Savings

That's the thing, Charleygirl, it's not an investment, it's gambling with your interest. Because Fernbergien above has had a reasonable win, others will get nothing, as she's had their share of the interest. That's how it works, it's not meant to be fair.

I'm not against PBs, I have some myself, but I don't look on them as a dependable source of income or interest.

Everybody appears to win more than me!

If he does kitty I would like to say I have always liked you best ?

Between us my husband and I have won £200 on PBS this month. We think it is a good investment.

It's my phone's fault Doodle. It has a mind of it's own and I don't always check before posting - or had you guessed that. I think I should stick to my laptop.

£100 for me on my premium bonds this month. Although I'm showing off about my winnings, DH didn't win at all last month or this month. I expect he will win £1,000,000 next month.

I won £25 this month- not a lot but better than nothing.

Sorry forgot to say congrats on your win too kitty ?

kitty you had me snorting into my coffee yet again.
“DH has always followed the stick market ...... My one suggestion for shares was Northern Rock”.
Would that be a stick of rock then kitty ?

This is a gambling app. It is nothing to do with savings.

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Indeed? Sounds great! Could you specify its name? It is available for anybody or is it a kind of “high society club”?

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You do not get 1.8% with Premium Bonds. You gamble with the interest, which means you may get a big win or you may get nothing. The average currently works out about 1.4%, but because they pay out some very large prizes, most people get less than the average. An investor may achieve 1.8% over a few years, and then 0% for the next few years. Don't look on PB as a safe way of protecting the value of your savings - your capital is safe but that's all.

Lucky 1.8% EA sounds good, where is that? I would move EA money to it as I only have 1.5%.

Anyone earning £1000 pa in interest doesn't need to have ISAs because they don't pay tax on the first £1000

What are these platforms? I didn’t grasp this point

We had granny bonds and ISAs, but I just got muddled with it all trying to remember what I was meant to be doing when - letters would arrive and I would have to try and find the paperwork etc. - I truly find it so much easier with PBs and we are, as I said, getting 1.8% tax-free, easy-access. It will all have to be drawn out soon to pay for OH's care anyway.

I could be something which does not match you. However do not give up. Nowadays there are so many platforms and the stock market is not the only possibility. Besides, the stock exchange is so boring.

Never regret spending money on what you need at the time EllanVannin. I’m a great saver but it’s for spending not hoarding- no point being the richest person in the graveyard!

My late pa-in-law used to invest in gold and after he died there were dozens of sovereigns in the safe which at the time I traded in and used the cash for roof repairs and a full renewal of the electrics among other things.

I wish I had that amount now and often think back that even then I was probably ripped-off because of the dates on certain coins which would have added more value. It saved us using savings at the time though.

Ooh to have these dilemmas! I wish.

Years ago in an attempt to cheer me up, my husband assured me that ‘you can’t be lucky in love and money!’ and like a sad cow I believed him (not really but hey, he was trying to lighten our outlook).
?

I know nothing about the cryptocurrencies. I tried to learn following the market without success. Is it a failure?

It is usually best to spread the money - have some of it in a fixed interest easy access account, some in longer term higher interest bonds, and some to "play" with on the stockmarket. Even with all the ups and downs the stockmarket usually hugely outdoes any other savings. Personally I keep a year's expenses in an ISA which is tied up but could be accessed in an emergency (with loss of some interest), some in rental property and the rest on the stockmarket, albeit in lower risk funds. This gives me a good return in general, I aim for between 5 and 10% overall. Of course it depends how much you have - getting 5% more on £2000 (£100 pa) doesn't really matter, compared to £500,000 (£25,000 pa) which can make a huge difference!

If Premium Bonds give an average return of 1.4% (as at present), this means that, because there are some big wins, most people will get less than the 1.4% or even nothing at all. What you're doing is gambling with the interest, and you have to accept the risk of losing your interest, along with the chance of getting lucky.

There are 5% regular savings accounts linked with current accounts at nationwide, m and s and Santander which we’ve used over the last 5 years. Even saving the max £250/£200 pm with each account has kept us below the £1000pa savings interest tax so they’re better than any ISA or PB and without the risks of the stock market.

Some of these accounts may have restrictions now for new applicants but surely worth spending an hour checking them out?

We have most of our savings in Premium Bonds. They give a better return than bank accounts. I have a savings account with Nationwide which pays 5% but it's an account for people who have banked with them for a long time.