And let them enjoy it instead!
Your preferred online high-interest savings account?
- Thread starter Shut Up Legs
- Start date
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And let them enjoy it instead!
Santander 123 is the best I've found for easy access. You need money going in/out on a monthly basis so need to setup the odd direct debit.
It is limited to £20k however that's per adult if you have a partner. I've also heard you can do a joint as a 3rd giving you up to £60k.
Other than that, an offset mortgage is a great idea as its effectively tax free (you are saving interest not earning). It also means you have instant access unlike the traditional paying off chunks from a mortgage.
It is limited to £20k however that's per adult if you have a partner. I've also heard you can do a joint as a 3rd giving you up to £60k.
Other than that, an offset mortgage is a great idea as its effectively tax free (you are saving interest not earning). It also means you have instant access unlike the traditional paying off chunks from a mortgage.
srw
It's a bit more complicated than that...
One of the discussions I regularly have with an American colleague based in Germany, as we advise our employer's pension funds to divest from equities, is that we have both invested our own pension money in those same equities!
They are a very good investment if you have the funds available to buy and hold for a long time. Most people don't.
srw
It's a bit more complicated than that...
Piemaster
Guru
- Location
- UK City of Culture
CLASSIC fast cars. Tend to be a bit fashionable and have definite waves in popularity. Ford Escorts and early 911 seem to be very hot at the moment.Fast cars, champagne and fast women
Indeed, buying one of the RS model MKI/MKII Escorts could have been one of the best possible investments a few years ago. My uncle sold a reasonably tidy and presentable MKII Mexico for £350 in the mid 1990s as he couldn't find anyone who wanted it. Now it would be worth €30,000+ (as he likes to moan about non-stop to anyone who will listen).
That's the maximum investment... @PeteXXX was asking about the minimum - which is £100.
You'll scare him off if you tell him it's £50k.... or is that you're cunning plan to increase your chances of winning?
So he did... oops
threebikesmcginty
Corn Fed Hick...
- Location
- ...on the slake
Buy pork bellies and orange juice.
Cubist
Still wavin'
- Location
- Ovver 'thill
Agreed, there is a risk, but for example Ratesetter gives 5.1% over 5 years. They warn that there is a risk of failure to pay, but spread your investment over many different loans. They also vet the borrowers for you and do all the chasing for repayments. If all else fails they have a contingency fund that covers unpaid debts, and boast in their blurb that no investor with them as ever lost a single penny. While I wouldn't put all my cash into them, I do have an amount riding with them.
That's the maximum investment... @PeteXXX was asking about the minimum - which is £100.
You'll scare him off if you tell him it's £50k.... or is that you're cunning plan to increase your chances of winning?
Phew!!
Cubist
Still wavin'
- Location
- Ovver 'thill
I made a conscious decision to be mortgage free before the kids went to uni. I took out an offset mortgage a decade or so ago and paid that off heavily when the interest rates dropped. You save tax on the gross interest rate, and as a higher rate tax payer this was a big benefit. I saved a windfall ofsurplus cash in the offsetting account, so I didn't pay a penny interest on the last ten grand or so. Then I read up on Money saving expert. At that time Santander 123 accounts were paying 3% on cash up to 20k. I opened an account for me, a joint account for me and Mrs Cube and she opened one in her own name, so we had the benefit of 3% on up to 60k. Those accounts alsopay cash back on household utility bills and phone accounts, TV packages and so on, which offset and exceeded the account charges. Next, I took out a Santander 123 credit card which had a zero percent interest charge on all purchases for the first 24 months. You get 1% cash back on supermarket shopping and 3%cash back on fuel purchases, which again at least offset the monthly charges. By purchasing all of our fuel, groceries and most everyday spending on their credit card you leave cash in the interest bearing accounts to earn the 3%. As long as you pay off the minimum amount by direct debit you can leave the balance of your credit card in the current accounts earning interest. Once you reach your cc limit you can shop around for any of the other zero percent balance transfer deals, many without a balance transfer fee, and grow on the current accounts. So over the last couple of years Santander have lent me tens of thousands for fuel and groceries, paid me cash back for doing so, and I've lent it back to them whereupon they've paid me interest on their cash for doing so. As long as the current accounts have more in them than the credit card balances, and you make all the minimum repayments, then pay the cards off before the interest free period expires, it's money for nothing.
