Best options for my savings
Discussion
When I paid off my student loan last year I started putting the money that I had been paying off that into a savings account, however that was just a regular savings account and I feel this isn't ideal, if possibl I'd like it to earn more interest.
To set the scene, there is about £1,500 in there, and £150 extra going in each pay day. I already have an ISA, but I'd prefer to keep this money separate, as the money in (and going into) the ISA is for a new car in the next few years. The student loan money I see as being more of a rainy day fund, but it may as well earn some decent interest too!
With the new ISA limits I'm nowhere near reaching the limit, so would a stocks and shares ISA be suitable to run alongside my cash ISA for my student loan money. Or is there any other sort of investments I should be looking at?
To set the scene, there is about £1,500 in there, and £150 extra going in each pay day. I already have an ISA, but I'd prefer to keep this money separate, as the money in (and going into) the ISA is for a new car in the next few years. The student loan money I see as being more of a rainy day fund, but it may as well earn some decent interest too!
With the new ISA limits I'm nowhere near reaching the limit, so would a stocks and shares ISA be suitable to run alongside my cash ISA for my student loan money. Or is there any other sort of investments I should be looking at?
Edited by Craikeybaby on Monday 27th April 11:35
Craikeybaby said:
I can't afford to lose all of it, but if it takes a slight dip I could live with that. I'd say 8 out of 10 on the risk scale.
For comparison, I've got my pension invested 10% low risk, 50% medium risk and 40% high risk.
If your pension is invested in high risk I'm sure you could take a punt at a stocks and shares ISA lots of threads on her on different funds and how to buy them. For comparison, I've got my pension invested 10% low risk, 50% medium risk and 40% high risk.
I've spoken to my IFA and filled out a risk questionnaire, which I think came out with progressive (or dynamic) something. I can't redo the form, or find a list of the possible outcomes. So now I'm just waiting to set up a meeting to discuss further with him. In the mean time I've been reading various links from this forum and have got a better idea of what I think I want.
IFA has been dragging his heels getting back to me, so I think I'm going to go down the Cavendish/Vanguard Lifestrategy 60 route.
Still planning on switching the joint account to the Santander 123 account, as we have got a decent amount saved up together for the wedding, which is earning virtually no interest.
Still planning on switching the joint account to the Santander 123 account, as we have got a decent amount saved up together for the wedding, which is earning virtually no interest.
Craikeybaby said:
Still planning on switching the joint account to the Santander 123 account, as we have got a decent amount saved up together for the wedding, which is earning virtually no interest.
The longer people leave their money in low interest rate accounts, the lower interest rates will get. Move it quick a d start earning some interest on your hard earned money.Edited by GrizzlyBear on Tuesday 19th May 10:38
GrizzlyBear said:
The longer people leave their money in low interest rate accounts, the lower interest rates will get. Move it quick a d start earning some interest on your hard earned money.
It has now been moved! It feels strange having our savings in what is our current account, but it is worth it for the extra interest. As our current account was with Santander it was dead easy to move it.Edited by GrizzlyBear on Tuesday 19th May 10:38
With regards to my Stocks and Shares ISA I have set that up (ish) with Cavendish/Fidelity could I have gone direct to Fidelity to save the commision? I'm struggling to log onto the website, but as I haven't had the paperwork yet that might be the reason.
Still £27 down on the Vanguard life strategy fund, but I guess 3 months is too soon to be changing things about, as this is meant to be a longer term investment. Is there a good tool for tracking the value of these sort of funds? I have got it on the stocks app on my iPhone, but it only seems to be updated once a week.
The Santander 123 account is still going well, we've just put a few big on 0% finance to keep money in the account for as long as possible.
The Santander 123 account is still going well, we've just put a few big on 0% finance to keep money in the account for as long as possible.
Craikeybaby said:
Still £27 down on the Vanguard life strategy fund, but I guess 3 months is too soon to be changing things about, as this is meant to be a longer term investment. Is there a good tool for tracking the value of these sort of funds? I have got it on the stocks app on my iPhone, but it only seems to be updated once a week.
The Santander 123 account is still going well, we've just put a few big on 0% finance to keep money in the account for as long as possible.
Tried Trustnet? Forget those numbers, look at the Alpha, Beta, Sharpes Ratio etc. that'll give you more insight into how well the fund is being run. You could have a great manager who's doing badly because his/her indices are in a trough. On the other hand, you could have great headline figures simply because the manager has sold the fund Crown Jewels just before bonus time and is now parked in too much cash. The Santander 123 account is still going well, we've just put a few big on 0% finance to keep money in the account for as long as possible.
http://www.trustnet.com
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