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Thread: Savings/investments - what do you do with yours

  1. #31

    Re: Savings/investments - what do you do with yours

    My Santander reg saver is showing 5% linked to 123 account
    Has anybody ever won big on the premium bond? I know people who keep winning 25 quid

  2. #32

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by delmbox View Post
    36 and probably rent this one out and move in to that one
    OK, 36, so you have another 30 years or so to pay into a pension scheme. I would definitely recommend an income drawdown scheme but also definitely find a truly independent financial adviser as there are plenty of companies out there ready to take your cash. I have one and he has been very good, tailoring my pension portfolio to my "cautious approach" needs. This is a long term process though as the stock markets can be very volatile, particularly at the moment. It only takes Trump or Carney to make some pessimistic forecast and my pension pot can suddenly dip in value by thousands over night! Conversely if they say something optimistic the reverse can happen. The whole stock market business runs on rumour and fear it seems to me! However long term it has proved to be the best bet, hence a lot (most?) pension schemes buy into it.

    BTW I am not looking to make a profit out of my portfolio, just enough growth to balance what I take out every month.

  3. #33

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by Taunton Blue Genie View Post
    I have a couple of endowments that are beyond maturity date but I let them run as I didn't need them to pay off the balance of my mortgage, which was their original purpose. However, won't I have to pay tax if I simply transfer them to a drawdown scheme?
    No, I don't see any reason why you should pay tax on these. Just cash them in and start a pension fund. See my reply to Delmbox as above.

  4. #34

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by dandywarhol View Post
    My Santander reg saver is showing 5% linked to 123 account
    Has anybody ever won big on the premium bond? I know people who keep winning 25 quid
    Current mean average return on Premium Bonds is 1.25%. Investment wise it's a handy way to become poorer in real terms each year.

    I've only ever had faith in hard assets by way of occasional property purchases and converting fiat to what's been money for thousands of years as an insurance policy to safeguard against hyperinflation in readiness for when the humongous global debt bubble implodes.

    Mention of which, Deutsche Bank was pinpointed in 2016 by the International Monetary Fund as the world's most dangerous financial institution whose demise could trigger a crisis that would make Lehman's death in 2008 appear a minor hiccup in comparison. Deutsche Bank: World's most dangerous bank?: https://www.bbc.co.uk/news/business-36723034

    Its end came several steps closer today. Deutsche Bank’s day of despair: as it happened: https://www.telegraph.co.uk/business...-faces-record/

  5. #35

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by stevebrickman View Post
    Higher rate tax payers get £500 savings allowance. Normal rate tax payers get £1k. Anything earned over and above needs to be declared via self assessment and taxed accordingly. Im fairly sure that the limit for earnings in a childís name is just £100.
    We donít get anywhere near the limits you mention. Iím not sure there are enough good regular savings accounts in the country to get someone up to the £500 cap. Even when you add them to the interest on accumulated deposits it takes a few years to get there. Which says more about LIBOR than it does about the way we tax savings income

  6. #36

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by dandywarhol View Post
    My Santander reg saver is showing 5% linked to 123 account
    It wonít on renewal- the dropped it to 3 % some time ago. Nationwide have dropped their product entirely. Rates on cash savings are on the floor- passive income is increasingly hard to generate

  7. #37

    Re: Savings/investments - what do you do with yours

    Remember the old saying " DON'T PUT ALL YOUR EGGS IN ONE BASKET" 👌👌👌

  8. #38

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by Optimistic Nick View Post
    It wonít on renewal- the dropped it to 3 % some time ago. Nationwide have dropped their product entirely. Rates on cash savings are on the floor- passive income is increasingly hard to generate
    Now down to 2.5% I believe. With a cap at £200 monthly, it seems hardly worth the effort.

  9. #39

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by cardiff55 View Post
    Drawdown is for pensions only. The endowments would mature and be totally free of tax in your hands.
    Good lord. Many thanks, old fruit.

  10. #40

    Re: Savings/investments - what do you do with yours

    William Hills. Ladbrokes. Betfred 🤣🤣

  11. #41

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by Optimistic Nick View Post
    I really struggle to get much return on cash. If you have a kid it is a bit easier as there are some decent savings accounts out there paying 3%+. My basic rule is that I save whatever I can at rates that are higher than my mortgage interest rate; and use the surplus to overpay the mortgage.

    My current plan for monthly savings is as follows:

    My firstdirect reg saver (5%): £300
    Wife firstdirect reg saver (5%): £300
    My HSBC prem reg saver (5%): £250
    Wife HSBC reg saver (5%): £250
    Santander reg saver (3%, but now 2.5%): £200
    Halifax junior saver (4.5%): £100
    Barclays junior saver (3.5%): £100

    The harder part is working out what to do with the money when the 12 months is up. Currently we stick the cash into nationwide accounts paying 5%; or the nationwide junior savings account paying 3%; or use the money to do stuff on the house. All of the above returns more than my mortgage interest rate, and is effectively a DIY offset giving me flexibility.
    Isnít interest on all those accounts only £60 a month or so at roughly 4% on £1500? £700 a year? The kids ones offer decent rates but most have a limit so hardly worth it is it? Hopefully, the stocks will plummet soon, I canít work out why they havenít already due to Brexit and general world shiiite, then invest in them....

