Opinions on best way to manage savings
Discussion
Looking for some advice from some people a little more 'money minded' than myself essentially regarding saving.
From my understanding there is now a maxium yearly cap of £5100 to be had in an ISA (rather than the old 3k).
Should I be transferring the ING savings to the ISA to maximise the interest in that way (or perhaps the other way round)?
I believe that since I've had the ING account for more than 12 months the good 2.75% rate has reduced back down to 0.5%.
Incidentally is ISA interest only added at the end of the (tax) year as oppposed to monthly?
Can anyone suggest any other forms of investment which would give a superior return than the above set up?
Many thanks
From my understanding there is now a maxium yearly cap of £5100 to be had in an ISA (rather than the old 3k).
Should I be transferring the ING savings to the ISA to maximise the interest in that way (or perhaps the other way round)?
I believe that since I've had the ING account for more than 12 months the good 2.75% rate has reduced back down to 0.5%.
Incidentally is ISA interest only added at the end of the (tax) year as oppposed to monthly?
Can anyone suggest any other forms of investment which would give a superior return than the above set up?
Many thanks
Edited by g3org3y on Saturday 31st July 14:28
Edited by g3org3y on Tuesday 24th August 00:59
saving isnt investing in my book ...investing is putting money into shares, property, other cash generating assets and it usually involves an element of risk or uncertainty on return, with the hope that your money grows in real terms
saving is just not spending, and putting your money somewhere "safe" in return you get a small amount of interest on it
unfortunately, safe dosent mean your money is growing
if inflation is running at 3.5% and you are saving at 1.5% then your moneys real value is being eroded by 2% a year ...after 10 years your money isnt going to buy you the same things, you are effectively throwing away money each year, albeit slowy,by lending it to institutions that are using it to make themselves money by investing it
I would read some financial websites and educate yourself on different products www.fool.co.uk is a good start, there are many others
for starters you can put up to £5100 into a cash ISA and a stocks n shares ISA, so you can save/invest £10200 a year and its all tax free
You could go and see a financial advisor and take their advise , they will have a wide view of the market/products/offers and can advise based on your circumstances, financial goals, how risk averse are you etc
saving is just not spending, and putting your money somewhere "safe" in return you get a small amount of interest on it
unfortunately, safe dosent mean your money is growing
if inflation is running at 3.5% and you are saving at 1.5% then your moneys real value is being eroded by 2% a year ...after 10 years your money isnt going to buy you the same things, you are effectively throwing away money each year, albeit slowy,by lending it to institutions that are using it to make themselves money by investing it
I would read some financial websites and educate yourself on different products www.fool.co.uk is a good start, there are many others
for starters you can put up to £5100 into a cash ISA and a stocks n shares ISA, so you can save/invest £10200 a year and its all tax free
You could go and see a financial advisor and take their advise , they will have a wide view of the market/products/offers and can advise based on your circumstances, financial goals, how risk averse are you etc
Gassing Station | Finance | Top of Page | What's New | My Stuff