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Legal & money


(60 Posts)
Newquay Fri 07-Jun-19 17:24:38

I’m fortunate enough to have some savings. I put them in a yearly fixed rate bond. I WAS getting 4% now the best is below 2%! Any ideas?

annsixty Sat 08-Jun-19 09:40:07

Sadly none at all, I am too old to tie money up for any length of time so I have put half in premium bonds and some in accounts I can get at instantly, paying now just 1%.
If I need or even just want anything now I go for it.
My life is too short.
I feel so sorry for younger savers needing to build up capital, when we were younger we could get 5% and more a year.

Auntieflo Sat 08-Jun-19 09:53:45

Newquay, do you read Savings Champion?

Matelda Sat 08-Jun-19 10:13:48

My savings are in a stocks and shares ISA which I have on the Hargreaves Lansdown platform (there are other providers). I was lucky to find, a subscription service which has helped me make highly satisfactory returns over the last nine years, well exceeding what I have to pay for it. They believe in active trading of Exchange Traded Funds, and provide masses of raw data plus sample portfolios (they can't give direct investment advice). Although pretty much a complete beginner when I started, I now sit down on a Wednesday evening and confidently decide for myself what to trade. Of course, returns can go down as well as up, but because I am paying attention and trading actively, there's little risk of complete disaster.

Daisymae Sat 08-Jun-19 10:55:31

2.5 sounds pretty good at the moment. Best thing is to probably spread savings around. I personally think that I am past gambling on the stock market as might not have time to recoup losses and I don't want the stress. Premium bonds are safe and who knows you might get lucky. But you might not even get the paltry 2 percent. Guess you pay your money and take your choice.

Saggi Sat 08-Jun-19 11:05:13

Premium sister has loads and says she’s getting about a 3.5% return. Would try them myself if I had enough money to worry about interest rates.

Coolgran65 Sat 08-Jun-19 11:16:50

We’ve used the same financial advisor for many years. Our savings are in a ‘safe’ investment and can be accessed. Even allowing for his fee we are making around 7%.

quizqueen Sat 08-Jun-19 11:43:07

I 've just spend all my ISA money on adapting/extending my home -for 'old age' eventualities - as I was fed up of only getting around 1% interest for years. It really annoys me that prudent savers are been penalised so mortgage and interest rates can be kept low for borrowers.

annsixty Sat 08-Jun-19 11:44:26

Wow Coolgran that is amazing.
I wish I had enough to use one but....

Nonnie Sat 08-Jun-19 12:09:40

newquay If you don't want to lock your money up for a long time because of all the uncertainty why not put it in an easy access account and drip feed into monthly savings? There are simple ones at around 2.5 - 4% (some only branch based so look at small local societies) and more complex ones like Nationwide where you have to open more than one account and set up standing orders.

Easy access is at 1.5% at Marcuss Savings (part of a bigger bank) and works very well, money really does move instantly in and out.

If you look at various bank accounts in detail it can be worth switching in order to use their account only savings.

crazyH Sat 08-Jun-19 12:32:33

Coolgran - good financial adviser- 7% is a nice little earner

Charleygirl5 Sat 08-Jun-19 12:40:14

I won £25 x 2 this month with my premium bonds this month so I was very pleased. I do not have the full amount- that is a dream.

Luckygirl Sat 08-Jun-19 12:43:56

All our savings are in Premium Bonds - simple, tax free, no brain effort required. We get about 1.8% - can't grumble about that in the current situation.

kittylester Sat 08-Jun-19 13:24:52

I won £575 on Premium Bonds this month. Dh also won but not as much as me!!!grin

We also have stocks and shares but dh has always followed the stick market so it is a bit of a hobby

My one suggestion for shares was Northern Rock - enough said!blush

harrigran Sat 08-Jun-19 14:26:25

I find that I make more from my Premium Bonds than from my bank accounts.
The best interest I could manage for an ISA was 1.8% and that was for three years.
My rainy day savings are in index linked certificates which I have had for many years and sadly not available to new investors.
We did think our second home was better value than money in the bank but the estate agent has told us that there is little chance of it selling, despite it being located just outside the Lake District National Park.

Charleygirl5 Sat 08-Jun-19 21:49:36

kitty congratulations- I do not think I have "known" anybody to have won so much. That would put a smile on your face!

kittylester Sun 09-Jun-19 08:10:31

It did, charley, but I expect that's it for years now and it will be back to £25 every now and again!!

Nannytopsy Sun 09-Jun-19 08:31:15

Santander give 1.5% up to £20k but also cask back on all sorts of things. I have only had premium bonds since January and won for four months. Kitty has my May win!

Nonnie Sun 09-Jun-19 13:03:07

I won't buy PBs then as you are all the lucky winners! I think overall they pay out about 1.3% so not as good as easy access. Incidentally, unless you have more than £1000 per year in interest you don't pay tax on your savings. If you do earn more than that you only pay tax on the additional amount.

Granless Sun 09-Jun-19 16:02:32

How many Premium Bonds gives you a good return? I have had £1000 worth for many years - one measly £25 is all I’ve won.

annsixty Sun 09-Jun-19 16:08:43

Well obviously the more you hold the better your chances.
However one of the million £ winners this month held just over £4000 's worth, so odds can be beaten.

craftyone Sun 09-Jun-19 16:25:35

life is so short, I know, 3 bereavements in 18 months. We saved for a comfortable old age for me and my husband, now I am one and I have enough for care if ever needed, so I buy what I want when I want it. I could spend loads on holidays but don`t really fancy a holiday, happy to have nice food, pottering and days out.

I do still keep an eye on savings rates eg yorkshire has gone down to very low, so I transferred the lot to virgin. Tbh I cannot really be bothered to open new accounts. I like premium bonds and the tax free prizes too. I look after the sipp, decided to change from shares to safe and steady income, being my age and having to be risk averse. The excitement of share trading has gone but served us well in the past

Nonnie Sun 09-Jun-19 16:27:40

I've just checked it out the return is higher than I thought 1.4% but it is still a matter of luck if you win or someone else does. I don't think I'm a particularly lucky person!

Luckygirl Sun 09-Jun-19 16:33:51

I like life to be simple - I don't want to be tatting around looking for the best interest rates; or the best insurance or fuel providers. Life is too short.

We are not remotely rich, but we have enough to live on and I would rather spend my time doing other things.

Or I'm just lazy maybe! grin

Nonnie Sun 09-Jun-19 17:08:09

Lucky I suppose that gives you a simple choice - easy access at 1.5% or PBs at 1.4% where you are gambling and could have a win or your money could gradually lose its value. Rather depends if you want to gamble or have security. I have always loved figures so quite enjoy managing our money but DH would hate it and probably make mistakes.