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Savings and Investments thread
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You are correct in think that taking the 25% tax free allowance does not trigger the MPAA restriction (which is £10k pa).holyjo said:I was 55 a couple of weeks ago. I have a fairly substantial pension pot around 760k which I don’t wish to touch for revenue purposes but will pay off a chunk of mortgage at the end of the year.I am leaving my career job and forgoing a large salary of nearly 100k pa . I have no certain income to come in. My wife is for the first time in a long time working full time and earning well. I reckon I could earn 35-40k a year and be as comfortable as we have been privileged enough to be the last few years.
We have some savings ( around 45k) but I will need 15-20 of that for a project and to allow me 3 months off. We have no ISA’s2 Questions if someone can helpAm I right in thinking that taking the tax free money from my pension pot doesn’t trigger full crystallisation and I can still put significant sums into the pot should I wish to do so
Can I use my tax free sum from pension pot to switch to an ISA and if yes is it separate from other income if one takes the interest as income
Thanks in advance
You are also correct in thinking income from an ISA is "separate" from other income you have but only because its totally tax free & therefore doesn't feature in any income tax calculations.
However, it is wildly suggested that you dont take money out of your pension to put into an ISA as you are simply moving it from one tax efficient vehicle to another. Personally I dont see an issue with it but in reality there is no need.1 -
I reckon the BNP Paribas analyst will be a bit exasperated to find his note taken up and spun by those two in a way he will not have wished for.PrincessFiona said:
Not sure the articles were predicting a complete collapse, imminent or otherwise. I was aware of the leaning of the media it was reported in (one in the DE and 1 in the Telegraph). A change in government won't be for over a year, so it is unlikely that is driving anything.ThreadKiller said:
It could be that they are factoring in a change of government that will see UK growth at last.golfaddick said:
It is true the Eurozone is not a harmonious place & many countries are not happy with 2 or 3 "big" countries being favoured over the others. Not sure if the Euro itself is in danger but as a currency it is not favoured over the Dollar & Sterling.PrincessFiona said:'One of France's biggest banks has told clients to move money out of the eurozone and back Britain' (1 day ago)
I was a bit surprised to see the headline so looked in to it - caveat, is is reported in the Teelgraph and DE'BNP Paribas, a French multinational bank, is insisting that the British economy is performing better than expected, as the Euro continues to be at risk of collapse.
As a result, clients are being urged to invest into the UK stock market - arguing that a "cheap pound", among other things, are making Britain a more promising place to invest than the failing eurozone.
Top analysts at the bank - which employs around 193,000 people worldwide - have switched their preferences from the eurozone to the UK, which is a welcome boost for the London stock market after a mass exodus of investors in recent years.
This will likely result in rich investors following experts' advice and shifting their money into some of the largest UK-listed companies.'
It is also true that the UK stockmarket is currently "undervalued" when compared to the US & Europe and really hasn't grown much since the Brexit referendum in 2016.I wouldn’t pay much attention to a couple of Express articles predicting the Euro imminent collapse though
The EU is currently experiencing some growth (albeit small but better than the eurozone) and the IMF have even had to increase their growth forecast for the UK!
He is not the first to predict that European equities may be in for a rough ride in the next few months, nor the first to suggest that the UK might be a bit of a bargain. I would say that he would have more support for the first assertion than the second.
