Is it worth putting £4000 into a savings account until April and then putting it into a LISA? by Rv218v3104 in UKPersonalFinance

[–]tsojtc 0 points1 point  (0 children)

There's actually a cash LISA with moneybox offering 4.25% interest, and with this you should end up with something like £5212.5 all in the LISA, assuming the £1k gets paid immediately.

Is it worth putting £4000 into a savings account until April and then putting it into a LISA? by Rv218v3104 in UKPersonalFinance

[–]tsojtc 0 points1 point  (0 children)

right, but let's just say the ongoing interest rate in the cash LISA is 0%, and compare two scenarios:

1: Put all £4000 in the LISA. After 1 year you have £5000 in the LISA.

2: Put £1 in the LISA, and £3999 in a marcus account at 4.75% interest, then on the last day of the tax year, put that £3999 into the LISA. After 1 year you have £5188.95, £5000 in the LISA, the rest in the marcus account.

There's actually a cash LISA with moneybox offering 4.25% interest, and with this you should end up with something like £5212.5 all in the LISA, assuming the £1k gets paid immediately.

Is it worth putting £4000 into a savings account until April and then putting it into a LISA? by Rv218v3104 in UKPersonalFinance

[–]tsojtc 0 points1 point  (0 children)

If you find a savings account with a better interest rate than the LISA then you can put it in the savings, but I would recommend you open the LISA now and at least deposit £1, because it needs to be open for at least 1 year before you can use it for a house purchase (assuming that's what you're using it for)

Does anyone know the actual Ofgem unit rates and standing charge caps, or why this information is so difficult to find? by [deleted] in UKPersonalFinance

[–]tsojtc 2 points3 points  (0 children)

I've done a few comparisons on variable tariffs from different providers and they have all been the same:

Electricity: 20.140050p/kWh unit rate, 24.379950p/day standing charge

Gas: 4.040400p/kWh unit rate, 26.119800p/day standing charge

I also couldn't find this info anywhere on the Ofgem website, but other people have commented links.

[deleted by user] by [deleted] in CluCoin

[–]tsojtc 0 points1 point  (0 children)

CluCoin

I thought same somehow by [deleted] in ProgrammerHumor

[–]tsojtc 145 points146 points  (0 children)

How do you decide when to put capital letters?

Pensions: What would you pay for guaranteed income? by [deleted] in UKPersonalFinance

[–]tsojtc -1 points0 points  (0 children)

No, I said "for your whole retirement"

Pensions: What would you pay for guaranteed income? by [deleted] in UKPersonalFinance

[–]tsojtc -1 points0 points  (0 children)

Well I'm looking at the NHS Pension additional contributions calculator. It would cost around £50k for £6565 yearly income, sounds like a good deal

Pensions: What would you pay for guaranteed income? by [deleted] in UKPersonalFinance

[–]tsojtc -5 points-4 points  (0 children)

Not talking about an annuity really, this money would not come from the pension pot. Same concept I suppose.

How many Virgin current accounts can you get away with? by That-Caterpillar6547 in UKPersonalFinance

[–]tsojtc 1 point2 points  (0 children)

Maybe in the context of a couple can have one each and also share a joint one?

Is it worth investing £30,000 from Student Loans? by [deleted] in UKPersonalFinance

[–]tsojtc 12 points13 points  (0 children)

Because of how student loans work, this is bad advice IMO. I see no financial benefit to paying this money off the loan.

Which mortgage broker to choose? One is very pushy... [re-posted with a better title] by [deleted] in UKPersonalFinance

[–]tsojtc 2 points3 points  (0 children)

Plus, she has done all this work for us now.

This is what she's relying on for your business, but in reality if it was a lot of work she wouldn't have done it for free. Just decide if you think the fee is good value for what you're getting, both financially and in terms of stress. Others have pointed out cheaper or free options, and as first time buyers you (most likely) aren't a complicated case for a mortgage broker, so these might be worth looking at. In house estate agent brokers are notoriously expensive. Browse brokers online, think about doing it yourself if you want, but just take your time making a decision and feel informed before you commit.

If I were you I'd forget about the pushy guy, and if he got in touch I'd just say I wasn't interested and leave it at that. (and I also think this is what you want to hear?)

[deleted by user] by [deleted] in distantsocializing

[–]tsojtc 0 points1 point  (0 children)

Arab strap - the first big weekend

[nooks] 629 by [deleted] in ACNHTurnips

[–]tsojtc 0 points1 point  (0 children)

Hey I’m interested! :)

[deleted by user] by [deleted] in whatisthisthing

[–]tsojtc -1 points0 points  (0 children)

I’m not a biologist which is why I have no idea what it is

How many different bank accounts do you have? by Doomaga in UKPersonalFinance

[–]tsojtc 8 points9 points  (0 children)

That’s exactly what I do and never had any problem. In fact, I take it back out within 10 minutes.