Savings account/ISA- where to start?
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Original post by Snufkin
I'm not being rude. I bet there is something in your town under 250k. No Martin Lewis quote?
There isn't - don't assume again!
Since you don't bother to read what I post properly I can't be bothered to look it up. He had a programme on ISAs recently.
Original post by Muttley79
There isn't - don't assume again!
Since you don't bother to read what I post properly I can't be bothered to look it up. He had a programme on ISAs recently.
Since you don't bother to read what I post properly I can't be bothered to look it up. He had a programme on ISAs recently.
Accusing people of making assumptions seems to be your only line of argument, but it's not going to work unless you can back up your own statements with proof. What town/city do you live in? I'm sure I could find a property for under 250k there. You can't find a quote from Martin Lewis because he never said it.
Original post by Snufkin
Accusing people of making assumptions seems to be your only line of argument, but it's not going to work unless you can back up your own statements with proof. What town/city do you live in? I'm sure I could find a property for under 250k there. You can't find a quote from Martin Lewis because he never said it.
In his programme he said Cash ISAs are still useful for people with substantial savings.
http://www.moneysavingexpert.com/savings/is-the-cash-ISA-dead
I never said they were right for the OP - read my posts again.
I'm certainly not going to tell you which village I live in - your experience of house prices is limited. Where do you live?
Original post by Muttley79
In his programme he said Cash ISAs are still useful for people with substantial savings.
http://www.moneysavingexpert.com/savings/is-the-cash-ISA-dead
I never said they were right for the OP - read my posts again.
I'm certainly not going to tell you which village I live in - your experience of house prices is limited. Where do you live?
http://www.moneysavingexpert.com/savings/is-the-cash-ISA-dead
I never said they were right for the OP - read my posts again.
I'm certainly not going to tell you which village I live in - your experience of house prices is limited. Where do you live?
If you have 15k to spare every year then yes, you might be right to consider putting it in a Cash ISA and build up a big pot of tax-free cash in preparation for when rates eventually do go up; but the OP does not have substantial savings... that was clear from the very first post!
The OP asked for advice on where to put his money now, speculating on future interest rate changes is absolutely pointless!
Are you basing this whole 'OP won't be able to find a house/flat for 250k' argument on the property market in one little village?
Original post by Snufkin
If you have 15k to spare every year then yes, you might be right to consider putting it in a Cash ISA and build up a big pot of tax-free cash in preparation for when rates eventually do go up; but the OP does not have substantial savings... that was clear from the very first post!
The OP asked for advice on where to put his money now, speculating on future interest rate changes is absolutely pointless!
Are you basing this whole 'OP won't be able to find a house/flat for 250k' argument on the property market in one little village?
The OP asked for advice on where to put his money now, speculating on future interest rate changes is absolutely pointless!
Are you basing this whole 'OP won't be able to find a house/flat for 250k' argument on the property market in one little village?
We don't know his full circumstances so he needs to look at Martin Lewis not on here. What are your qualifactions to offer finanical advice?
Your selective reading of my posts is most enlightening - no apology I see ...
I can name a whole raft of places in the SE where there are no houses for £250 000. Where do you live?
I repeat, I never said the OP should get a Cash ISA - please tell me where you claim I did? I pointed out that for some people [which you now acknowledge] it is the right choice.
(edited 8 years ago)
Original post by Muttley79
We don't know his full circumstances so he needs to look at Martin Lewis not on here. What are your qualifactions to offer finanical advice?
Your selective reading of my posts is most enlightening - no apology I see ...
I can name a whole raft of places in the SE where there are no houses for £250 000. Where do you live?
Your selective reading of my posts is most enlightening - no apology I see ...
I can name a whole raft of places in the SE where there are no houses for £250 000. Where do you live?
We are not privy to every single detail of the OP's life - but we do know how much money he has and how much he expects to save in the future, and that is all we need to know! What other circumstances are relevant?
I read all your posts thoroughly. I'm not going to tell you where I live because it is not relevant. You said 250k isn't enough to buy a property but 5 seconds on Zoopla proves that you're wrong, this debate is over.
Original post by Snufkin
We are not privy to every single detail of the OP's life - but we do know how much money he has and how much he expects to save in the future, and that is all we need to know! What other circumstances are relevant?
I read all your posts thoroughly. I'm not going to tell you where I live because it is not relevant. You said 250k isn't enough to buy a property but 5 seconds on Zoopla proves that you're wrong, this debate is over.
I read all your posts thoroughly. I'm not going to tell you where I live because it is not relevant. You said 250k isn't enough to buy a property but 5 seconds on Zoopla proves that you're wrong, this debate is over.
More selective reading of my posts - did I say you could not buy a house for £250 000? No I didn't - quote where I did please?
I said that in many places in the SE it is not possible ... a very different statement.
Original post by Muttley79
More selective reading of my posts - did I say you could not buy a house for £250 000? No I didn't - quote where I did please?
I said that in many places in the SE it is not possible ... a very different statement.
I said that in many places in the SE it is not possible ... a very different statement.
Muttley79
where I live as no-one can find a house under £250 000
Muttley79
it must be under £250 000 [more in London] - very little available for that price in some areas even starter homes.
