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Where Should I Put My Savings?

Pat494

Pat494

Well-known member
#16
Mar 27, 2004
13,185
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#16
cbrads said:
They're all much of a muchness for current accounts but Barclays do provide a good stockbroking service should you require it
Click to expand...

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

cbrads

Well-known member
#17
Mar 11, 2014
1,161
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NW England
#17
Pat494 said:
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
Click to expand...
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...
 
N

Nowler

Active member
#18
Sep 13, 2017
758
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#18
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...
 
H

hatemypips

Active member
#19
Nov 11, 2014
257
5
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#19
Nowler said:
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
Click to expand...
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.
 
N

Nowler

Active member
#20
Sep 13, 2017
758
55
38
#20
hatemypips said:
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.
Click to expand...

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

cbrads

Well-known member
#21
Mar 11, 2014
1,161
252
93
NW England
#21
Nowler said:
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...
Click to expand...
I don't think you need £10K to start, where have you seen that?

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

Nowler

Active member
#22
Sep 13, 2017
758
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38
#22
cbrads said:
I don't think you need £10K to start, where have you seen that?

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

cbrads

Well-known member
#23
Mar 11, 2014
1,161
252
93
NW England
#23
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
 
N

Nowler

Active member
#24
Sep 13, 2017
758
55
38
#24
cbrads said:
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
Click to expand...
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

cbrads

Well-known member
#25
Mar 11, 2014
1,161
252
93
NW England
#25
In the words of Jim Bowen; 'Super, Smashin, Great...' (y)
 
K

Kaeso

Active member
#26
Oct 4, 2015
862
92
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#26
Nowler said:
..

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

Signalcalc

Well-known member
#27
May 21, 2016
2,208
376
93
#27
Nowler said:
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
Click to expand...
Check it out:

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

Nowler

Active member
#28
Sep 13, 2017
758
55
38
#28
Kaeso said:
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
Click to expand...
I'll look more into it before committing to anything.
 
N

Nowler

Active member
#30
Sep 13, 2017
758
55
38
#30
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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