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By *unyday OP   Man
8 weeks ago

near

Is it really worth having savings???? Taxed on income then when it builds into savings taxed again,I know we need banks but do we really need to have so much in them or is there a better alternative

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By *estinysswingersCouple
8 weeks ago

Worsley

What’s the better alternative than having a little bit of savings?

Ask yourself this question if you were made redundant tomorrow how long could you pay your bills for?

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By *onin25Man
8 weeks ago

Durham

It's only interest on savings that is taxed not the actual savings. And you get a tax free savings allowance and can put money into a tax free ISA. Alternatively you can invest but any gains are also taxed. It's about what works for you.

And if you have savings think of yourself as lucky in the first place, a lot of people struggle from one payday to the next.

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By *eductiveSecretsWoman
8 weeks ago

Birmingham

A safety net is sensible but the way the world is going, its questionable what we are actually saving for. I lean more towards enjoying my life in the moment, money returns, time does not.

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By *unyday OP   Man
8 weeks ago

near

I understand we need a safety net and I’m not rich but having 20,30,40k sitting in a bank earning a pittance then paying government taxes on it isn’t for me , I find I can make better returns in gold and cgt free

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By *onin25Man
8 weeks ago

Durham


"I understand we need a safety net and I’m not rich but having 20,30,40k sitting in a bank earning a pittance then paying government taxes on it isn’t for me , I find I can make better returns in gold and cgt free"

You pay CGT on most types of gold

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By *dible_KinkCouple
8 weeks ago

Aberdeen

The world is set up for people with big money to keep it and make more. As a result, it's set-up for 95% of the population to pay interest on loans or be taxed on savings. Between inflation and low interest on savings, the best way to actually save money is to have manageable healthy levels of debt. If you're getting a savings rate of 2% and inflation is running at 3 or 4, by the time your £1 has been in savings for 5 years it will only be worth 80p in real terms, whereas you can use your money to pay off your mortgage quicker and make a real difference that way. Inflation is a killer and used by governments to their advantage in the bond markets - they can make a lot of money by fixing the rate where they want them. £1M in your bank account today is the same as having £550K in the year 2000 - i.e. to buy the same amount today as you could in the year 2000, you would have needed £2m to be a millionaire. Property values have exploded in that tome (deliberately), so use your money to but multiple H.M.O'S!!!!!!!!

**Dont quote me or take those figures as gospel, but they are definitely in the ball park!!!!

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By *unyday OP   Man
8 weeks ago

near

I agree with this 👆🏽as for CGT British currency is exempt

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By *rightonsteveMan
8 weeks ago

Brighton - even Hove!

I have a wank bank

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By *aughty But nice..Man
8 weeks ago

Staffs


"I have a wank bank "

Now that's the right type of bank 😂😂😂

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By *avie65Man
8 weeks ago

In the west.


"I understand we need a safety net and I’m not rich but having 20,30,40k sitting in a bank earning a pittance then paying government taxes on it isn’t for me , I find I can make better returns in gold and cgt free"

You can earn £1000 per year in interest before you pay tax on it.

And as has previously been mentioned, ISAs are tax free, you just need to search for the best rates as traditional banks do usually give you the best rate.

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By *ornyguy666Man
8 weeks ago

Nottingham


"Is it really worth having savings???? Taxed on income then when it builds into savings taxed again,I know we need banks but do we really need to have so much in them or is there a better alternative "
ask Martin Lewis

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By *icecouple561Couple
Forum Mod
8 weeks ago

East Sussex

People put their money into gold, classic cars, art, property and all sorts other than banks.

I don't have enough for that so an ISA and a high interest savings account are what I use. Interest rates are so low that it's hardly better than keeping it under the mattress but it's safer in the bank and if the central heating boiler goes, the house needs maintenance, the car has to have repairs or the kids need money there's a little there to cover it.

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By (user no longer on site)
8 weeks ago


"I have a wank bank "

That's of high interest.

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By *winginsafariMan
8 weeks ago

Mallusk

Unless you have massive earnings and are an additional rate tax payer you’ll have a personal saving allowance which will more than cover the interest you’ll earn on bank interest savings especially if only modest amounts. If you’ve over £10k in a savings account you can put the rest in an isa (investment or cash) and all growth/ income/ interest is tax free. And if you can afford to put more than £20k a year into saving you’re doing pretty well and some tax if probably affordable!

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By *atnip make me purrWoman
8 weeks ago

Reading

Premium bonds wins are not taxed. And are instant access.

