Where do you put your savings?

« **on:** January 29, 2009, 03:14:28 pm »

I bank with a Halifax agency (not a proper branch) and have just opened up a regular saver account with them via the telephone.

But I found out this morning that I have to get forms signed by Tom, Dick, and Harry, and then the Halifax will bury them in a peat bog for three months before losing them.

The Halifax agency also won't accept my ID, they say I've got to go to Newport; to a 'proper' branch to get it verified; which I'm not prepared to do.

I know interest rates are rubbish at the moment, so I'm not really concerned about that; I just want somewhere CONVENIENT to put my spare cash, other than under the mattress where Wor Lass finds it easy to snaffle and spend it on tat in Homebase.

So how, where and why do you save? I'm now considering a post office account.

« **Reply #1 on:** January 29, 2009, 03:23:21 pm »

I know someone who buys premium bonds, you can buy online and any winning’s are tax free.

Roy

« **Reply #2 on:** January 29, 2009, 03:29:01 pm »

Savings?? What are they then? I'm a window cleaner not a stock broker!!

« **Reply #3 on:** January 29, 2009, 03:35:16 pm »

Quote from: Nathanael Jones on January 29, 2009, 03:29:01 pm

Savings?? What are they then? I'm a window cleaner not a stock broker!!

i know, next he will be saying he earns 700 quid a day

« **Reply #4 on:** January 29, 2009, 03:47:08 pm »

Quote from: Tosh on January 29, 2009, 03:14:28 pm

I bank with a Halifax agency (not a proper branch) and have just opened up a regular saver account with them via the telephone.

But I found out this morning that I have to get forms signed by Tom, Dick, and Harry, and then the Halifax will bury them in a peat bog for three months before losing them.

The Halifax agency also won't accept my ID, they say I've got to go to Newport; to a 'proper' branch to get it verified; which I'm not prepared to do.

I know interest rates are rubbish at the moment, so I'm not really concerned about that; I just want somewhere CONVENIENT to put my spare cash, other than under the mattress where Wor Lass finds it easy to snaffle and spend it on tat in Homebase.

So how, where and why do you save? I'm now considering a post office account.

For complete safety - government backed NS&I http://www.nsandi.com/index.jsp

A bit riskier (but covered by the banking protection scheme) ING http://www.ingdirect.co.uk/home.asp?ct=1&sid=112233

For a bit of hedge against a further downturn (and a little punt) - bullion vault http://www.bullionvault.com/

Eggs in many baskets

« **Reply #5 on:** January 29, 2009, 03:50:15 pm »

Whats wrong with a internet savings account with Halifax. If you open an account before 31st Jan you can benefit from a whopping 5% for a year if you save between £25 and £500 every month.
http://www.halifax.co.uk/savings/clp/regular-saver-ipod.asp

« **Reply #6 on:** January 29, 2009, 04:00:41 pm »

I'd rather find a place where I can pay into without putting it through my current account!

(Don't beat me).

« **Reply #7 on:** January 29, 2009, 04:16:19 pm »

Quote from: YWCS on January 29, 2009, 04:05:00 pm

gold

But maybe I want to get at my savings quickly. How long does it take on ebay to flog gold?

« **Reply #8 on:** January 29, 2009, 04:33:16 pm »

The Landlord of my local looks after them for me.......

« **Reply #9 on:** January 29, 2009, 04:34:01 pm »

Halifax-Schmalifax!

I joined the Halifax when it was a building society over 30 years ago. Mrs Gold and all the little Golds opened their little accounts too.

The Halifax (like many others) closed branch after branch and now the nearest is a sub-office in a suburb of Bristol. It is less than 100 metres from my bank. So convenient.

But for the last year they have one till open and that is "manned" by the slowest sour-faced misery guts you could wish for. I go to my (HSBC) bank and although only two tills when a queue builds up then someone comes out and helps you put your money in the automatic machine - very helpful. It never takes more than a few minutes.

But over at the Halifax you wait and wait and wait and wait ...

Mrs Gold has moved her ISA to the Nationwide (200 yards from my bank). And when I get my next spur to overcome advanced lethargy I'll move mine. They are as complacent a bunch as you could never wish to meet.

My other stock-market linked ISA (Halifax again) dropped 27% from it's peak in January '08.
Now, I know everyone has lost out this year - but what are these guys being paid to do? Pin the tail on the donkey? Sit on their fat ~~arses~~ backsides and pick their noses? Go on a paintball bonding weekend at my expense!???

I've given up saving - I now pay any spare cash off my mortgage (Bradford and Bingley interest only endowment linked with Clerical and Medical which was taken over by? -you've guessed it- Halifax!!! Don't get me started on that one!)

