Savings
#2
Cash isa if you can,when thats full up i put mine in a monthly savings scheme at local bank,all instant access.
Having said that interest rates are crap atm,so your only talking pennies.
What about a pension?
#3
I have set up a pension with my current job (computer techie for County Council)
I will be making extra contribution with the pensions.
This extra savings is for a house.
I will be making extra contribution with the pensions.
This extra savings is for a house.
#6
Vinesh.....every year you are allowed to put 7k into an ISA.This is made up of 3k cash...3k shares and 1k insurance.You can also have a mini ISA comprising any of those parts individually.This means you can put 3k into a mini cash isa.Its just like a savings account but you get a slightly higher rate of interest and tax free.
Go see your local bank manager.My cash isa's are with the Alliance and Lecester.
Go see your local bank manager.My cash isa's are with the Alliance and Lecester.
#7
When talking to your local bank manager about this, please make sure you ask about EQUITY ISAs as well as cash ISAs....if you're investing over a few years, the Equity ISA could well be the better bet. If you're not fully comfortable with this (after having it all explained to you in full ), consider 50% 50% cash / Equity ISAs.
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#8
Vinesh, do you have a mortgage? If not read no further.
If you do, have you got/considered getting a flexible mortgage?
These allow you to offset money against what you owe in the form of a lump sum or as regular overpayments, whilst still enabling you to withdraw the cash later. The interest the bank/building society charges on your mortgage will usually be higher than the interest they will give you on savings or on an ISA. Therefore you should benefit from the reduced repayments in the long run.
If you do, have you got/considered getting a flexible mortgage?
These allow you to offset money against what you owe in the form of a lump sum or as regular overpayments, whilst still enabling you to withdraw the cash later. The interest the bank/building society charges on your mortgage will usually be higher than the interest they will give you on savings or on an ISA. Therefore you should benefit from the reduced repayments in the long run.
#9
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Do you have any debts? If so it is better to pay them off before starting to save (IMHO) as you will be paying more interest on them than you are getting from savings/investments
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