  12. #42

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by goats View Post
    Isnít interest on all those accounts only £60 a month or so at roughly 4% on £1500? £700 a year? The kids ones offer decent rates but most have a limit so hardly worth it is it? Hopefully, the stocks will plummet soon, I canít work out why they havenít already due to Brexit and general world shiiite, then invest in them....
    It is money I used to put against the mortgage. As long as I'm getting at least my mortgage interest rate on my savings then it's a no-cost option. I am n o worse off for saving it and I can always lump it against the mortgage if rates drop further, but it's nice to have it in cash in the meantime. Agree as a pure rate arbitrage it's not worth it and it's administratively simple, just a bunch of standing orders from my main current account. I see it more as cost-free option for the cash rather than locking it up in mortgage repayments.

  13. #43

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by delmbox View Post
    If you're lucky enough to have any?

    I'm putting money away every week into a savings account, with the rough idea of buying another house which can serve as a pension being that neither I or my partner are likely to have one. But I'm not sure anymore whether I should be doing anything better with it. Going to see a financial advisor soon but there's usually good advice on here as well, and I'm curious what other people do with the future in mind
    I'm getting 8% interest in P2P lending. Yes, it has risks, but to get high interest rates you have to take some risk.

    ISAs are pointless, now that a big chunk of interest is tax free.

    Property is probably your best option. Yes buy to let has effed everything up, but why should that stop you from investing.

  14. #44

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by William Treseder View Post
    Invest it in malt whisky. Bound to make a decent profit in 25/30 yrs time.
    Actually, Lego is a good investment.

  15. #45

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by goats View Post
    Isn’t interest on all those accounts only £60 a month or so at roughly 4% on £1500? £700 a year? The kids ones offer decent rates but most have a limit so hardly worth it is it? Hopefully, the stocks will plummet soon, I can’t work out why they haven’t already due to Brexit and general world shiiite, then invest in them....
    A couple of Warren Buffett quotes

    "Two super-contagious diseases, fear and greed, will forever occur in the investment community. The timing of these epidemics will be unpredictable. ... We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful." This is the simple recipe for being a contrarian investor.

    "Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well." Following the herd can be very dangerous. Just ask the many investors who staked their futures on technology stocks in 1999.

    "Do not save what is left after spending, but spend what is left after saving." This is known as paying yourself first, and it works brilliantly for investors who develop this habit while they are young.


    And another useful thought

    Shoeshine boy, taxi driver, barber, beggar on the street, prostitute, cleaner, cook, house maid, car washer, newspaper boy, neighbourhood grocer are all very enterprising people looking out to make money in innovative ways. If you ever get stock market tips from them, beware. Beware of the stock market. (by the time everyday people are giving you tips like bitcoin, it's too late!)

  16. #46

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by Bluebina View Post
    A couple of Warren Buffett quotes

    "Two super-contagious diseases, fear and greed, will forever occur in the investment community. The timing of these epidemics will be unpredictable. ... We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful." This is the simple recipe for being a contrarian investor.

    "Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well." Following the herd can be very dangerous. Just ask the many investors who staked their futures on technology stocks in 1999.

    "Do not save what is left after spending, but spend what is left after saving." This is known as paying yourself first, and it works brilliantly for investors who develop this habit while they are young.


    And another useful thought

    Shoeshine boy, taxi driver, barber, beggar on the street, prostitute, cleaner, cook, house maid, car washer, newspaper boy, neighbourhood grocer are all very enterprising people looking out to make money in innovative ways. If you ever get stock market tips from them, beware. Beware of the stock market. (by the time everyday people are giving you tips like bitcoin, it's too late!)

    Shoeshine boy, taxi driver, barber, a beggar on the street, prostitute, cleaner, cook, housemaid, car washer, newspaper boy, neighbourhood grocer are all very enterprising people looking out to make money in innovative ways. If you ever get stock market tips from them, beware. Beware of the stock market. (by the time everyday people are giving you tips like bitcoin, it's too late!)

    That's kind of how I feel about buy to let, I did have four but sold three before the last property crash 2007/2008, there was a lot less competition then and house under the hammer had no kicked the market on, now everyone wants to do it and the Government are getting in on the act with extra forms of taxation, and rules and regulations, I feel the best days have gone, and it may be too late?