They really are a bunch of bankers!

Rant over!

Yup - any extra spare cash is going in National Savings for me.

« **Reply #10 on:** January 29, 2009, 04:59:30 pm »

My savings tend to go into my son's pocket.

« **Reply #11 on:** January 29, 2009, 05:37:37 pm »

tosh tesco are doing a goodish one

and right on your doorstep

i just managed to get 6% for a year,

but i think its closed to new custys now

but there other accounts dont look to bad

« **Reply #12 on:** January 29, 2009, 05:44:48 pm »

Quote from: Roy Harding on January 29, 2009, 03:23:21 pm

I know someone who buys premium bonds, you can buy online and any winning’s are tax free.

Roy

What a good idea brilliant in fact!

« **Reply #13 on:** January 29, 2009, 06:02:09 pm »

I was speakin to a custy the other day(who deals in stocks n shares...god help him) and he was tellin me that "The Gov" have significantly "slashed" the prize money that maybe a couple of years ago,you could have won on Premium Bonds..........but "accidently" forgot to make it common knowledge. They are sooo forgetful, Gorden and the Guys :

I don't know 100% if that's true,but he just aint the kind to Bull,if ya know what i mean....I'd look into it first.

« **Reply #14 on:** January 29, 2009, 06:04:46 pm »

Quote from: Pole 2 Pole on January 29, 2009, 06:02:09 pm

I was speakin to a custy the other day(who deals in stocks n shares...god help him) and he was tellin me that "The Gov" have significantly "slashed" the prize money that maybe a couple of years ago,you could have won on Premium Bonds..........but "accidently" forgot to make it common knowledge. They are sooo forgetful, Gorden and the Guys : I don't know 100% if that's true,but he just aint the kind to Bull,if ya know what i mean....I'd look into it first.

yes it true its the lowest paid draw in its history

« **Reply #15 on:** January 29, 2009, 06:08:57 pm »

Thanks for confirming that Mike.....I didn't wanna come across as The Voice of Dooooooooom

« **Reply #16 on:** January 29, 2009, 06:55:42 pm »

my savings is under the bath,

but really i use several ways but im not going to say to much, saving aint much good in the bank i would rather invest in premium bonds mobile homes and the odd classic car. i keep a rainy day fund close by in cash otherwise i try to invest for my kids future. but then kids could always be window cleaners if they want.

« **Reply #17 on:** January 29, 2009, 09:02:02 pm »

Quote from: Tosh on January 29, 2009, 04:16:19 pm

Quote from: YWCS on January 29, 2009, 04:05:00 pm
gold

But maybe I want to get at my savings quickly. How long does it take on ebay to flog gold?

I wouldnt buy and hold gold 'physically' unless it was for a very very long term hedge (we're talking many many years).

Transaction costs are very steep if using eBay. Period of time between placing the advert, final bid and money going through to your Paypal account could be several days. This is no good with gold.

You need to have a 'spot price' where you can buy and sell instantly.

Bullion Vault, Kitco, Gold trader and several other online firms offer 'real time' buy and sell prices. Theres no need to wait for listings to end. Theres no adverts to place. You click the button and 'buy' or click and 'sell'. The money is credited to your account instantly.

Buying gold is NOT a savings scheme. It can go up and down rapidly!!

...but i do like gold

Premium Bonds are useless. They generate zero interest.If you want a gamble...buy a lottery ticket

They offer better odds than Premium Bonds.

« **Reply #18 on:** January 29, 2009, 09:32:51 pm »

Quote from: David Slater on January 29, 2009, 09:02:02 pm

Premium Bonds are useless. They generate zero interest.If you want a gamble...buy a lottery ticket

They offer better odds than Premium Bonds.

There's a big difference between Premium Bonds and the lottery.

With Premium Bonds you don't lose your investment capital!

« **Reply #19 on:** January 29, 2009, 10:39:52 pm »

http://www.hattongardenmetals.com is the place to go if ya thinking of selling. No nonsense, good prices. If ya that way inclined. Dig out ya wives jewellery men

« **Reply #20 on:** January 29, 2009, 10:44:49 pm »

Ive done very well out of premium bonds over a period of years. Infact I hit a grand in one year. Much better than high interest savings accounts, with 90 day Notice Clauses. Savings interest rates are a joke.
Thinking of buying many many more in the next week week or so. Its pot luck what you get but the return does corolate to the value you hold.
ie, most Million pound winners hold the maximum holding you can have, which was £30K last time I looked.

« **Reply #21 on:** January 29, 2009, 10:55:15 pm »

Yeah I bet thats about right, and they aint all gonna be £50.
If your gonna tie up £30k you want some return, and the Govt sure cant afford for you not to.

