Xela Posted April 16 Share Posted April 16 15 hours ago, CVByrne said: The big issue with increasing these type of living expenses is you then will always require income to that level, you won't want to "drop down". All your spare cash between you outgoings and incomings should just go straight into mostly you Pension. By far most tax efficient and can afford you early retirement if you are wise enough throughout your life. Good points. Luckily I spend less now than I did when i was earning half my current salary! I've completely checked out of the materialistic life. Never mind keeping up the neighbours, i'm sure mine think i'm the local bag lady with a beard! Yes on the pension (got over 20% going into mine) but caveated with the fact it will be locked away to pensionable age. If you want to retire earlier, at say 50, you'll need some funds to be able to see you through until you can access it. Link to comment Share on other sites More sharing options...
Rds1983 Posted May 22 VT Supporter Share Posted May 22 I like to keep a few month's cash easily available and not tied up in investment/shares, but am struggling to find a decent easy access place to save it. Anyone got any recommendations? Link to comment Share on other sites More sharing options...
Genie Posted May 22 Share Posted May 22 Just now, Rds1983 said: I like to keep a few month's cash easily available and not tied up in investment/shares, but am struggling to find a decent easy access place to save it. Anyone got any recommendations? I use my Chase account, 4.1% AER paid monthly and instantly accessible. I’m sure there will be better deals around though. 1 Link to comment Share on other sites More sharing options...
Davkaus Posted May 22 Share Posted May 22 (edited) Barclays at 5.1% for up to 5k is about the best going at the moment, but it needs to open a current account, savings account, pay in a minimum amount each month, and have direct debits Kroo is the best no nonsense account with 4.3% and no hoops to jump through Edited May 22 by Davkaus 1 Link to comment Share on other sites More sharing options...
Xela Posted May 22 Share Posted May 22 19 minutes ago, Rds1983 said: I like to keep a few month's cash easily available and not tied up in investment/shares, but am struggling to find a decent easy access place to save it. Anyone got any recommendations? Who do you bank with if you don't mind me asking? HSBC do 4% for the first £50k in their online bonus saver (reduces if you make a withdrawal in the month) 1 Link to comment Share on other sites More sharing options...
Rds1983 Posted May 22 VT Supporter Share Posted May 22 Any of those have any monthly fees or anything? Link to comment Share on other sites More sharing options...
Xela Posted May 22 Share Posted May 22 4 minutes ago, Rds1983 said: Any of those have any monthly fees or anything? You just need a HSBC account. I don't think you need to use it at all, but the savings account is only open to existing customers. If you're just looking to put a few grand in, then one with your own bank should be ok? Or just open a second account with them and leave it in there. You'll get no interest but might be easier. Link to comment Share on other sites More sharing options...
Genie Posted May 22 Share Posted May 22 8 minutes ago, Rds1983 said: Any of those have any monthly fees or anything? Chase not. Also useful for holidays as there’s no fees for foreign currencies. I think in the first year they pay 1% cashback on purchases too. 1 Link to comment Share on other sites More sharing options...
Rds1983 Posted May 22 VT Supporter Share Posted May 22 27 minutes ago, Xela said: You just need a HSBC account. I don't think you need to use it at all, but the savings account is only open to existing customers. If you're just looking to put a few grand in, then one with your own bank should be ok? Or just open a second account with them and leave it in there. You'll get no interest but might be easier. I've got various accounts and have one with HSBC. Only looking to have £4/5k in it as feel anymore than that would be a waste as could be better invested elsewhere. Just looking for somewhere to put it so it holds value against inflation really and anything on top is a bonus. 1 Link to comment Share on other sites More sharing options...
Anthony Posted May 22 VT Supporter Share Posted May 22 3 hours ago, Genie said: I use my Chase account, 4.1% AER paid monthly and instantly accessible. I’m sure there will be better deals around though. +1 for Chase. The app is an unnavigable mess, but other than that, fine. Link to comment Share on other sites More sharing options...
Genie Posted May 22 Share Posted May 22 3 minutes ago, Anthony said: +1 for Chase. The app is an unnavigable mess, but other than that, fine. I have never had that feeling tbh. Very straight forward. Mow more places are cashless I use my chase card on holiday more and more Link to comment Share on other sites More sharing options...
Xela Posted May 26 Share Posted May 26 What's the saying - "The best time to invest was yesterday, the second best time is now" I just wish I'd started my investing journey a few years earlier rather than sitting with cash balances earning the square root of naff all. 2 Link to comment Share on other sites More sharing options...
Davkaus Posted May 26 Share Posted May 26 (edited) 4 minutes ago, Xela said: What's the saying - "The best time to invest was yesterday, the second best time is now" I just wish I'd started my investing journey a few years earlier rather than sitting with cash balances earning the square root of naff all. I'm pretty savvy these days, but I remember going into a bank and speaking to the manager about opening a savings account, and his eyes widening when he saw I had 10-15k just sat in a 0% current account doing **** all, and this was in 2006, 2007 when interest rates actually meant something That's only my third biggest financial regret. My biggest is investing 10k in the US weedstock boom, spiking up to 90k, then cashing out at 8k. Didn't lose too much, but **** hell that stings Edited May 26 by Davkaus 1 Link to comment Share on other sites More sharing options...
T-Dog Posted May 26 Share Posted May 26 Watching a TV show today, thought it'd be trash, but actually quite interesting. Double The Money, on E4 - It's low end entertainment, but it's great to see how people deal with money. Really enjoying. Link to comment Share on other sites More sharing options...
Rds1983 Posted May 27 VT Supporter Share Posted May 27 10 hours ago, Xela said: What's the saying - "The best time to invest was yesterday, the second best time is now" I just wish I'd started my investing journey a few years earlier rather than sitting with cash balances earning the square root of naff all. I'm not keen on having a cash reserve as it doesn't earn anything and often loses value over time. However, experience has taught me that you do need some easy access cash in case something goes wrong. Easier access and allows you to ride out any dips in other investments if you aren't forced to cash out. I sold about £5k worth of shares the other week as I wanted to reinvest it elsewhere and with clearing times it was a good 3 or 4 days before I actually had the money in my account. If I'd needed that cash in an emergency I'd have been screwed. Link to comment Share on other sites More sharing options...
Genie Posted May 27 Share Posted May 27 (edited) 11 hours ago, T-Dog said: Watching a TV show today, thought it'd be trash, but actually quite interesting. Fully enough I started watching a program last night I assumed would be awful but it was actually alright. Rylan (weird looking fella off of daytime TV) and Rob (off of judge Rinder) were in Rome. It should have been terrible but it was actually really interesting, for me at least. Edited May 27 by Genie Link to comment Share on other sites More sharing options...
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