    As someone said above that's just my opinion, do what you think is best for you

  17. #47

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by Bluebina View Post
    Shoeshine boy, taxi driver, barber, a beggar on the street, prostitute, cleaner, cook, housemaid, car washer, newspaper boy, neighbourhood grocer are all very enterprising people looking out to make money in innovative ways. If you ever get stock market tips from them, beware. Beware of the stock market. (by the time everyday people are giving you tips like bitcoin, it's too late!)

    That's kind of how I feel about buy to let, I did have four but sold three before the last property crash 2007/2008, there was a lot less competition then and house under the hammer had no kicked the market on, now everyone wants to do it and the Government are getting in on the act with extra forms of taxation, and rules and regulations, I feel the best days have gone, and it may be too late?

    As someone said above that's just my opinion, do what you think is best for you
    PS Google knows what we are typing about the advert at the top of the page now says, a 28 year old from Bargoed got rich watching this video

  18. #48

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by Bluebina View Post
    PS Google knows what we are typing about the advert at the top of the page now says, a 28 year old from Bargoed got rich watching this video
    Same ad for me. Different location. Best guess from the ad companies on this occasion (profiling) rather than knowing what we are typing. Equity release is another that comes up...over 55 etc. But, as an experiment, I am thinking about going on an escorted rail and cruise holiday next year. Let's see if an ad for that pops up.

  19. #49

    Re: Savings/investments - what do you do with yours

    If no decent houses or flats become available soon I might have a look into Wealthify or st James place, both based in Cardiff too

  20. #50
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    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by goats View Post
    If no decent houses or flats become available soon I might have a look into Wealthify or st James place, both based in Cardiff too
    Just based on on personal experience - avoid St James' Place. My old mam and my brother (and partner) use them. I don't.

    I'm not sure where they are based as they rely on self employed IFAs from all over the country, but my understanding is that they are tied to a small number of 'super inverstors' (like Neil Woodford) and their returns are very poor compared to some of their competitors. I have certainly seen that over the past 5 years. I and my partner use Birchwood to invest our savings, and we have had a much better return than my mother and brother. I am very uncomfortable with most of this stuff - but given the alternatives of a sock under the bed, a 0% savings account, or a low risk investment portfolio (wrapper) we went for the last one.

    In practice that meant the capital grew a small amount (in cash terms) and we had 5 years of a regular draw-down income on top to supplement the occupational pension.

  21. #51

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by Gofer Blue View Post
    No, I don't see any reason why you should pay tax on these. Just cash them in and start a pension fund. See my reply to Delmbox as above.
    Is a pension fund the best thing if I am already 63 and semi-retired?

  22. #52

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by jon1959 View Post
    Just based on on personal experience - avoid St James' Place. My old mam and my brother (and partner) use them. I don't.

    I'm not sure where they are based as they rely on self employed IFAs from all over the country, but my understanding is that they are tied to a small number of 'super inverstors' (like Neil Woodford) and their returns are very poor compared to some of their competitors. I have certainly seen that over the past 5 years. I and my partner use Birchwood to invest our savings, and we have had a much better return than my mother and brother. I am very uncomfortable with most of this stuff - but given the alternatives of a sock under the bed, a 0% savings account, or a low risk investment portfolio (wrapper) we went for the last one.

    In practice that meant the capital grew a small amount (in cash terms) and we had 5 years of a regular draw-down income on top to supplement the occupational pension.
    Thanks for the tip. A guy I know gave me some conflicting advice on them it would seem. I’m not comfortable with these people playing with our hard earned either, but like you say not much alternative. I have a nose at birch wood.

  23. #53

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by goats View Post
    Thanks for the tip. A guy I know gave me some conflicting advice on them it would seem. I’m not comfortable with these people playing with our hard earned either, but like you say not much alternative. I have a nose at birch wood.
    St James Place arent IFA's, they are multi-tied advisors, so not truly independent!

    https://www.which.co.uk/news/2017/07...rs-on-charges/

  24. #54

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by goats View Post
    If no decent houses or flats become available soon I might have a look into Wealthify or st James place, both based in Cardiff too
    I've put a bit of money into Wealthify now. Not all my savings though

  25. #55

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by delmbox View Post
    I've put a bit of money into Wealthify now. Not all my savings though
    How’s it doing if you don’t mind me asking?

  26. #56

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by goats View Post
    How’s it doing if you don’t mind me asking?
    I only put it in Tuesday and it hasn't reached the account yet so I'd describe it as "steady"

  27. #57

    Re: Savings/investments - what do you do with yours

    Quote Originally Posted by Taunton Blue Genie View Post
    Is a pension fund the best thing if I am already 63 and semi-retired?
    You still could do one, but it's designed for medium to long term savings, still more tax efficient than a S&S ISA. If your in receipt of a pension you are limited to 100% of your income or £4K per tax year whichever is lower. You would still qualify for tax relief.

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