« **Reply #22 on:** January 30, 2009, 07:02:45 am »

Quote from: Tosh on January 29, 2009, 03:14:28 pm

I bank with a Halifax agency (not a proper branch) and have just opened up a regular saver account with them via the telephone.

But I found out this morning that I have to get forms signed by Tom, Dick, and Harry, and then the Halifax will bury them in a peat bog for three months before losing them.

The Halifax agency also won't accept my ID, they say I've got to go to Newport; to a 'proper' branch to get it verified; which I'm not prepared to do.

I know interest rates are rubbish at the moment, so I'm not really concerned about that; I just want somewhere CONVENIENT to put my spare cash, other than under the mattress where Wor Lass finds it easy to snaffle and spend it on tat in Homebase.

So how, where and why do you save? I'm now considering a post office account.

Savings? Oh, you mean those bits of plastic they keep sending through the post.

« **Reply #23 on:** January 30, 2009, 07:35:38 am »

I have my own Financial Adviser who handles all my investments. This is true, not a joke, its because I used to work for Kodak. One of the things that happen when you get made redundant is you get this adviser.
I invested every penny of my redundancy and its done very well. Mind you its taking a hammering at the moment but thats the recession.

Other people ignored the advise and blew all their redundancy money on holidays and new cars. With some of them it was like a race to see who could spend it the quickest.

« **Reply #24 on:** January 30, 2009, 08:31:04 am »

Get an independent financial adviser Tosh.

A good one is worth there weight in gold.

They will explain everything you need to know. You dont have to take there advise but it will stand you in good stead in understanding investments etc.

« **Reply #25 on:** January 30, 2009, 08:35:00 am »

Martin Lewis has a winnings calculator on his site.

Based on how many you buy

www.moneysavingexpert.com/savings/premium-bonds-calculator/

Roy

« **Reply #26 on:** January 30, 2009, 10:00:14 am »

Quote from: Rob.Hall on January 30, 2009, 08:31:04 am

Get an independent financial adviser Tosh.

A good one is worth there weight in gold.

They will explain everything you need to know. You dont have to take there advise but it will stand you in good stead in understanding investments etc.

I've never met an independant adviser yet

they all seem to be linked to one or two finace sources only - the ones that pay them the most commission.

« **Reply #27 on:** January 30, 2009, 12:54:04 pm »

under you matress

« **Reply #28 on:** January 30, 2009, 12:57:54 pm »

Quote from: Vince Green on January 30, 2009, 07:35:38 am

Other people ignored the advise and blew all their redundancy money on holidays and new cars.

at least they didnt waste it

« **Reply #29 on:** January 30, 2009, 04:32:48 pm »

Quote from: ftp on January 30, 2009, 10:00:14 am

Quote from: Rob.Hall on January 30, 2009, 08:31:04 am
Get an independent financial adviser Tosh.

A good one is worth there weight in gold.

They will explain everything you need to know. You dont have to take there advise but it will stand you in good stead in understanding investments etc.

I've never met an independant adviser yet they all seem to be linked to one or two finace sources only - the ones that pay them the most commission.

I agree, an IFA with a range of products at his disposal, any of which may suit you will sell you the one that makes him the most commission.

I've had many dealings with IFAs over the years; and have had visits where they go through all your different insurances and savings and make reccommendations.

I understand how they work, and have been ripped off by them in the past (I was mis-sold two endownment policies).

I even considered becoming an IFA (aka insurance salesman); I used to be responsible for the pay and allowances and public funds of a large Infantry Batallion; so I always had IFAs sucking up to me, since I could put business their way (soldiers would come to see me asking for financial advice, but legally I couldn't provide it so I used to reccommend IFAs (the ones that gave me bottles of whisky at Christmas mostly).

But all I want is something SIMPLE and EASY to put my spare cash into (and after this month, there's not a lot of the spare stuff around).

I've called into the post office; and since I've a branch about 200 meters from where I live, that's going to get my meagre savings!

« **Reply #30 on:** January 30, 2009, 04:38:43 pm »

tosh

we could start a bank of our own

and perhaps mr darling would give us billions to help us

« **Reply #31 on:** January 30, 2009, 06:42:21 pm »

buy a triumph TR6 if you can find any good ones expect to pay 12k keep it at least 3years it wont go down in value it will only go up.
premium bonds are in blocks of a hundred now have been for a little while. ive got them in my name and the kids,
as regards mobile home if your lucky to be able to get a run down one cheap say 10k to 20k, scrap old van buy a new basic one for 28k brick the bottom re- design it a little spend no more than 50k in total, most of these site are turning into old retirement places and sell from 80k to 110k good chance of double in your money.