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Original poster

So, for the first time ever, I have a small amount to save.. and all the banks are going belly up!!

17 replies

lulumama · 07/10/2008 18:58

what to do?

have had a recommendation off noddyholder..thank you !, but wondering what anyone else thinks..

premium bonds?

post office?

cash the cheque and hide the money under the mattress??

OP posts:
LadyOfWaffle · 07/10/2008 18:59

Premium bonds is what I would do.

Original poster
lulumama · 07/10/2008 19:02

thank you

NH recommended national savings or nationwide

am thinking i will put some in premium bonds and some in a regular savings account

i hvae used an IFA for mortgage etc.. can he advise re this ?

OP posts:
Original poster
lulumama · 08/10/2008 19:13

anyone else? can i buy premium bonds at the post office.. >

OP posts:
noddyholder · 08/10/2008 19:14

premium bonds are a good idea or national savings

ilove · 08/10/2008 19:15

Yes you can buy them at the PO

differentWitch · 08/10/2008 19:17

Combination of ns&i and premium bonds. That's what we have.

CarGirl · 08/10/2008 19:19

Do you have a mortgage? If so can you make overpayments without penalty? I would recommend that you will save more on interest not being charged than you can earn interest else where.

Original poster
lulumama · 08/10/2008 20:11

oh yes we certainly have a mortgage

it is not a significant enough amount to really overpay .

i think some premium bonds and national savings..

can i just go to the local PO or does it have to be a main branch?

thakn you everyone

OP posts:
dinny · 08/10/2008 20:12

does anyone ever win on PBs? the kids and I have about 3k between us and have one £50 about once, annoyingly

CarGirl · 08/10/2008 20:14

We just overpay what we can each month - sometimes £50, sometimes more (thank you ebay) we can pay off £500 per month without penalty and get the money back out again if we ever need it and in the meantime save lots on interest. We ask for a reduction in the term of the mortgage but you can ask for a reduction in the amount to pay each month (saving that for when we are broke!)

Spatz · 08/10/2008 20:16

I'm a big fan of premium bonds - we do win prizes because we have quite alot and they are safe and on average give us as much interest as a building society. And one day I will win a million!

RubySlippers · 08/10/2008 20:16

lulu - your DN has won twice!!!

dinny · 08/10/2008 20:18

just noticed my typo - what is wrong with me today??

Overmydeadbody · 08/10/2008 20:20

If you actually want to make any money on it then invest it in wine

Original poster
lulumama · 08/10/2008 20:20

thanks cargirl, we have just swopped to a new mortgage so will speak to them tomorrow.

yes, ruby, lucky DN!

thanks dinny and spatz

i think i am convinced now.. premium bonds and a nice safe savings account for the rest!

ta x

OP posts:
DaisySteiner · 08/10/2008 20:34

Premium bonds are really not a good idea IMHO if you're actually wanting to make some interest on your savings - you'd almost certainly be much better paying it off your mortgage than putting in premium bonds. Have a look here

I would speak to your financial advisor because what is the best thing to do with it will really depend on what you plan to do with it in the long term. Don't forget that you need to earn around 6% interest (iirc) to take into account the tax you pay on the interest and inflation.

If you want a long term investment then a shares ISA might be worth considering as the stock market is so low at the moment.

Original poster
lulumama · 08/10/2008 20:40

thanks, daisy , did not know if IFA would be able to advise re this

OP posts:
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