UK Personal Finance and Investing

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Furia: Jul 26, 2015; Grimey Drawer

Thanks for plugging this thread in on the BWM thread. Looks like there�s some reading I need to do

As a quick contribution this budgeting template got posted in the KnyteGuy thread which some goons swear by:

https://srv-file2.gofile.io/download/T7uEzr/budgettemplate.xlsx

Not super sure it�s for me as it requires a bit more manual input than I like and it does not render on my phone alright, but maybe someone will find value of it

# ¿ Jul 8, 2019 22:18

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# ¿ May 24, 2024 05:11

Furia: Jul 26, 2015; Grimey Drawer

spincube posted:

Any thoughts as to current account offerings?

Echoing the Nationwide 5% one. If you�ve got a previous current account and a referral code from a buddy you even get slipped a sweet 100 on top of that. Note that the 5% is only on balances up to 2500

Otherwise you can go on which/mse and they�ve got a current accounts list going with the highest interest rates. I�ve got a couple of the ones in the which selection

# ¿ Aug 14, 2019 21:36

Furia: Jul 26, 2015; Grimey Drawer

I was listening to the FT Money podcast (which everyone should sub to) and it seems that the next new big claim will be payday loans, but there�s skepticism about how well the claims industry will be able to sustain itself without huge ppi level scandals, specially through the payday loan providers (which are all quite small)

I miss Arnold�s head on tank threads though

# ¿ Sep 13, 2019 09:25

Furia: Jul 26, 2015; Grimey Drawer

Oodles posted:

Hi thread, I�ve decided that 2020 is the year to try and get control of my finances. I�m not in a terrible place, but my outgoings are pretty much matching my incomings. Have you ever seen the first episode of 2 and a half men, with the paper cup analogy? That�s my finances, and I think it�d be wise to fix that.

I stepped through the flowchart, and most of my goals are short term (I.e 1-5 years), and the recommendation was to keep it in a high interest savings account.

I need to find �100 a month, and siphon it off into a savings account, and then just not touch it. But the problem is that if I can see it, I�d spend it.

When I started out I�d have my savings in different bank accounts and only carry one card around, so money would be out of reach enough to be annoying to use but not enough so that in an emergency it is inaccessible. In any case, you�re gonna need a budget if you do not have one already.

I will second the TSB 3% current account recommendation (if not your current bank) and once you feel more confortable you can open up a solid monthly saver with them. After that all you need to do is branch out and explore your options a bit more. MSE and Which? are how I make these decisions, personally.

Shut up Meg posted:

Given the miserable rates of interest available, I think you can make significantly more cash by swapping your current account at regular intervals and taking advantage of the signing bonuses.

I�d heard of this but I was worried it might affect my credit score or something. Could you please elaborate on what you do and how you do it?

# ¿ Dec 31, 2019 13:09

Furia: Jul 26, 2015; Grimey Drawer

Shut up Meg posted:

HSBC are offering �175 if you switch to them:
https://www.hotukdeals.com/deals/hsbc-switch-offer-3377692

M&S are offering giftcards worth �180-220 if you switch current a/c and credit card to them:
https://www.hotukdeals.com/deals/free-180-marks-and-spencer-gift-card-when-you-switch-and-stay-at-ms-bank-3379196

Free money! Though with the obvious downside that you'll be banking with HSBC with either of these deals.

This is about what I expected. Only issue is I keep my money across many different banks/building societies to save up so that basically excludes me out of a lot of them. That HSBC deal is looking good though. Do you have an account explicitly for switching or do you switch your main one each time?

# ¿ Jan 4, 2020 15:36

Furia: Jul 26, 2015; Grimey Drawer

Shut up Meg posted:

I'll be honest: it's been a few years since I last did this, so I wouldn't trust my suggestions.

At the time, all I had to do was open a new a/c and then manually move 3 direct debits and make sure I was depositing at least �500 per month for 3 months and then I got the bonus. I did not close the original a/c or move my actual salary payment.

I don't know what the rules for this offer is: whether I can do this again, or whether I have to go through the Current Account Switch Service process which automatically closes the original a/c. If I do, then I won't do this because I have zero faith in the ability of two banks to open/close the a/cs and not gently caress it up.

If I can do without closing the original a/c then I am going to seriously consider doing it because that's a better use of my money than anything else. Plus, with internet banking, it's each to move stuff around.

In the one instance I�ve attempted (and failed) to get a switch incentive, they explicitly requested you use CASS. From what I have read and what you describe the process is not much changed otherwise. Might get a Revolut account and use that to start bank hopping and getting some extra money.

# ¿ Jan 4, 2020 21:44

Furia: Jul 26, 2015; Grimey Drawer

Anybody have any thoughts on LISAs? I�m looking to open my first stocks and shares ISA and figured a LISA would be a good starter account. If yes, why? If not, why not?

Provider recommendations would be greatly appreciated also.

# ¿ Jan 10, 2020 20:37

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# ¿ May 24, 2024 05:11

Furia: Jul 26, 2015; Grimey Drawer

I was doing a CASS switch to hsbc for that sweet sweet free money but then they no poo poo sent me a form to fill in by pen and send back to them.

I don�t think I�ve switched from a current account as quickly in my life, but here I go.

# ¿ Jan 26, 2020 15:24

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > UK Personal Finance and Investing