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what to do with 10K

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BobbyD
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Re: what to do with 10K

#98728

Postby BobbyD » November 25th, 2017, 11:23 am

melonfool wrote:
BobbyD wrote:Santander is 1.5% before fees.

https://www.santander.co.uk/uk/current- ... gI3CvD_BwE

5% at NW on £2500 for a year, 3% at Tesco on 2 x £3000, 2% on 3 x £5000 at BOS. Minimum payment and DD requirements as with (but not the same as Santander, but easily overcome with a standing order in standing order out).


It's £3,000 at NW, as it's £250pm.
Also, First Direct does a 5% one too, £300pm.

And TSB 1.5% on £1,500, have to pay in £500pm, but I transfer it straight back out again anyway.

M&S also have one - 5% on £250pm: https://bank.marksandspencer.com/save-i ... hly-saver/

Not sure what the terms of them all are.

Mel


I was talking about the bonus rate on the flexdirect account not the regular saver.

https://www.nationwide.co.uk/products/c ... d-benefits.

If you are looking for a shortish term hidaway with a return, low admin and no need to renew whilst maintaing the ability to withdraw the lot without penalty or loss of interest it seemed more logical.

M&S is a rebrand of the HSBC, you won't get both, just like you won't get a First Direct and an HSBC.

There's a decent reg saver behind most decent current accounts, or two in some cases like Lloyds. TSB is about the only one I don't have... apparently I failed the credit check!

melonfool
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Re: what to do with 10K

#98739

Postby melonfool » November 25th, 2017, 11:49 am

"M&S is a rebrand of the HSBC, you won't get both, just like you won't get a First Direct and an HSBC."

I have M&S and FD though?

I didn't know that about the N'wide FlexDirect thing. I've had my N'wide account over 40 years so a 12m introductory rate is no good to me. Though, obvious, fine for the OP.

Mel

kempiejon
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Re: what to do with 10K

#98741

Postby kempiejon » November 25th, 2017, 12:08 pm

I have FD and HSBC current accounts and regular savers with both.

Here's a complicated way to maximise one's cash interest but a little too elaborate for me. https://www.moneywise.co.uk/saving-bank ... -portfolio

BobbyD
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Re: what to do with 10K

#98743

Postby BobbyD » November 25th, 2017, 12:21 pm

melonfool wrote:"M&S is a rebrand of the HSBC, you won't get both, just like you won't get a First Direct and an HSBC."

I have M&S and FD though?

I didn't know that about the N'wide FlexDirect thing. I've had my N'wide account over 40 years so a 12m introductory rate is no good to me. Though, obvious, fine for the OP.

Mel


Maybe it's changed... I couldn't get the M&S and I'm sure it used tobe said that FD and HSBC were exclusive.

You can get back on it after a period off promotional rates apparently, although I'm currently on the Flexplus until I get back from abroad in January.

kempiejon wrote:I have FD and HSBC current accounts and regular savers with both.

Here's a complicated way to maximise one's cash interest but a little too elaborate for me. https://www.moneywise.co.uk/saving-bank ... -portfolio


My method of maximising return is a bit simpler, I open and fund every account I can... I'll be damned if I'm going to lend the bank money for gratis!

Now I've got to go apply for a FD account...

didds
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Re: what to do with 10K

#108063

Postby didds » January 5th, 2018, 9:36 am

didds wrote:I've gone the premium bonds route.

In my name. (so shoot me ;-) She doesn;t know the molney even exists. Wife/mother is aware etc)

cheers all for your kind advice

didds



UPDATE: This was the first month's draw for my newly purchaed PBs.

I've won £25 ! :-)

didds

AleisterCrowley
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Re: what to do with 10K

#108069

Postby AleisterCrowley » January 5th, 2018, 10:11 am

And me !!! a whole £25 :-)
I recently checked my PBs, holding currently circa £12k. Returns as below.
2014 -1.28%
2015 - 1.68%
2016 - 0.83%
2017 - 1.43%

quelquod
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Re: what to do with 10K

#110007

Postby quelquod » January 12th, 2018, 9:13 pm

You're doing OK.
I've got £5 worth (Mum bought them for me 70 years ago and I've kept them as a memento).
Never won a bean ;) .

XFool
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Re: what to do with 10K

#110014

Postby XFool » January 12th, 2018, 9:39 pm

quelquod wrote:You're doing OK.
I've got £5 worth (Mum bought them for me 70 years ago and I've kept them as a memento).
Never won a bean ;) .

