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cam · 20-06-2005, 05:43

Just brought this to mind with the 'how much do you spend' thread. I'm putting away about £500-600 a month into a savings account I have with ing direct, but was wondering if any of you are doing something similar as i'm sure I could be getting a better rate of interest somewhere else, or in another type of account.

All help/advice gratefully received, as trawling round investment/banking sites isn't really an attractive option..

mike_m · 20-06-2005, 05:51

Get an ISA - try the co-op for a bit of ethical banking goodness

weldo · 20-06-2005, 05:54

How d'ya manage to put £500 a month to one side ??
My outgoings manage to swallow most of my wage and increase my overdraft limit... the occaissional freelance job might put me back in credit for a bit...

pgo · 20-06-2005, 05:55

I wish I could save like that...that's pretty close to my salary as it is (translated into dollars). I've heard great things about ING Direct savings accounts - my friend has one and is making a few dollars/month and I've been thinking about starting one of my own.

Well, not sure what differences there are in the UK, but here in the US I've heard great things about CDs (Certificate of Deposit) for short term investment. The idea is you put in a minimum amount, say, $10000 for 10 years, which gains decent interest (maybe...5% - dictated by the market). Unlike a traditional savings account, you can't just spend it at will. It's basically a beefed up savings account.

Mutual funds, are pools of money ("mutually" owned by many people) placed in stocks, bonds, and other investments and can make some excellent money, but have risks attached (risk can be low to high and everyone gets proportional dividends).

If you're looking at retirement savings - we have IRAs (Individual Retirement Accounts) in the US.

That's about all I know. Of course, this is all USA stuff, so I'm not sure if it's helpful or not.

cam · 20-06-2005, 06:05

Quote:

Originally Posted by mike_mitry

Get an ISA - try the co-op for a bit of ethical banking goodness

Mike, I had a look at that link but it didn't really offer as much information as i'd have liked before getting in touch with their financial advisors, such as what interest rate they're offering. At the moment i'm getting interest at 5.0% gross, which isn't bad and can access the money within a few days.

Will read more on ISA's when I get the chance though

Pgo - cheers for the info, definately not retirement savings (i'm 22!). in fact i don't really know what i'm saving for, but it's always reassuring to have a nice wad of money to your name

tomson · 20-06-2005, 06:09

we have a Halifax savings account, looks like it has a similar interest rate as that ing direct one, we're managing to put away 2k a month at the moment but don't want to tie it up in an ISA or anything like that as we're always withdrawing for various things - house, car, hoilidays etc. Assuming you want to keep your money in there for a while you might be better off looking into something better than a savings account like mike suggests.

Thought about getting an independant financial adviser on the case?

cam · 20-06-2005, 06:14

Quote:

Originally Posted by tomson

Thought about getting an independant financial adviser on the case?

I hadn't, but I am now

neon · 20-06-2005, 06:24

I have 2 direct debits set up with money going into Nationwide and Halifax. Didn't fancy setting up an ISA as Tomson said didn't fancy having it tied up for a number of years - just in case?

I'm hoping to go backpacking for a year and hopefully have the money by next December. Something I've always wanted to do & need to do it before I get too old...

oli · 20-06-2005, 06:32

I'd forgotten I set up a direct debit to stick £100 a month from my main account into a shitty old one I never use, only found it the other day and I'd got 900 in there, right result.
I dont do savings at the mo, but ive just built a site for some ifas so he's gonna give me some advice on what sort of things I can set up. Also going to get a pension sigh.

cam · 20-06-2005, 06:54

Quote:

Originally Posted by oli

I'd forgotten I set up a direct debit to stick £100 a month from my main account into a shitty old one I never use, only found it the other day and I'd got 900 in there, right result.

haha nice one - you got any plans for it yet?

oli · 20-06-2005, 07:21

paid off my hols, and getting a camera - thinking of getting that one you posted actually.

Prole · 20-06-2005, 07:28

Quote:

Originally Posted by cam

I'm putting away about £500-600 a month into a savings account

blimey lad, how you managing that?! do you still live at home or are you just on an uberwage (or both) ?

Mr Fred · 20-06-2005, 08:07

I pay off £800-£1000 on credit cards every month haha
what a fucking waste.

wish i was saving it instead.

Prole · 20-06-2005, 08:21

that a fair bit mate

Luke Redpath · 20-06-2005, 08:58

I use a savings account as opposed to a business account - I put all my earning into that and pay myself a wage into my personal account each month.

sleepingfish · 20-06-2005, 09:22

Quote:

Originally Posted by Mr Mik

I pay off £800-£1000 on credit cards every month haha
what a fucking waste.

wish i was saving it instead.

Its a love hate thing with credit cards, but then a new one comes along and offers you X months interest free - rude not to.

Mr Fred · 20-06-2005, 09:46

all be cleared soon.

sleepingfish · 20-06-2005, 09:50

Yeh yeh, did you know Virgin give you 9 months interest free? You can transfer any account balance. Just thought I'd mention it.

Mr Fred · 20-06-2005, 11:20

haha you working for them

sleepingfish · 20-06-2005, 11:23

It often feels that way.

