Vortex
Full Member
Harvey Weinstein's Tattered Penis
is apparently a mangina.
Posts: 5,400
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Post by Vortex on Mar 21, 2024 16:35:06 GMT
Psiloc How likely are you to want to pull the whole load of your ISA out? The higher interest ones always require a longer lock in or less withdrawal flexibility. If the interest rates offered are shit, maybe go stocks and shares ISA and try for a global ETF/index fund if you can? Depends on how comfortable you are with your savings sitting on the stock market mind, but the index funds offer a fairly well diversified range to limit your exposure to the vagaries of the market.
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sport✅
Junior Member
notice me senpai
I want to claim my tits
Posts: 2,317
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Post by sport✅ on Mar 21, 2024 16:43:06 GMT
Bitcoin is halving in April so it should moon before then. Almost guaranteed!!!
Disclaimer: An investor may get back less than the amount invested. Information on past performance, where given, is not necessarily a guide to future performance.
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Psiloc
Junior Member
Posts: 1,567
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Post by Psiloc on Mar 21, 2024 16:44:06 GMT
Yep I understand the point is to leave your money for as long as possible.
I might be being thick. Does "make up to three withdrawals, each one of up to 10% of your current balance" mean within the fixed term? And then you could take the full amount out if you wanted?
EDIT: Yeah that's what it means. Told you I'd never done this before! I understand now why the no limits ISA has such a shit rate
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Post by Reviewer on Mar 21, 2024 17:09:44 GMT
Putting it in a pension is still better if you can. I think access is the only downside.
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cubby
Full Member
doesn't get subtext
Posts: 6,368
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Post by cubby on Mar 21, 2024 17:36:16 GMT
Put it all in a vanguard isa s&p 500 etf fund
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Post by technoish on Mar 21, 2024 17:54:38 GMT
No point putting in a pension unless you are doing it pre income tax and/or you are getting employer matching.
In that case always go ISA.
And would also definitely first want a rainy day fund before going into pension, to avoid needing to borrow (with high interest rates).
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Post by technoish on Mar 21, 2024 17:59:44 GMT
My savings are all in an 80% equity balanced fund with Vanguard. 20% up this year. Probably down 20% next year  I put something away for kids each month in their retirement funds with each targeting their 18th birthdays. |
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Psiloc
Junior Member
Posts: 1,567
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Post by Psiloc on Mar 21, 2024 18:08:00 GMT
Planning to build up a few months salary in an ISA and then start with some sort of fund
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Post by Dougs on Mar 21, 2024 18:23:39 GMT
Martin Lewis can get fucked with his "everyone should have 10% of their salary in savings". Not a chance! Any time i do manage to shuffle a couple of hundred quid over, the next month something comes along and eats it up. Grrr.
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Post by technoish on Mar 21, 2024 18:44:22 GMT
I was a bit like until I went abroad, got paid more and came back with a good amount, now untouched for 5 years.
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zagibu
Junior Member
Posts: 1,953
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Post by zagibu on Mar 21, 2024 18:47:09 GMT
This is pretty good for investments, but I'm not sure if you guys from the UK can participate. It's a German company that realizes energy projects (mostly solar panel projects) financed through crowd funding in developing countries. You usually get 6-8 % yearly interest and they usually run for 3-5 years. Pretty decent way to do some good and also get something out of it. But there are no securities, so it's basically like risky stock, in that you can lose everything. Hasn't happened yet, though. It also allows very small investments, I think 100 € is the minimum, and then every 50 € step above that is possible. ecoligo.com/en |
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Post by stuz359 on Mar 21, 2024 20:30:14 GMT
I go out to the pub roughly 3 times a week and I have a bottle of wine.
Pre Covid, that bottle of wine cost £9.25.
The exact same wine (believe it has something to do with tax on high ABV drinks as well as inflation) cost me £16 tonight.
This increase has gone from £14 to £16, so more than 10%
That's close to a 60% increase in four years. My wages have not gone up 60% in those four years.
