Where Should I Put My Savings?

Pat494

Legendary member
13,261 1,276
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
 

cbrads

Experienced member
1,164 255
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

Established member
789 58
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

Well-known member
315 11
Hey hey folks!
Just got my first partial wage and I feel flush! :LOL:
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

Established member
789 58
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!
 

cbrads

Experienced member
1,164 255
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...
I don't think you need £10K to start, where have you seen that?

...and yes, your money's safe with IG (y)
 

Nowler

Established member
789 58
I don't think you need £10K to start, where have you seen that?

...and yes, your money's safe with IG (y)
I was fooling around with the calculator on their site and the first increment it would let me go up in was 10k.
I just assumed that meant it was the minimum...
Also, the annual fees involved would be quite a large % of say a 1k account. Far more than the 1-4% I am used to risking on my trading account.
 

cbrads

Experienced member
1,164 255
There's so many ways to invest your money inside an ISA, I think you need to decide how you'd like to do it and then you can compare different providers. For example, one of the simplest and cheapest ways to save long term is to trickle money into an Index Tracker
 

Nowler

Established member
789 58
There's so many ways to invest your money inside an ISA, I think you need to decide how you'd like to do it and then you can compare different providers. For example, one of the simplest and cheapest ways to save long term is to trickle money into an Index Tracker
Cheers buddy!
I will look more into that on my next day off.

I'm currently looking at HSBC's World Selection ISA.
I quote " A professionally managed, ready-made portfolio".
I can set my level of risk and then let them do their thing... sounds good to me.

Fees are just over 1%...which as far as I can see are annual but I need to look more into that.
 

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cbrads

Experienced member
1,164 255
In the words of Jim Bowen; 'Super, Smashin, Great...' (y)
 

Kaeso

Established member
836 91
..

Fees are just over 1%...which as far as I can see are annual but I need to look more into that.
yes, typically this charge would be taken monthly so for a £10,000 account there would be £8.33 charged per month but im not sure how hsbc do it, maybe only account fee portion would be explicit in your transactions and the rest is within the fund as with ETFs etc, either way its the same effect
 
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Signalcalc

Senior member
2,541 499
Hey hey folks!
Just got my first partial wage and I feel flush! :LOL:
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
Check it out:

https://www.moneysavingexpert.com/banking/
 

Nowler

Established member
789 58
yes, typically this charge would be taken monthly so for a £10,000 account there would be £8.33 charged per month but im not sure how hsbc do it, maybe only account fee portion would be explicit in your transactions and the rest is within the fund as with ETFs etc, either way its the same effect
I'll look more into it before committing to anything.
 

Nowler

Established member
789 58
So...After reading through some of the Investment information in the link SignalCalc provided (https://www.moneysavingexpert.com/banking/) I find myself wondering...

1) Do it with me platforms?
Or
2) Do it for me platforms?

While I would like to be competent enough to go with the "Do it myself" platform, I just don't know enough to not be eaten by the big fish.

Anyone care to offer an opinion or a suggestion on the matter?

I reckon i'd be comfortable with medium to higher risk, if that helps you to form a suggestion.
I would also prefer to inform myself better on my investments and potential options, so that is leaning me a little more toward the "do it with me" platform... i think :)

It's not just about making money for me (though it is crucial), it's also about understanding the puzzle and being challenged.
 
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