Where Should I Put My Savings?

[Nowler]

Hey hey folks!
Just got my first partial wage and I feel flush!
I'm imaging how I'll feel when I get a full month's wage next month plus the overtime

My plan is to save like hell and then use my money to trade, but... I've been wondering... where should I put my money in the meantime? Where would I get the best returns?

Should I just go with a savings account and avoid risk, or should I put money into some investment fund that takes small money (I get paid minimum wage, so savings will be modest)?

Perhaps I could open up a trading account with a broker where my money is insured and just deposit the money there each month?? Attempting to grow it myself...

Any opinions or advice?

Thanks in advance

 

[Nowler]

So no responses because nobody has an opinion on it? Or because it's too hard to answer due to it largely depending on my risk tolerance?

Does anyone have suggestions on what to avoid?

 

[mpups]

So no responses because nobody has an opinion on it? Or because it's too hard to answer due to it largely depending on my risk tolerance?

Does anyone have suggestions on what to avoid?

the answer lies here

 

[Mactheriverrat]

So no responses because nobody has an opinion on it? Or because it's too hard to answer due to it largely depending on my risk tolerance?

Does anyone have suggestions on what to avoid?

If you don't know where to put it I wouldn't suggest investing in any markets until you have a system that wins on a regular basis.
Just saying!

 

[ThePiptaker]

Put it where it's safe from 'yourself' or let me look after it.

 

[Dowser]

Hi Nowler, I'd investigate whether an Irish national can invest in a UK tax free ISA for starters. You don't want to be paying tax if you don't have to!

 

[Nowler]

Thanks for the replies folks.

Hi Nowler, I'd investigate whether an Irish national can invest in a UK tax free ISA for starters. You don't want to be paying tax if you don't have to!

Hey buddy.
I've actually come across that but never thought about whether I'd be eligible, being non-british...

I know I need to earn 1,700 a month in order to be eligible for something to do with some sort of investment with HSBC, which I don't earn at the moment.

I've just been told that I'm not getting time and a half for my overtime in work, so now I'm on the hunt for a new job that respects the work rate I put in.

If anyone of you are looking for employees...give me a shout! I'm happy to relocate

 

[Charlton]

Help to buy ISA

You might want to consider a Help to Buy ISA: https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/

In fact any ISA might be a good option. You do not need to be British to benefit:
http://www.thisismoney.co.uk/money/experts/article-1690538/Im-not-a-Brit-can-I-open-an-Isa.html

 

[Nowler]

You might want to consider a Help to Buy ISA: https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/

In fact any ISA might be a good option. You do not need to be British to benefit:
http://www.thisismoney.co.uk/money/experts/article-1690538/Im-not-a-Brit-can-I-open-an-Isa.html

Thanks for that mate.
From what I can see, I can open and deposit to both a Cash ISA and and Stocks and Shares ISA, correct?

If thats right, and accepting the higher risk that comes with a stocks and shares ISA, saving/investing into both might be a smart move...?

I mean... if I was considering putting it into a trading account and trying to grow it myself, then putting it into a stocks and shares ISA which is run by people who have far better understanding of the markets than I do, would be a better option, right?

Or perhaps I could split it all 3 ways...
33% of savings into a Cash ISA, 33% into a Stocks and Shares ISA, and 33% I to a trading account...

Any thoughts?
Obviously splitting it 3 ways reduces the amount for each option as opposed to 2 ways, or just picking one option.

 

[Nowler]

Also,
Any of these banks in England standout against the rest?

I'm sitting Loyds as we speak reading leaflets.
Can't exactly ask the staff this question because they are obviously bias

 

[Dowser]

They're all much of a muchness for current accounts but Barclays do provide a good stockbroking service should you require it

 

[Nowler]

They're all much of a muchness for current accounts but Barclays do provide a good stockbroking service should you require it

Yeah,I'm looking for a bit more than just a current account.
I want to look into Cash and Stock/Share ISA's.

It's high time I started to manage my money better. I may not have much now, but over time it will increase and I'd like to be smart about it when that time comes. I'll pop into Barclays in a sec.

Cheers mush!