I don't think I could afford a night out if I tried these days. I can understand why people are angry.
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Post by Nitrous on Mar 21, 2024 21:44:15 GMT
I don't have an ISA. Not had one for years.
Just got a regular instant saving account at 4.1% and a regular saver max £300p/m but with a 7% rate.
I'll never reach anywhere near £1000 personal allowance mark in interest.
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Post by Reviewer on Mar 21, 2024 22:56:49 GMT
No point putting in a pension unless you are doing it pre income tax and/or you are getting employer matching. In that case always go ISA. And would also definitely first want a rainy day fund before going into pension, to avoid needing to borrow (with high interest rates). A pension you get 20% government contribution (more if you earn more), which you don’t get from an ISA, plus you can still have it as a stocks and shares. Not sure where you’re getting ‘no point putting in a pension’ from. ISA has the access advantage but you’re morning a big chunk of money up front. |
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Post by technoish on Mar 21, 2024 23:21:00 GMT
Yeah I'm on crack.
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mcmonkeyplc
Junior Member
General Martok Qapla!
Posts: 3,082
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Post by mcmonkeyplc on Mar 22, 2024 7:55:56 GMT
Wait wait wait, how are the government contrubuting 20% to my pension?!
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cubby
Full Member
doesn't get subtext
Posts: 6,368
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Post by cubby on Mar 22, 2024 7:59:03 GMT
Tax relief gets added to what's contributed innit. In my sipp I'm getting 25% added.
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minimatt
Junior Member
hyper mediocrity
Posts: 1,684
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Post by minimatt on Mar 30, 2024 6:55:29 GMT
cheapest sim only phone contract with o2 (5gb data, unlimited minutes/text) auto ratchets up to £12.90 in april, check their website to see if they're offering new customers anything better, nah - £17.99 for 12gb & unlimited minutes/text, check uswitch and here o2 are offering 32gb & unlimited minutes/text for £8 a month, 12mth contract
saving £58.80 a year which i'll be sure to spend on something wholesome
fucking customer loyalty tax on everything
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cubby
Full Member
doesn't get subtext
Posts: 6,368
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Post by cubby on Mar 30, 2024 8:51:11 GMT
Yeah I'm jumping from o2 for that reason. Trying lebara out at the moment, as I got 6 months at £1. I just need some friends in Saudi now.
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Post by jimnastics on Mar 30, 2024 8:56:19 GMT
Yeah I'm jumping from o2 for that reason. Trying lebara out at the moment, as I got 6 months at £1. I just need some friends in Saudi now. Lebara have been great for me, I jumped ship from Sky Mobile last Autumn. I want to move my wife and kids across as well but the one drawback is you don't get data rollover / piggybank on Lebara like you do with Sky and data addons are quite expensive, not a problem for me but could be an issue for my kids (there's something like 300gb+ in our Sky piggybank that I can add data to either of their sims from at any time). But overall it felt great leaving Sky, service has been flawless and much cheaper to boot. |
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Post by Nitrous on Mar 30, 2024 8:57:12 GMT
I switched from Tesco mobile (02) to Smarty last year (three network)
No noticeable issues just the price so instead of £8 a month for 2GB and unlimited calls+txt I'm now on £5 per month for 4GB and unlimited calls and txt with EU roaming part of thr deal.
I don't use a lot of data so suits me fine.
Did look at giffgaff but they don't offer WiFi calling or they didn't at the time.