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By *dible_KinkCouple
8 weeks ago

Aberdeen


"Premium bonds wins are not taxed. And are instant access."

Premium bonds are a bad investment as you earn no interest, but your money depreciates over time.

The odds of winning are so low you are only likely to win even a small prize once you have more than 10k in there. The official odds of winning are 1 in 22,000 on the pound.

Likelyhood of winning £25 is 1 in 71,364 and winning a million is 1 in 64.36 billion.

At least its government backed so its safe, but no other plus points unfortunately.

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By *onin25Man
8 weeks ago

Durham


"Premium bonds wins are not taxed. And are instant access.

Premium bonds are a bad investment as you earn no interest, but your money depreciates over time.

The odds of winning are so low you are only likely to win even a small prize once you have more than 10k in there. The official odds of winning are 1 in 22,000 on the pound.

Likelyhood of winning £25 is 1 in 71,364 and winning a million is 1 in 64.36 billion.

At least its government backed so its safe, but no other plus points unfortunately. "

It's like playing the lottery but you don't lose your stake. If you want your money to grow there are other savings that guarantee that, but they don't give you a chance to win £1 million

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By *oreplayer88Man
8 weeks ago

Aberystwyth

Investment in precious metal such as gold is a fairly solid long term investment.

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By *oreplayer88Man
8 weeks ago

Aberystwyth


"Premium bonds wins are not taxed. And are instant access.

Premium bonds are a bad investment as you earn no interest, but your money depreciates over time.

The odds of winning are so low you are only likely to win even a small prize once you have more than 10k in there. The official odds of winning are 1 in 22,000 on the pound.

Likelyhood of winning £25 is 1 in 71,364 and winning a million is 1 in 64.36 billion.

At least its government backed so its safe, but no other plus points unfortunately.

It's like playing the lottery but you don't lose your stake. If you want your money to grow there are other savings that guarantee that, but they don't give you a chance to win £1 million "

If you think about it... the lotto is little more than a Ponzi scheme!

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By *ifelover999Man
8 weeks ago

Eastbourne

You get fucked one way or another more you help yourself more the greedy cunts take

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By *ortheastFarmerMan
8 weeks ago

Northumberland

Probably going to sound like a tin foil hat wearer, but history should tell us enough so theres a reason why I wont use a bank for anything other then paying bills. My savings are in assets such as cash, watches, silver and a bit of gold. All secure in a location known to me and only accessible by me.

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By *ontyboi76Man
8 weeks ago

Pontypridd

I have savings, for rainy days. Like I need to book a other holiday now moments. Have shares and an ISA also, way too grown up now. It's worth it saving, if it's spare cash. But not forcing yourself. Ulitanely we are all paying for awful decisions by a few and been fed to the lie by people like Martin Lewis. Just see his recent student loan rant. But he championed them originally. Clear what was going to happen.

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By *og and MuseCouple
8 weeks ago

Dubai & Nottingham


"Is it really worth having savings???? Taxed on income then when it builds into savings taxed again,I know we need banks but do we really need to have so much in them or is there a better alternative "

It's getting to the point where it's becoming questionable although you can still get 4.35%, but as you are over 55 it probably makes more sense to wrap it in an SIPP risk free something like overnight money markets will track the base rate risk free or something like VLS80 is historically returning 10-20% per year

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By *oodmessMan
8 weeks ago

yumsville


"I understand we need a safety net and I’m not rich but having 20,30,40k sitting in a bank earning a pittance then paying government taxes on it isn’t for me , I find I can make better returns in gold and cgt free"

Interest rates at banks are pretty good considering they have been 0.5 to 2% max for the last 15 yrs? It's only these last few where you've been able to get 4+% fixed from a high street bank for 5 years - it's great tbh. When this is a guaranteed return on savings in markets that are so volatile, it's a bit of a no brainer for me.

I recently moved a relative away from a 'wealth manager' to a fixed isa as they were was achieving 1.8%pa or 2.5% over 5yrs.

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By *cherryblossom-Woman
8 weeks ago

South glos

Ofc it’s worth having savings, you never know when your life might go to shit 😅

(The problem is you still don’t want to use them when it does)

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By *cherryblossom-Woman
8 weeks ago

South glos


"Probably going to sound like a tin foil hat wearer, but history should tell us enough so theres a reason why I wont use a bank for anything other then paying bills. My savings are in assets such as cash, watches, silver and a bit of gold. All secure in a location known to me and only accessible by me.

"

This is giving Ron Swanson

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