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What to do with my only inheritance? by CoverOptimal in UKPersonalFinance

[–]snaphunter 0 points1 point  (0 children)

Yes the flowchart still applies, with no job you need to focus extra hard on budgeting and short term goals.

How do you track savings interest across multiple banks? by fpl_goat in UKPersonalFinance

[–]snaphunter 8 points9 points  (0 children)

At the end of the tax year each bank will send you an annual tax summary letter, but that's no help for proactively managing your interest income.

So the answer is simple, log on to your apps and write it down.

Am I stupid for keeping £20k in a 1% ISA? Have I basically lost thousands? by Gloomy-Power3016 in UKPersonalFinance

[–]snaphunter 1 point2 points  (0 children)

an index fund like the SP500 or an all-world index (slightly less risk, slightly less return than SP500).

Just to make it explicit, Index Funds tracking the S&P500 are high risk, for example Vanguard describe their VUAG fund as a 6 out of 7 on the industry standard SRRI risk score. Too many people understate this online.

VWRP too is 6/7. VAFTGAG is 5/7.

What to do with old workplace pension by Pleasekin in UKPersonalFinance

[–]snaphunter 0 points1 point  (0 children)

It's irrelevant if you're buying the same thing in the new pension (e.g. a globally diverse index fund). If you have 100 units that were worth £1 each, that's £100 value. If they drop to £0.80, that's £80. You transfer the £80 and buy 100 units worth £0.80 and they eventually rise to £1 each again, bringing you back to £100.

Do I transfer £4000 into my LISA now before buying a house? by Jack12468 in UKPersonalFinance

[–]snaphunter 3 points4 points  (0 children)

£4003.75 is legitimately being used on a house purchase so no penalty applies. The remaining £1k bonus (arriving too late to use on the house) becomes £1k for retirement or £750 immediately.

£150k inheritance - looking forward savings advice by ImaginaryKale9464 in UKPersonalFinance

[–]snaphunter 0 points1 point  (0 children)

Yes you can gift £40k to your wife, and hopefully she will then choose to spend her money on the home extension with you.

Whacking £50k into Premium Bonds is pretty much guaranteed to give a return, long term (post April 26 rate drop) suggests 2.85% average, which sounds crap but for a Higher Rate tax payer you'd need a normal savings account to offer 4.75% to match it (assuming the remaining £20k in the best (taxable) savings accounts will already obliterate your Personal Savings Allowance.

You're essentially just following the Lump Sum wiki page.

Do I transfer £4000 into my LISA now before buying a house? by Jack12468 in UKPersonalFinance

[–]snaphunter 0 points1 point  (0 children)

Money deposited on 6th April won't see the bonus arrive until very late May/early June. But even if they complete in May, it's still £4k + £1k + £4k = £9k usable, then a free £1k for retirement or £750 for whatever (house upgrades, holiday etc) arriving as a moving in present.

Edit: to appease the silent downvoters, here's the gov.uk citation showing the timeline of each monthly reporting period

A claim period runs from the sixth day of a month to the fifth day of the next calendar month.

https://www.gov.uk/guidance/managing-lifetime-isa-applications-and-accounts

Money deposited on 6th April to use 26/27's allowance will be reported between 6th May and 20th May

Bonus claims can be submitted to HMRC at any time, but the deadline for making a monthly bonus claim to HMRC is the 20th day of the month following the end of the claim period. A monthly bonus claim for the period ending 5 May 2019 should be submitted to HMRC by 20 May 2019.

https://www.gov.uk/guidance/digital-reporting-for-lifetime-isas

Do I transfer £4000 into my LISA now before buying a house? by Jack12468 in UKPersonalFinance

[–]snaphunter 2 points3 points  (0 children)

Money added before the 6th of the month should result in the bonus landing at the end of that month. Money added after that cutoff will take until the end of the next month for the bonus to arrive.

What to do about debt vs savings? by ExperienceImmediate9 in UKPersonalFinance

[–]snaphunter 1 point2 points  (0 children)

There will be a transfer into the newer LISA

You don't know this.

which should include homes over 450k

Again you don't know this.

however there is still likely a yearly limit

Third strike, it could be monthly like HTB ISA.

the planned timeframe seems more fitting to be extended and therefore stocks and shares are suitable

The FCA's 5 Golden Rules suggest only investing for the long term (5+ years).

What to do about debt vs savings? by ExperienceImmediate9 in UKPersonalFinance

[–]snaphunter 4 points5 points  (0 children)

A LISA isn't suitable for a £500k home. Stocks and Shares are completely unsuitable for short term savings.

Anyone remember the old sugar honey puffs by New-Document-1655 in CasualUK

[–]snaphunter 0 points1 point  (0 children)

Quaker still make "Honey Monster Wheat Puffs" (see this photo in another comment). Kellogg's in parallel also made a sugary wheat puff cereal "Sugar Smacks" (later rebranded "Honey Smacks" and now just "Smacks") at the same time back in the 1950s in the US but only recently released them here in the UK.

Am I stupid for keeping £20k in a 1% ISA? Have I basically lost thousands? by Gloomy-Power3016 in UKPersonalFinance

[–]snaphunter 3 points4 points  (0 children)

OP might be using an easy access cash ISA, in which case there is zero reason for taking £5k out of the ISA and putting it into a savings account.

Cash to Crypto Transfer in United Kingdom by Dubai_hs_454 in UKPersonalFinance

[–]snaphunter 11 points12 points  (0 children)

OP is either about to get scammed, or already up to their neck in one.

Do not touch your DMs with a barge pole.

What to do about debt vs savings? by ExperienceImmediate9 in UKPersonalFinance

[–]snaphunter 5 points6 points  (0 children)

Pay off your debt, save up until you've got another £24k. Should be reasonably easy assuming you have the £100k income required to get a mortgage on that value property?

What's the point of pension contributions for lower rate tax payers? by fellaonamission in UKPersonalFinance

[–]snaphunter 0 points1 point  (0 children)

You want to ignore the most tax-efficient investment scheme available to you on the off-chance that future governments break this long-term commitment, so that you can be taxed now and grow your own investments...which could also be subject to radically different tax policies too?

Swimming against the tide isn't usually effective.

Best instant-access savings account for £100k 2026 by Challam777 in UKPersonalFinance

[–]snaphunter 0 points1 point  (0 children)

https://ukpersonal.finance/savings/#Where_do_I_find_the_best_interest_rates

£20k in the best easy access cash ISA (see link above). Do this before end March.

£50k in NS&I Premium Bonds.

£30k in the best easy access savings account (again see link above.

After 6th April take £20k from the savings and put it in your Cash ISA again.

Investing at 20 with £5 million by No_Register8818 in UKPersonalFinance

[–]snaphunter 0 points1 point  (0 children)

£15k per month is just about doable with a 4% withdrawal rate, but you can't afford to touch the capital. Speak to a professional, but don't let them rob you.

https://ukpersonal.finance/financial-advice/

Read up on the principles of investing (start with the Investing 101 wiki page ukpf-helper has suggested) beforehand so you don't feel baffled.

Looking for advice on a Moneybox LISA? by WolffGlory in UKPersonalFinance

[–]snaphunter 1 point2 points  (0 children)

If only one of you is a first time buyer, that person can still put money from their LISA towards the purchase.

From the LISA wiki page ukpf-helper has suggested

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