I don’t want to lock savings away for too long in case I find a suitable property to buy. Just my savings earning such a poor return I know I need to look at other options.
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Premium bonds are totally safe in that you won’t lose money. But you’re taking gamble on whether you’ll win more in prizes than what you’d earn via a standard savings account. Theoretically it could be nothing but the more you put in the more likely you are of winning. There’s a useful article here
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Under the bed in a sock
Not really anywhere decent if you’re not going to lock your money up, maybe Coventry or Skipton?
Premium bonds are indeed rather cool though, have 15k in there as of this month, will lyk if I win anything decent come next month (my first eligible draw). Planning to really throw some more into it as I go forward.
I have the same, until bonus drops off in September.
Next is Atom at 0.50% and Saffron, with same amount until it drops next month to 0.40%, same as my Marcus.
Have Limited Access Coventry at 0.55%, and multiple Virgin Money current at 2.02% per £1000 each.
Maxed out on Premium Bonds.
Won £50 last month and £25 the month before that which was first qualifying draw at that amount.
My best return thus far, on paper, is my Vanguard LS100 ISA. It bounces like mad but, as of Friday, was returning 3.96% profit. That’s highest its been since I invested in April, but did drop to negative a couple of times too. Its my 10 year plan pot, so it’s all immaterial in 2021 tbf.
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Do you mean useless interest rate-wise?
Yes.
Between 0.01% and 0.03%.
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It’s not gambling. Perhaps you might want to consider a little research into your options?
If you want your money to stay ahead of inflation your option is essentially a stock market product.
That doesn’t have to be stocks in individual companies, you might consider bonds, or a trust with a specific objective (The Scottish American investment company for example aims to provide a return above inflation through captúrale growth and income)
Everything else mentioned here is losing money due to inflation. Unless you’re saving for a short term savings goal it’s not worth it
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Should just be useless in general, PSA killed non-S&S ISA ages ago
Mine is indeed staying well ahead of inflation, put £4800 in the other week and we’re nearing £5000 in value now. Granted I’m sure it’ll dip at some point but, for now I could walk away with a hundred or two spending money if I wanted.
Furthermore there’s the stock money I made a while back via CFD trading
Although that was gambling and not something anyone should do unless they can afford to lose all their money. Not CFD trading necessarily, but CFD trading with memestonks
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I nearly did lose several thousand, several times. Got margin called once or twice to within a few % of my positions being closed. Ended up missing out on the profit cap I could have made (I could have earned 35k tops) but coming away with 18k wasn’t a terrible bet.
Fully agree though, don’t CFD Trade to begin with, with money you can’t lose. Especially with MemeStocks.
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Ouch. No plans to move them?
Active Accounts
Starling
YBS Mortgage Offset Savings Account
Credit Cards
AmEx
Barclaycard
Unused Accounts
Barclays
Virgin Money
Wise
Leumi Bank in Israel
Closed Accounts
Monzo
Moneybox LISA
Loqbox (if you can call it an account)
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Not at present. I’m not at interest rate tart, and an additional 0.2% interest on £10,000 - £20pa ? Nah.
Thought I’d bring an update to my setup. It’s changed a bit this year
I’m currently using:
Chase is currently my main account for my salary coming in and Direct Debits.
Monzo is currently used for paying back my Monzo Loan, any Flex Spend and card subscriptions (Now TV, Adobe etc)
Revolut is used as a spending account and I just really wanted the chromatic card.
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Here we go again!
Revolut - Salary, Instant Access Saver, a good few DD’s/recurring payments, most of my spending, travel/travel insurance & more
Coop - Joint Account, Large Transactions, Mortgage Minimum Payment
Monese - a couple of DD’s which I can’t get set back up with Rev (without disproportionate effort anyway), referral scheme, back up travel option
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Don’t think I joined in last year….
Current accounts
Monzo - main
Santander - bills and backup
Savings
Zopa
Santander - regular saver
Nationwide - regular saver
Credit cards
Amex Rewards
Barclaycard Avios
Nationwide Select - travel credit card
Savings/Investments -
Raisin
InvestEngine
Credit Cards
Amex Rewards
Royal Bank Credit Card - travel
Current:
Chase
Starling
Child & Co (RBS)
Monese(pending on them, anyways?)
Credit:
Aqua Rewards
Fluid
M&S Rewards
AmEx (BA)
Sainsbury’s Reward
Investments:
NS&I
T212
Seedrs
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I forgot to add my credit cards;
Yonder and Monzo Flex
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My credit card decision tree is:
Use Nectar Amex for wherever accepted, except supermarkets and Costco (2pts per £, eff. 1%)
Use Natwest Reward for supermarkets, except Tesco spends of more than 99p (1p per £, min 1p, eff. 1%)
Use Tesco Bank Premium Card everywhere else, unless the transaction value is less than £4 or £1 in Tesco (1pt per £ in Tesco, eff. 2.5% when traded up and 1pt per £4 elsewhere, eff. 0.75% when traded up)
Use Barclaycard Cashback everywhere else (0.5% cashback, also use this via Curve when only debit cards are accepted)
Obviously on card offers can affect this but this is the general rule.
My current accounts I actually use:
RBS Reward Joint held at everyone’s favourite branch joint acc is where my salary goes (£3/month nnet)
RBS Reward solo just for pocket money with token DDs (£3/month net)
Santander 1-2-3 Lite for cashback on bills (about £2.50/month net)
Natwest solo with token DDs (£3/month net) - my oldest account, opened when I was 12
Halifax Reward x 3 for paying card bills in £500 chunks (£15/month net)
Halifax Ultimate Reward Joint for phone, roadside and travel insurance (-£12/month)
Revolut for ebay payments so I don’t get my accounts elsewhere closed
Club Lloyds for everything else
Savings:
Beehive Money LISA
Barclays H2B ISA (kept for the interest rate, which was high during the last few years but is now just OK)
Natwest + RBS Digital Reg Savers
Santander Reg Saver
NS&I Premium Bonds
Plum just for DD creation
Scottish Widows just for DD creation
Britannia just for DD creation
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