At first you just said 250k is not enough to buy where you live (but you won't prove it, so I have to assume you're lying). But you went on to say that there is very little for sale in "some areas" but would not specify where those areas were, so the implication is you think 250k isn't enough to buy anywhere. I live in the SE too and you can buy lots of places for under 250k here so for goodness sake stop saying you can't.
Muttley79
I repeat, I never said the OP should get a Cash ISA - please tell me where you claim I did? I pointed out that for some people [which you now acknowledge] it is the right choice.
I'm not going to play this game. Throughout this thread you have been contradicting myself and The Financier when we said the OP shouldn't open a Cash ISA. I don't now acknowledge it, I said the exact same thing yesterday (post number 6) but you ignored me. I'm sick to the back teeth of repeating myself, I will not be replying to you again.
In terms of getting the maximum interest rates you can with your first £2k go with (TSB i think) at 5%. Afterward you should go for the Help To Buy ISA with Halifax.
Interest right now is pitiful (maximum of 4%, average over £20k is about 3%) but if your prepared to fiddle with your accounts a bit then you can maximise returns. At that point you either pile up in a Help To Buy ISA or once the bear market ends consider a stocks and shares ETF.
Interest right now is pitiful (maximum of 4%, average over £20k is about 3%) but if your prepared to fiddle with your accounts a bit then you can maximise returns. At that point you either pile up in a Help To Buy ISA or once the bear market ends consider a stocks and shares ETF.
Original post by Snufkin
At first you just said 250k is not enough to buy where you live (but you won't prove it, so I have to assume you're lying). But you went on to say that there is very little for sale in "some areas" but would not specify where those areas were, so the implication is you think 250k isn't enough to buy anywhere. I live in the SE too and you can buy lots of places for under 250k here so for goodness sake stop saying you can't.
I'm not going to play this game. Throughout this thread you have been contradicting myself and The Financier when we said the OP shouldn't open a Cash ISA. I don't now acknowledge it, I said the exact same thing yesterday (post number 6) but you ignored me. I'm sick to the back teeth of repeating myself, I will not be replying to you again.
I'm not going to play this game. Throughout this thread you have been contradicting myself and The Financier when we said the OP shouldn't open a Cash ISA. I don't now acknowledge it, I said the exact same thing yesterday (post number 6) but you ignored me. I'm sick to the back teeth of repeating myself, I will not be replying to you again.
I said that he shouldn't either but it is right for some people - please read my posts properly!
Of course I'm not going to say where I live - so you assume I'm lying - great logic!
Again I did not say there's nowhere in the SE - I said there are some places - please stop misquoting me. If you don't have a car and need to live in one of them for work you will have to rent.
(edited 8 years ago)
Based in your circumstances (Initial deposit £1-2K. I'll assume a median of £1500) followed by £400-500 p.m., I'd recommend:
1) Halifax 4% Help to buy ISA - Initially deposit £1200 to maximise the potential of this account. Then deposit £200 monthly.
2) First Direct Current account - Switch from your current bank to first direct and get £150. This is equivalent to saving £1000 at a 15% rate for a year, so it's a good bonus to have.
One point to make though, to receive the bonus £150, you have to deposit £1000 within the first 3 months of opening the account, which shouldn't be a problem. Just make sure you deposit that initial bonus into the account before opening the halifax account.
3) First Direct Regular Saver - 6% interest - Where you can save up to £300 a month. But you have to be able to save regularly for at least a year. Pros: Forces you to save regularly, high interest, fits your budget as you can vary the amount each month if you want. Cons: You have to save every month.
You can deposit the remaining £300 from your initial bonus here to start you off.
The above scenario allows you split your £500 a month perfectly between a 4% and a 6% rate, and they are both flexible in that you don't have to put in the maximum but the option is there.
The alternative TSB account at 5% is fine too but it is capped at £2000. So if you manage to save £300 a month in that account you'll reach the limit in 7 months. I wouldn't recommend it if you're going to be doing this 'over the next few years'.
Hope this helps.
1) Halifax 4% Help to buy ISA - Initially deposit £1200 to maximise the potential of this account. Then deposit £200 monthly.
2) First Direct Current account - Switch from your current bank to first direct and get £150. This is equivalent to saving £1000 at a 15% rate for a year, so it's a good bonus to have.
One point to make though, to receive the bonus £150, you have to deposit £1000 within the first 3 months of opening the account, which shouldn't be a problem. Just make sure you deposit that initial bonus into the account before opening the halifax account.
3) First Direct Regular Saver - 6% interest - Where you can save up to £300 a month. But you have to be able to save regularly for at least a year. Pros: Forces you to save regularly, high interest, fits your budget as you can vary the amount each month if you want. Cons: You have to save every month.
You can deposit the remaining £300 from your initial bonus here to start you off.
The above scenario allows you split your £500 a month perfectly between a 4% and a 6% rate, and they are both flexible in that you don't have to put in the maximum but the option is there.
The alternative TSB account at 5% is fine too but it is capped at £2000. So if you manage to save £300 a month in that account you'll reach the limit in 7 months. I wouldn't recommend it if you're going to be doing this 'over the next few years'.
Hope this helps.
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