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Post by dfunked on Mar 30, 2024 9:06:44 GMT
ID are pretty great if Three coverage isn't shit for you. EU roaming, data rollover and WiFi calling that works with Pixel phones without any faffing (not sure if it's still the case, but it was borked for other mvnos like Lebara/Lyca when I last looked) I don't think they do April price hikes as well. I got a £9 a month deal for 55GB, but also got a £30 Amazon voucher out of it so worked out at £6.50 a month. I rarely use data, so usually have 100GB+ available if I actually need it thanks to rollover. Just have a look on HUKD or something like the below. www.moneysavingexpert.com/cheap-mobile-finder/sim-only/id-mobile/ |
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gray
New Member
Posts: 438
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Post by gray on Mar 30, 2024 9:39:55 GMT
At 37, I may, for the first time in my life, be able to put some money into savings. I'm with Barclays and would prefer to stay with them if need be. I'm looking at their ISAs: www.barclays.co.uk/savings/isas/Just so I'm understanding correctly, the catch with those higher rate ones is the ability to withdraw the money? I was expecting that to some extent but "Make up to three withdrawals, each one of up to 10% of your current balance" kind of sounds like there is never any way to access the full amount? Those interests rates are also below the rate of inflation and indeed the BoE interest rate so doesn't that mean that saving is costing me money? At 37 with a good 25-30 years+ worth of investing infront of you I would recommend looking at a stocks and shares ISA rather than pure investment rate savings account.
Consistant montly deposits into a low cost globally diversified index fund inside an ISA tax wrapper for the next 25-30 years will see you set.
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Post by Trowel 🏴 on Mar 31, 2024 15:13:32 GMT
Don't forget your meter readings today.
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Psiloc
Junior Member
Posts: 1,567
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Post by Psiloc on Apr 3, 2024 15:39:40 GMT
Did a meter reading. My balance shot up by £400 just on the gas. Fucking estimates. I know a lot of people don't like smart meters but damn if my gas meter doesn't seem ass backwards compared to my smart electric. Anyway as of today I officially have a savings account, with money* in it and everything! *very little money I plan on saving a regular amount on that for a few years, which will be my emergency fund and should end up with a few months salary. I honestly don't know how I have been this lackadaisical about a lack of emergency savings until now - I'm more anxious now about the few years it's going to take to build a decent balance than I have for the previous 20 years of my career where I couldn't give a shit. I literally woke up one day and realised I had a wife, two kids and a mortgage and I could royally fuck it for all of us at any point. Anyway my plan is for this regular transfer to train me to expect that money to not be available month by month. Once I'm happy with that buffer I'm going to start putting it into a stocks and shares account instead. |
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Vortex
Full Member
Harvey Weinstein's Tattered Penis
is apparently a mangina.
Posts: 5,400
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Post by Vortex on Apr 3, 2024 16:06:13 GMT
Everyone needs a 'Oh shit my roof has fallen in' or a 'fuck you' fund. Sadly, mine would cover a roof cave in, but is not enough to tell work to fuck off. Yet. We all need a dream!  |
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Psiloc
Junior Member
Posts: 1,567
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Post by Psiloc on Apr 3, 2024 16:33:58 GMT
Too true. I’ve always relied on credit cards or loans for such things. I have good credit and this has never been a problem, it’s just of course far from a good foundation.
My main fear these days is losing my job. I work in (and own a small piece of) a small tech business and as my standard of living has improved so has my fear of losing it all. A big enough competitor entering our arena would eat us for breakfast, and I wouldn’t find a similar job without moving my family. Going through that with nothing saved up is a horrifying prospect.
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zagibu
Junior Member
Posts: 1,953
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Post by zagibu on Apr 3, 2024 20:55:39 GMT
Oh no, you would have to lower your standard of living. Truly horrifying.
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Post by jeepers on Apr 3, 2024 21:06:47 GMT
Oh no, you would have to lower your standard of living. Truly horrifying. Not quite what he was saying, was it? |
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richardiox
Junior Member
Semi proficient
Posts: 1,657
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Post by richardiox on Apr 3, 2024 21:13:44 GMT
Oh no, you would have to lower your standard of living. Truly horrifying. Losing your means of income with a family to support is a pretty horrifying prospect that most of us face to be fair. As would be having to uproot everything to relocate just to seek out/eek out a basic income. If I was still a singleton, no kids and in my 20s or early 30s I'd probably be less anxious about the prospect. |
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