tag:blogger.com,1999:blog-7336434292024806907.post6039222803042186070..comments2023-06-11T16:53:03.562+01:00Comments on Keeper of the Cauldron. : Missing the "Not So" ObviousCerridwenhttp://www.blogger.com/profile/09113285657493048091noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-7336434292024806907.post-34061330979903394062014-09-27T17:01:58.270+01:002014-09-27T17:01:58.270+01:00Thanks ermine - I hadn't thought of that side ...Thanks ermine - I hadn't thought of that side of things. Funnily enough I actually ended up putting £1000 of the money into my SIPP. I'm 55 and trying to get enough in there so that I'm able to leave work at 60 and defer taking my DB pension early. It's a bit of a fine balance though as I don't want to put so much in I end up paying tax when I take it out. There's a way to go before that's likely though. :-)Cerridwenhttps://www.blogger.com/profile/09113285657493048091noreply@blogger.comtag:blogger.com,1999:blog-7336434292024806907.post-65029756020317754812014-09-26T12:04:32.132+01:002014-09-26T12:04:32.132+01:00> It then occurred to me that surely the best a...> It then occurred to me that surely the best action would be to pay off the £2,300 credit card balance using some of the cash in the Halifax saver.<br /><br />I think you actually lose out doing this, since as I read it the CC is interest free until some future point. You lose optionality - your cash buffer is higher until the CC is paid off at the end of term. True, that money doesn't earn any interest, but it still reduces your risk. Say the boiler blew up tomorrow - if you'd paid the CC today you might have to borrow the money, whereas by keeping your float high you could stave off borrowing to later.<br /><br />I've given up chasing lousy interest deals on cash. Sticking it in a SIPP and getting a 20% tax bung, amortised over two and a half years is good enough for me, but it's not an option that's attractive to anyone < 50 because of the long hold time.erminehttp://simple-living-in-suffolk.co.uknoreply@blogger.comtag:blogger.com,1999:blog-7336434292024806907.post-21491861859937525132014-09-24T05:58:43.878+01:002014-09-24T05:58:43.878+01:00Good news on finding that one year saver :-) I'...Good news on finding that one year saver :-) I'm hoping to set myself up with another one next year too, perhaps even if it does mean opening yet another bank account. Although I do think that sometimes the amount of time/work required to get a little extra interest just isn't worth the effort. As they say "Time is Money" :-)Cerridwenhttps://www.blogger.com/profile/09113285657493048091noreply@blogger.comtag:blogger.com,1999:blog-7336434292024806907.post-6199710656989505522014-09-21T21:32:59.489+01:002014-09-21T21:32:59.489+01:00I used to love those Magic Eye pictures!
I see wh...I used to love those Magic Eye pictures!<br /><br />I see where you're coming from - there's a lot of financial confusion and at times, it's a bit of a maze. For the past couple of years, I've been regularly putting spare cash into my cash ISA which paid 1.5% interest tax free. It was the 'tax free' wording that deluded me into thinking that this was the best place for my cash. Since I've never been able to max my ISA allocation (and never will, with it being £15k now!), I should have realised that it doesn't really matter where I put my cash, as long as it's a decent interest rate. <br /><br />I discovered earlier this year that my bank does a one year saver (like your M&S one) only up to £300 per month, with interest of 6%. Apparently, they've been doing this a while and interest rates were even higher, yet I never even looked at or considered non-ISA savings accounts because I was distracted by all the noise that savings need to be 'sheltered' in ISAs. Sheltered from good interest rates, it seems like haha! So, I'm currently saving into this account instead of my ISA - I hope there's another one available next year.<br /><br />Anyway, I think you're right to be saving instead of paying the £250. Also hurray and congratulations on finally getting your ISA transferred (did I hear a champagne cork popping then hehe!) and hope you've had a chance to read Hale/Monevator this weekend!<br /><br />weeniehttps://www.blogger.com/profile/01602950445306813601noreply@blogger.com