1948? That's what I call prescient, Premium Bonds didn't even exist till 1956! So you were definitely ripped off for eight years. ;)

melonfool
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Re: what to do with 10K

#110025

Postby melonfool » January 12th, 2018, 10:39 pm

XFool wrote:
quelquod wrote:You're doing OK.
I've got £5 worth (Mum bought them for me 70 years ago and I've kept them as a memento).
Never won a bean ;) .

1948? That's what I call prescient, Premium Bonds didn't even exist till 1956! So you were definitely ripped off for eight years. ;)


Would still have been a better interest rate than now though!

Mel

bulltraderpt
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Re: what to do with 10K

#111733

Postby bulltraderpt » January 18th, 2018, 7:36 pm

With IR effectively worthless go to the stock market. If he doesn't know you have it, go to the HYP board and look to get a return there, you may even get some capital appreciation on it.

Cheers!

paulnumbers
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Re: what to do with 10K

#111774

Postby paulnumbers » January 18th, 2018, 10:43 pm

It all boils down to how much hassle you can be bothered with.

http://bankaccountsavings.co.uk/

Club Lloyds Account - 2% on 5k

You'll need to setup two direct debits for that, Post Office Instant Access savings account, and Birmingham Midshires savings account will do the job.

Then with that account you also get a 3% regular save for £400 per month.

And you could also open nationwide Flexdirect, £2500 @ 5% and their £250 a month regular saver, no direct debit requirement.

Leeds BS Regular Saver, £250 a month at 2.3%

Really depends how much hassle you want in your life.

AleisterCrowley
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Re: what to do with 10K

#111776

Postby AleisterCrowley » January 18th, 2018, 11:01 pm

I'm a Lloyds customer and they really do mess one around with the savings accounts. They are limited to (typically ) max £400 a month in and last a year so difficult to get a good rate on any sort of reasonable amount (you only get the full rate for a year on the first £400 effectively) Come the end of the term you get whacked down to 0.2% or something dire, and have to close, set up new account and standing order and wait for money to build again.
If you remember...

melonfool
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Re: what to do with 10K

#111808

Postby melonfool » January 19th, 2018, 9:26 am

AleisterCrowley wrote:I'm a Lloyds customer and they really do mess one around with the savings accounts. They are limited to (typically ) max £400 a month in and last a year so difficult to get a good rate on any sort of reasonable amount (you only get the full rate for a year on the first £400 effectively) Come the end of the term you get whacked down to 0.2% or something dire, and have to close, set up new account and standing order and wait for money to build again.
If you remember...


All regular savers are like that.

I currently have First Direct £300 at 5% (I think) and Nationwide £250 at 5%. They will end in Oct and I will need to move the money and start again. I'm intending to take another with M&S in the meantime as I already have the current account. I also have a TSB and a Halifax current account so I need to work out what they offer.

Best plan would be to have four that all start each new quarter then have them ending each quarter the following year.

Mel

AleisterCrowley
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Re: what to do with 10K

#111819

Postby AleisterCrowley » January 19th, 2018, 10:07 am

melonfool wrote:...

Best plan would be to have four that all start each new quarter then have them ending each quarter the following year.

Mel

Like a 'Bond ladder'
http://www.telegraph.co.uk/finance/inve ... ncome.html

I really should do more of this, but I can't stand the faffing around - plus most of my cash is in ISAs and I don't want to lose the tax wrapper, although the current rates are derisory

pochisoldi
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Re: what to do with 10K

#111824

Postby pochisoldi » January 19th, 2018, 10:23 am

melonfool wrote:And TSB 1.5% on £1,500, have to pay in £500pm, but I transfer it straight back out again anyway.


(It's 3% on £1500 at TSB)

If you have two accounts with a funding requirement, and the minimum balance for both accounts equals the higher of the two funding requirements simply setup a standing order for the highest amount on each account on the same day.

For example "Club Lloyds" has a £1500 funding requirement, "TSB Classic" needs £500, if you can keep the minimum balance of the Lloyds account at £1500 you can setup a standing order from "TSB Classic" to "Club Lloyds" for £1500, and on the same day have a standing order from "Club Lloyds" to "TSB Classic" for the same amount.

No manual intervention required, aside from decanting non-interest earning interest payments into a more suitable location at the start of the month.

PochiSoldi
(who, back in the day, had 3 Lloyds Vantage accounts with £1000 doing a merry-go-round #1>#2>#3>#1 once a month...)

melonfool
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Re: what to do with 10K

#111834

Postby melonfool » January 19th, 2018, 11:05 am

AleisterCrowley wrote:
melonfool wrote:...

Best plan would be to have four that all start each new quarter then have them ending each quarter the following year.