 

[mpups]

You'll need a pot of cash (or other very low risk) that is there in case you need it for bigger purchases, emergencies etc and then investment/trading money which is separate and there for risk/reward. Its best avoid the situation where you need to cash in and spend big chunks of the trading monies, and i think helps with the mindset

Also perhaps look into this https://www.gov.uk/lifetime-isa for the very long term, something else to think about..

 

[Nowler]

You'll need a pot of cash (or other very low risk) that is there in case you need it for bigger purchases, emergencies etc and then investment/trading money which is separate and there for risk/reward. Its best avoid the situation where you need to cash in and spend big chunks of the trading monies, and i think helps with the mindset

Also perhaps look into this https://www.gov.uk/lifetime-isa for the very long term, something else to think about..

Cheers mate!
The lifetime ISA sounds good up until the part where I can't take it out till I'm 60 (29 more years!).

There is a slim to moderate chance I'll even live that long

I was considering a Help To Buy ISA and then just sell the house or rent it out after a few years, but I don't think it will be that easy to pull off...

Anyone know how long I have to own the house for before I can sell/rent it out after using a Help To Buy ISA?

 

[gtopmafia]

Maybe look at ETF ISAS they track multiple products from the market to growth stocks to volatility if you was so inclined (I really would not suggest the latter). ETF's do carry risk for example a market tracker will have market risk growth stocks will have more idiosyncratic risks etc. If you decide to go down this route then you really want to compare firms providing this service on cost, customer service and access to your money.

I would also suggest only this option if you are willing to sit on the investment for 5-10 years and not touch it to ride out any possible retractions in the market.

 

[Pat494]

They're all much of a muchness for current accounts but Barclays do provide a good stockbroking service should you require it

Better check it out but I am not sure they still do the stockbroking bit at Barclays.

I had better not give you Honest John's number at the dog track ?

lol

 

[Dowser]

Better check it out but I am not sure they still do the stockbroking bit at Barclays.

I had better not give you Honest John's number at the dog track ?

lol

I've not used them for a few years, their stockbroking service appears to be called 'Smart Investor' now. How this compares to the old service, I don't know. I traded UK Stocks inside an ISA with them for a while and was pleased with the service. Orders could be set for most stocks, even AIM. I was with Hargreaves Lansdown previously and they were a bit patchy in this respect. These days IG offers a one-stop-shop for me - so I could trade stocks inside an ISA here if I wanted...

 

[Nowler]

Yeah, it seems Smart Investor is the service.

It also seems that I'll need a minimum of 10k to start...
Can anyone confirm this?

Also, is your money insured with IG, cbrads?
If things go tits up for them that is...

 

[hatemypips]

Hey hey folks!
Just got my first partial wage and I feel flush!
I'm imaging how I'll feel when I get a full month's wage next month plus the overtime

My plan is to save like hell and then use my money to trade, but... I've been wondering... where should I put my money in the meantime? Where would I get the best returns?

Should I just go with a savings account and avoid risk, or should I put money into some investment fund that takes small money (I get paid minimum wage, so savings will be modest)?

Perhaps I could open up a trading account with a broker where my money is insured and just deposit the money there each month?? Attempting to grow it myself...

Any opinions or advice?

Thanks in advance

Probably PAMM accounts. There you can make profit with hands down, combining lows and high risk money managers. There is a risk to lose but I assume you want to earn something more than interest that local banks offer. Нotforex Pamms probably the best choice as there are some managers with good trading history, probably several years. It's unlikely the will blow the account in a couple of next month you will keep your investments with them.

 

[Nowler]

Probably PAMM accounts. There you can make profit with hands down, combining lows and high risk money managers. There is a risk to lose but I assume you want to earn something more than interest that local banks offer. Нotforex Pamms probably the best choice as there are some managers with good trading history, probably several years. It's unlikely the will blow the account in a couple of next month you will keep your investments with them.

Interesting... I know nothing about PAMM
I am OK with certain levels of risk but not sure if id be comfortable putting all my savings in high risk. I'll need to read into PAMM's... no idea what sort of minimum requirements there are.

Thanks for the suggestion!