonds - others like the o/h!

I am a great fan of Premium Bonds, and will probably be investing a good few thousand in them over the next month or so

 

[rallycinq]

I am a great fan of Premium Bonds, and will probably be investing a good few thousand in them over the next month or so

MMM, I've had premium bonds for nearly 50 years and not received a groat in winnings.

Cheers

SPD

 

[Kier]

I am a great fan of Premium Bonds, and will probably be investing a good few thousand in them over the next month or so

What are premium bonds? Heard of them, but not 100% sure what they are...worth doing?

 

[Stu DemonD]

MMM, I've had premium bonds for nearly 50 years and not received a groat in winnings.

With what holding though?

A maximum £30k holding should give you a decent rate of return, at least above base rate

 

[Stu DemonD]

What are premium bonds? Heard of them, but not 100% sure what they are...worth doing?

Well, your cash is safe.

But the bonds are put into a monthly draw, with prizes ranging from £50 up to £1million.

Maximum holding is/was £30k, and minimum purchase is £100.

I would say maximise any ISA allowances first, pay off debt, then look into bonds.

 

[rallycinq]

With what holding though?

Yup, you got it, I think the holding is so old it is in Groats, and IIRC less than £100.

But, I would have thought that 49 years, 11 months, 3 weeks, 3 days worth of time gone by I might at least have won a tenner!

Cheers

SPD

 

[Stu DemonD]

I actually only own £43 at the moment, purchased when I was a baby, but had a £50 come through about 5 years ago

 

[Most Easterly Pandas]

I am a great fan of Premium Bonds, and will probably be investing a good few thousand in them over the next month or so

Renewed my NS&I Premium bonds about 3 weeks ago now.

Went balistic at them when the new Cert came through with wrong name and address on it.

Said I wasn't best please that they have alot of my money and can even get the minor details correct!

 

[jonboy739]

why put any money into them tw*ts banks in the first place? they screwed us over dont forget and they are still at it, if i ever won the lottery i would walk into my bank put the cheque infront of them tell them i wont to pay it in then show them my middle finger and tell them but not with you and set up a account in a foreign bank and pay it in there, yes maybe they are all the same but no foreign bank has bent me over and told me to brace myself its a greedy greedy world out there and i dont see why i should work my guts out to line there pockets, i hate them as much as i do marmite.

and if anybody would like there bank charges back i will happley tell them how to do it, i have done it 4 times already and i have just started the process again, and i will keep doing it as long as they charge me for going over by £1 here and there

 

[Kier]

why put any money into them tw*ts banks in the first place? they screwed us over dont forget and they are still at it, if i ever won the lottery i would walk into my bank put the cheque infront of them tell them i wont to pay it in then show them my middle finger and tell them but not with you and set up a account in a foreign bank and pay it in there, yes maybe they are all the same but no foreign bank has bent me over and told me to brace myself its a greedy greedy world out there and i dont see why i should work my guts out to line there pockets, i hate them as much as i do marmite.

and if anybody would like there bank charges back i will happley tell them how to do it, i have done it 4 times already and i have just started the process again, and i will keep doing it as long as they charge me for going over by £1 here and there

Because Tesco's and a lot of places wont give you cash each month...

I've not had any problems with the bank (apart from them taking money out of my account when I didn't have it in there...but just go down, speak to them, threaten to close the account...soon gets it sorted).

 

[hmallett]

...yes maybe they are all the same but no foreign bank has bent me over and told me to brace myself...

Icelandic banks...