Don't think there are any restrictions per se. I'm in financial services (compliance) as well
This looks a useful resource to get established in the right way - http://www.proshareclubs.co.uk/
Got something to say or just want fewer pesky ads? Join us... 😊
Where are your savings kept?
- Thread starter KingstonSeagull
- Start date
Don't think there are any restrictions per se. I'm in financial services (compliance) as well
This looks a useful resource to get established in the right way - http://www.proshareclubs.co.uk/
Thanks guys, I'll take a look at the dedicated site, the main reason our last one folded was the admin just became too much. One other issue, as our numbers dwindled the amount of money to play with did too. You need to keep the monthly contribution down (ish) to allow more people in but you need sufficient to make meeting worthwhile. To keep interest a monthly meeting was good but we also did ring arounds if a particular stock looked good or bad.
We also ended up with some people having 6 or 7 times what others had invested but just one vote each, maybe the way forward is your vote is defind by your overall investment value at each given point?
Probably much simpler to have equal contributions ? Obviously means pitching at a level everyone is comfortable with but wouldn't half simplify things.......
Agreed, and that's how we started out but then two things happened. The pot became big and new people didn't want to make a lumpy investment and we needed new members and also there has to be a mechanism for people to take their funds out, which also happened.
I'm going to send the OP my bank details and PIN number. I also might enter the Nigerian lottery. This'll have a happy ending.
KingstonSeagull
New member
- Thread starter
- #66
As well as entering the Ugandan Lottery and won it. I have also been mis-sold a shit tonne of PPI and been involved in a road accident in the past 12 months... I really need to stop drinking...
Probably due to Steve Evans moving out.
Wrong-Direction
Well-known member
- Mar 10, 2013
- 13,416
Savings? I'm 27 and live by myself in Brighton, any disposable income gets pissed up the wall on a Saturday 
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Sent from my SM-A310F using Tapatalk
KingstonSeagull
New member
- Thread starter
- #71
I feel your pain, I am moving to Denver next year and have no intention of bringing my money with me!
BBassic
I changed this.
- Jul 28, 2011
- 12,310
I've got a 1,2,3 account with Santander I put £500 into each month and I have what's left of some inheritance from my nan; the rest of that went into a deposit for a flat.
Not a great deal of money but enough that if I lost my job tomorrow I'd be ok for a couple of months.
Not a great deal of money but enough that if I lost my job tomorrow I'd be ok for a couple of months.
Yoda
English & European
I have £250 saved onto a Thomson gift card and another £50 to put on to it.
kingcole
Well-known member
Well, if you read the stickies on here, you might put £1000 into a Betfair account.......
Where one puts their money is quite personal but should be dependent on how much they have, how long they want to go without accessing it, how much tax you pay, how much risk they are willing to endure and what they are saving it for.
Anything short termish or unsure then one of the current accounts with a decent in credit interest rate. Most are reducing them but you can save up £20,000 with a 3% return, which reduces to a still competitive (although I admit crap) 1.5%
If you are saving for a house, then a help to buy ISA is the way to go as the 25% bonus the government will give will eclipse any interest rate on offer.
Premium bonds are great for higher rate tax payers as are tax free, 100% government backed and instant access (well within a few days) and the prize fund is based around an interest rate of 1.2%
Cash Isas have paltry returns at the moment and could be avoided, especially as you can earn up to £1000 (£500 if a higher rate tax payer) in regular savings. The counter argument to this is that rates wont be this low forever and if you don't take your allowance this year you will lose it. This is less of an issue thought now that the maximum you can put in an ISA is £20k, so only a fortunate few who can take advantage of this to the full.
Those are the low risk options, but remember, if your returns don't keep place with inflation you are losing out, so rather than being low risk, it's a guaranteed loss!
The higher risk options are generally only suitable if you can tie up your money for longer.
Investment ISA's enable you to invest in funds or individual shares. And then there are the peer to peer lenders. You can even access some of these via ISA's so avoiding the tax on income. The P2P market is still new though and we are yet to see how it would hold up in trickier financial times, so for me, I regard these are higher risk that stocks and shares.
Where one puts their money is quite personal but should be dependent on how much they have, how long they want to go without accessing it, how much tax you pay, how much risk they are willing to endure and what they are saving it for.
Anything short termish or unsure then one of the current accounts with a decent in credit interest rate. Most are reducing them but you can save up £20,000 with a 3% return, which reduces to a still competitive (although I admit crap) 1.5%
If you are saving for a house, then a help to buy ISA is the way to go as the 25% bonus the government will give will eclipse any interest rate on offer.
Premium bonds are great for higher rate tax payers as are tax free, 100% government backed and instant access (well within a few days) and the prize fund is based around an interest rate of 1.2%
Cash Isas have paltry returns at the moment and could be avoided, especially as you can earn up to £1000 (£500 if a higher rate tax payer) in regular savings. The counter argument to this is that rates wont be this low forever and if you don't take your allowance this year you will lose it. This is less of an issue thought now that the maximum you can put in an ISA is £20k, so only a fortunate few who can take advantage of this to the full.
Those are the low risk options, but remember, if your returns don't keep place with inflation you are losing out, so rather than being low risk, it's a guaranteed loss!
The higher risk options are generally only suitable if you can tie up your money for longer.
Investment ISA's enable you to invest in funds or individual shares. And then there are the peer to peer lenders. You can even access some of these via ISA's so avoiding the tax on income. The P2P market is still new though and we are yet to see how it would hold up in trickier financial times, so for me, I regard these are higher risk that stocks and shares.
About two years ago a neighbour of mine kept going on about a company called Avesco and they have offices at Crawley. He was left some money ,about £150,000 and he put it all into their share. He has continuously topped up and now has all his money in about 200,000 share. The shares were about £1.25 and are now about £3.18.He has done very well s far. Mind you until you sell nothing is certain. I did buy a few myself and stuck them in an ISA as there is a good divi. Keep an eye on them.
My ex-wife's bank account.
southstandandy
WEST STAND ANDY
- Jul 9, 2003
- 5,640
Used mine to buy a small second flat to rent out as my savings were getting feck all in ISA's and bonds. The rent I get covers the small mortgage and gives me about £300 extra income per month. In the year I've had this the value has risen by 10-15% depending on which estate agent you believe. Property is the way to go if you can get a deposit together especially with the interest rates being so low. The mortgage was surprisingly easy to get.
- Aug 8, 2005
- 26,544
I've opted for the mortgage route to saving, in essence bugger all in the bank but a pack of cards portfolio of flats, houses and an office in Hove, if it goes wrong i'm fooked
Wise man, property consistently outperforms all other investments, and you can drive past it and see it is still there unlike your pension!
Attachments
Wardy's twin
Well-known member
- Oct 21, 2014
- 8,434
surprised at FTSE being so low....6% growth over 10 years?
Interested in the wider topic of making my savings do more so this idea of a savers group seems quite good.