Mel

Like a 'Bond ladder'
http://www.telegraph.co.uk/finance/inve ... ncome.html

I really should do more of this, but I can't stand the faffing around - plus most of my cash is in ISAs and I don't want to lose the tax wrapper, although the current rates are derisory


I'm less bothered about the tax wrapper these days, I never save £20k pa anyway, so I can put it in a reg saver and at the end put it in the ISA if I feel like it.

But I try to keep as basic rate tax payer (by putting a lot into the pension) which means I have £1k of interest pa tax free anyway - well, when I say "I have", I mean "there is an allowance of", no idea where I might actually obtain £1k in interest!

I will admit I am slightly less interested in faffing these days, which is why I do most of my saving into the [current] work pension, as it is salary sacrifice and the employer gifts back half the NI saving.

Mel

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Re: what to do with 10K

#111836

Postby melonfool » January 19th, 2018, 11:08 am

pochisoldi wrote:
melonfool wrote:And TSB 1.5% on £1,500, have to pay in £500pm, but I transfer it straight back out again anyway.


(It's 3% on £1500 at TSB)

If you have two accounts with a funding requirement, and the minimum balance for both accounts equals the higher of the two funding requirements simply setup a standing order for the highest amount on each account on the same day.

For example "Club Lloyds" has a £1500 funding requirement, "TSB Classic" needs £500, if you can keep the minimum balance of the Lloyds account at £1500 you can setup a standing order from "TSB Classic" to "Club Lloyds" for £1500, and on the same day have a standing order from "Club Lloyds" to "TSB Classic" for the same amount.

No manual intervention required, aside from decanting non-interest earning interest payments into a more suitable location at the start of the month.

PochiSoldi
(who, back in the day, had 3 Lloyds Vantage accounts with £1000 doing a merry-go-round #1>#2>#3>#1 once a month...)


Yes, I don't do it *manually*!

I leave £1,500 in TSB (sorry, yes re the 3%, I remembered afterwards - I also had a 5% reg saver with them but it ended and their new one is 2%) and transfer by SO £500 a month in, and by SP at TSB £500 out on the same day. Works fine.

Though I am not sure I follow all your wording, but what I do with the TSB actually does work, so that's fine! :)

Sometimes I set up a £2 DD to a charity in an odd account I don't use, just to keep it live. I get a tax offset anyway for the £24pa (if I tip into HR tax).

Mel

AleisterCrowley
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Re: what to do with 10K

#111840

Postby AleisterCrowley » January 19th, 2018, 11:14 am

Any spare cash (that doesn't keep breweries afloat) is going in my Shares ISA currently.
I can't pay in to a Cash ISA (already do a regular payment into a HTB ISA @ 3.5%)
Trouble is I've got about 25% of Shares ISA sitting in cash at the moment as I feel most stuff is 'fully valued' - still trying to find a safe 'cash like' home for it. Best guess so far is a short bond fund (ERNS)

I do pay a bit (10% ) into my pension as salary sacrifice. May look at boosting this, although I'm not good at deferred gratification...

melonfool
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Re: what to do with 10K

#111841

Postby melonfool » January 19th, 2018, 11:23 am

AleisterCrowley wrote:Any spare cash (that doesn't keep breweries afloat) is going in my Shares ISA currently.
I can't pay in to a Cash ISA (already do a regular payment into a HTB ISA @ 3.5%)
Trouble is I've got about 25% of Shares ISA sitting in cash at the moment as I feel most stuff is 'fully valued' - still trying to find a safe 'cash like' home for it. Best guess so far is a short bond fund (ERNS)

I do pay a bit (10% ) into my pension as salary sacrifice. May look at boosting this, although I'm not good at deferred gratification...


Not *that* deferred now, eh? :)

I too am wary of share buying at the moment, but my last investment was into the YouInvest AJ Bell passive fund, at the cautious end, mostly bonds. Seems a useful offset to the currently bullish market. I need to buy some more as I have some accumulated dividends. Can do the same with Vanguard and go for the bond-heavy one.

Putting it pension you still have to make these decisions though.

I have £26k in a cash ISA fixed at 2.5%, ends in two years that one.

Mel

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Re: what to do with 10K

#111844

Postby AleisterCrowley » January 19th, 2018, 11:34 am

melonfool wrote:
AleisterCrowley wrote: although I'm not good at deferred gratification...


Not *that* deferred now, eh? :)
.
Mel

Harrumph! I'm only early 50s... :-)
Retirement (officially) is 7.5 years away, unless my EuroMillions numbers come up.


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