Anyway analysts are always looking to put out polemic notes like this and its important to understand that nearly all of us on here are not his target audience. Most of us are at most in funds that concentrate on certain regions. I’ve pared back a bit on the European funds I hold but I certainly didnt put the money in a UK focused equity fund. I’m buying cash for 6% returns, thank you very much. You won’t get many analysts proposing that course of action since it would be against the corporate interests of their employers.2 -
Nationwide is offering 8% interest to existing members who can pay in up to £200 per month for one year. 3 withdrawals allowed without penalty. It's peanuts really, invest the full amount and you'd get £104 interest in 12 months time. But still, 8%...0
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Yorkshire building society is only 7% but allows £500 a month, again existing members only.1
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PB's
£125 for me - 1 x £100 1 x £25
£225 For Mrs R7L 1 x £100, 2 x £50, 1 x £25
£550 for Daughter 1 x £500, 1 x £50
EDIT £200 for Father in law.1 -
1x £50 for me, moved £15k last month into the 6% bond.1
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1x £50, 2x £100
Thats my best return yet1 -
1 x £100 this month1
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A disappointing month with £75 for me and a big fat zero for the missus from 2 full holdings.0
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£1150 here. I've already employed a full time financial advisor9
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Just £75 this month on a full holding (c.1.8%) 🤔0
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Victor: 5 prizes totalling £300
Margaret: 1 x £1000 -
Nothing this month with close to a maximum holding! It's a fix!1
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Mrs and I switched a fair amount into the 6% bond during the month. Still got £150 for me and £200 for Mrs Chaz from remaining PB holdings. Jnr got £100 from his smaller holding after buying a flat recently.0
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No luck this time for me
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Whoopie 5 x prizes totalling £775. And great timing as I arrived in Spain last night and staying until the end of October. 
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2 x £50 for me. 2.45% return on calendar year-to-date....not great but tax free.0
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£50 for me, £100 for the missus, £100 for my Mum. Probably our worst month of the year. Currently running at just under 4% return for the year.0
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I've mentioned this before but probably worth saying again.Rob7Lee said:Yorkshire building society is only 7% but allows £500 a month, again existing members only.
Both Yorkshire Building Society and Coventry Building Society bring out accounts fairly regularly that are for members only and pay interest rates well above market levels.
Yorkshire usually requires you to have a years membership but Coventry's is usually a bit less - 3 or 6 months, I can't remember which.
Probably worth opening an easy access account with both and sticking a £100 in it to get your membership and then in the future you can take advantage of the higher rates when they bring out their members' accounts.5 -
Nothing again for me. 2nd month in a row 😒
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That's a good idea, reminds me of an old FD I worked for years ago, his advice was open an account with every building society with £100 in it, he did very well as many of them converted to banks.Fortune 82nd Minute said:
I've mentioned this before but probably worth saying again.Rob7Lee said:Yorkshire building society is only 7% but allows £500 a month, again existing members only.
Both Yorkshire Building Society and Coventry Building Society bring out accounts fairly regularly that are for members only and pay interest rates well above market levels.
Yorkshire usually requires you to have a years membership but Coventry's is usually a bit less - 3 or 6 months, I can't remember which.
Probably worth opening an easy access account with both and sticking a £100 in it to get your membership and then in the future you can take advantage of the higher rates when they bring out their members' accounts.1 -
£50 for me (PB’s).0
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Morning #Rob7Lee, made a few bob on Metro Bank thanks to you during Covid times, interesting times with their refinancing issues, SP obviously dipped today, one to watch for a quick 10% trade possibly upon any good news.0
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I bought some this morning as a bit of a punt.Daarrzzetbum said:Morning #Rob7Lee, made a few bob on Metro Bank thanks to you during Covid times, interesting times with their refinancing issues, SP obviously dipped today, one to watch for a quick 10% trade possibly upon any good news.1 -
Me too...happy to hang onto them as I'm sure they'll rebound!Rob7Lee said:
I bought some this morning as a bit of a punt.Daarrzzetbum said:Morning #Rob7Lee, made a few bob on Metro Bank thanks to you during Covid times, interesting times with their refinancing issues, SP obviously dipped today, one to watch for a quick 10% trade possibly upon any good news.0 -
Up a nice 9% today on Metrobank, if it goes more than 10% I'll sell and run!1
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Started doing so low level investing via Monzo new platform which they are running with Blackrock, just small steps there, and see how it goes. https://monzo.com/investments/
Also interesting to see if Monzo can drive a load of business in that direction0 -
How are you finding this platform in general so far?Rothko said:Started doing so low level investing via Monzo new platform which they are running with Blackrock, just small steps there, and see how it goes. https://monzo.com/investments/
Also interesting to see if Monzo can drive a load of business in that direction0
