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Savings advice

R

Roy1983

Edward Sheringham
Not sure if I mentioned but I've left William Hill now and I'm working for an insurance broker.

Anyway, long story short I've got £5k being returned to me in shares accumulated by WH over the 13 years I've worked for them. I'm reluctant to put it into my current account, I want to leave it in a shoebox under the bed as I don't want anyway to know about it but the sensible side of me says to put it in an account.

Anything worth recommending?
 
Depends on your time scales. Drip feeding into a range of mutual funds at £100 per month would work a treat (it always does), especially given the recent falls in global markets. Use your ISA allowance to keep your proceeds tax free.

www.trustnet.com is a good site to assess funds.

PM me if you need help.
 
Im the same from Feb next year I'll be looking to save £500 a month minimum, where would be the best spot to put it into
 
markysimmo said:
Im the same from Feb next year I'll be looking to save £500 a month minimum, where would be the best spot to put it into
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Yes this will be my 'disposable' give or take a bit either way from around April 2015 once I've cleared a few more debts. Set myself £350 minimum. There must be a decent interest to be earnt on this sort of figure.
 
Roy1983 said:
Yes this will be my 'disposable' give or take a bit either way from around April 2015 once I've cleared a few more debts. Set myself £350 minimum. There must be a decent interest to be earnt on this sort of figure.
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If you want good interest then you need to look long term.

If you're thinking of investing in UK-based funds then wait until after the election. If Labour win, put it elsewhere.
 
Hmm cheers Scara.

I'm thinking about just leaving it under the floorboards! No interest but it's money that's not accounted for isn't it?

Anyone do it and would it be 'frowned upon' officially?
 
Roy1983 said:
Hmm cheers Scara.

I'm thinking about just leaving it under the floorboards! No interest but it's money that's not accounted for isn't it?

Anyone do it and would it be 'frowned upon' officially?
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There's nothing wrong with that as long as all the tax due has been paid. Two major problems though:

1) It will constantly lose value. £1k invested at the turn of the century would be worth around £700 now.

2) Security. Your insurance company probably has a fairly low cash limit if you get burgled. Also, what if something happened to you tomorrow, could your family access it?
 
scaramanga said:
There's nothing wrong with that as long as all the tax due has been paid. Two major problems though:

1) It will constantly lose value. £1k invested at the turn of the century would be worth around £700 now.

2) Security. Your insurance company probably has a fairly low cash limit if you get burgled. Also, what if something happened to you tomorrow, could your family access it?
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1) How so? In idiots terms please :). If I put away a grand today it'll still be a grand in 14 years time. I do kinda get what you mean.

2) it's literally just my salary being withdrawn. So tax will have already been taken. My wife will know where it is and no one else.
 
Roy1983 said:
1) How so? In idiots terms please :). If I put away a grand today it'll still be a grand in 14 years time. I do kinda get what you mean.
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Inflation. As prices increase the relative value of your money decreases.
 
Roy1983 said:
1) How so? In idiots terms please :). If I put away a grand today it'll still be a grand in 14 years time. I do kinda get what you mean.

2) it's literally just my salary being withdrawn. So tax will have already been taken. My wife will know where it is and no one else.
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1) Inflation. Everything gets more expensive over time. Your cash isn't gaining any interest so over time it will be worth less.

Once upon a time £100 smuggled away under some floorboards would have seemed a fortune - you could have bought a house and a new car with it. Now that won't even pay for the paint to cover a house or a new tyre on a car.

2) That still doesn't get around security. Burglars that aren't in prison tend to be pretty good at what they do. If you can think of a place to hide it, so have they.
 
scaramanga said:
1) Inflation. Everything gets more expensive over time. Your cash isn't gaining any interest so over time it will be worth less.

Once upon a time £100 smuggled away under some floorboards would have seemed a fortune - you could have bought a house and a new car with it. Now that won't even pay for the paint to cover a house or a new tyre on a car.

2) That still doesn't get around security. Burglars that aren't in prison tend to be pretty good at what they do. If you can think of a place to hide it, so have they.
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Ok. Someone told me that you can't leave it in just a current account? What is he talking about????

If every month I left £500 in my account I'd have £6k at the end of the year. How would that go against me? He mentioned they could tax me but if it's just in a current account that's fine no?
 
Roy1983 said:
Ok. Someone told me that you can't leave it in just a current account? What is he talking about????

If every month I left £500 in my account I'd have £6k at the end of the year. How would that go against me? He mentioned they could tax me but if it's just in a current account that's fine no?
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Many current accounts don't pay interest and those that do will pay less than you could get in a savings account. You get taxed on the interest on your savings unless you have them in a tax free scheme such as a NISA.

http://www.hmrc.gov.uk/taxon/bank.htm
 
Roy1983 said:
Ok. Someone told me that you can't leave it in just a current account? What is he talking about????

If every month I left £500 in my account I'd have £6k at the end of the year. How would that go against me? He mentioned they could tax me but if it's just in a current account that's fine no?
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You won't get taxed anything you'd notice in a current account, but you won't make any interest you'd notice either.

Your money will be worth less over time at a faster rate than it can gather interest.

If all you want to do is keep up with inflation then government bonds are a pretty decent bet. They don't tend to offer huge interest, but 4% or so will keep your nose above the water line. If you invest through an ISA then you won't pay income tax on the interest (up to a limit).
 
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