20-06-2005, 05:43	#1 (permalink)
cam vague™ Join Date: Mar 2004 Location: Glasgow Posts: 5,120	savings account Just brought this to mind with the 'how much do you spend' thread. I'm putting away about £500-600 a month into a savings account I have with ing direct, but was wondering if any of you are doing something similar as i'm sure I could be getting a better rate of interest somewhere else, or in another type of account. All help/advice gratefully received, as trawling round investment/banking sites isn't really an attractive option.. __________________ Random goodness at The Blog™

20-06-2005, 05:51	#2 (permalink)
mike_m Work faster microphone .. Join Date: Feb 2003 Location: Cambridge, UK Posts: 1,705	Get an ISA - try the co-op for a bit of ethical banking goodness __________________

20-06-2005, 05:54	#3 (permalink)
weldo now with added beard Join Date: Mar 2004 Location: Liverpool Posts: 5,174	How d'ya manage to put £500 a month to one side ?? My outgoings manage to swallow most of my wage and increase my overdraft limit... the occaissional freelance job might put me back in credit for a bit... __________________ fuck signatures

20-06-2005, 08:21	#14 (permalink)
Prole Right turn, Clyde Join Date: Mar 2003 Posts: 377	that a fair bit mate __________________ everything was great til i got here

20-06-2005, 08:58	#15 (permalink)
Luke Redpath Barney army! Join Date: Mar 2003 Location: London Posts: 696	I use a savings account as opposed to a business account - I put all my earning into that and pay myself a wage into my personal account each month. __________________ Luke Redpath .::. Software Engineer .::. Reevoo - Real Reviews From Real Customers

20-06-2005, 05:55	#4 (permalink)
pgo i'm done, son Join Date: Jan 2005 Posts: 12,262	I wish I could save like that...that's pretty close to my salary as it is (translated into dollars). I've heard great things about ING Direct savings accounts - my friend has one and is making a few dollars/month and I've been thinking about starting one of my own. Well, not sure what differences there are in the UK, but here in the US I've heard great things about CDs (Certificate of Deposit) for short term investment. The idea is you put in a minimum amount, say, $10000 for 10 years, which gains decent interest (maybe...5% - dictated by the market). Unlike a traditional savings account, you can't just spend it at will. It's basically a beefed up savings account. Mutual funds, are pools of money ("mutually" owned by many people) placed in stocks, bonds, and other investments and can make some excellent money, but have risks attached (risk can be low to high and everyone gets proportional dividends). If you're looking at retirement savings - we have IRAs (Individual Retirement Accounts) in the US. That's about all I know. Of course, this is all USA stuff, so I'm not sure if it's helpful or not.

20-06-2005, 06:09	#6 (permalink)
tomson hairball Join Date: May 2003 Location: London Posts: 3,158	we have a Halifax savings account, looks like it has a similar interest rate as that ing direct one, we're managing to put away 2k a month at the moment but don't want to tie it up in an ISA or anything like that as we're always withdrawing for various things - house, car, hoilidays etc. Assuming you want to keep your money in there for a while you might be better off looking into something better than a savings account like mike suggests. Thought about getting an independant financial adviser on the case?

20-06-2005, 06:24	#8 (permalink)
neon Senior Member Join Date: May 2005 Location: Southampton Posts: 363	I have 2 direct debits set up with money going into Nationwide and Halifax. Didn't fancy setting up an ISA as Tomson said didn't fancy having it tied up for a number of years - just in case? I'm hoping to go backpacking for a year and hopefully have the money by next December. Something I've always wanted to do & need to do it before I get too old...

20-06-2005, 06:32	#9 (permalink)
oli Free Ring Ding™ Join Date: Feb 2003 Location: Manchester Posts: 9,502	I'd forgotten I set up a direct debit to stick £100 a month from my main account into a shitty old one I never use, only found it the other day and I'd got 900 in there, right result. I dont do savings at the mo, but ive just built a site for some ifas so he's gonna give me some advice on what sort of things I can set up. Also going to get a pension sigh.

20-06-2005, 07:21	#11 (permalink)
oli Free Ring Ding™ Join Date: Feb 2003 Location: Manchester Posts: 9,502	paid off my hols, and getting a camera - thinking of getting that one you posted actually.

20-06-2005, 08:07	#13 (permalink)
Mr Fred Magazines™ Join Date: Mar 2003 Location: Glasgow.. Posts: 11,263	I pay off £800-£1000 on credit cards every month haha what a fucking waste. wish i was saving it instead.

20-06-2005, 09:46	#17 (permalink)
Mr Fred Magazines™ Join Date: Mar 2003 Location: Glasgow.. Posts: 11,263	all be cleared soon.

20-06-2005, 09:50	#18 (permalink)
sleepingfish css is for divs Join Date: Feb 2003 Location: Norwich Posts: 4,524	Yeh yeh, did you know Virgin give you 9 months interest free? You can transfer any account balance. Just thought I'd mention it.

20-06-2005, 11:20	#19 (permalink)
Mr Fred Magazines™ Join Date: Mar 2003 Location: Glasgow.. Posts: 11,263	haha you working for them

20-06-2005, 11:23	#20 (permalink)
sleepingfish css is for divs Join Date: Feb 2003 Location: Norwich Posts: 4,524	It often feels that way.

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