remember if you are high rate tax payer over £500 interest is taxable inline with income tax, 5.00001% will take you there. so maybe a joint account/single in lower tax payers name
Can you not just bung it in an ISA to avoid this?
Meanwhile elsewhere on STW, "I wouldn't buy from Starbucks / [insert other corporate chain here] because they don't pay tax properly." What's the threshold below which tax evasion on wealth isn't just acceptable but recommended?
I'm being facetious of course. I'd probably want to do the same if I were fortunate enough to be in that situation. But it does feel a little uncomfortable to then complain about rich people with offshore bank accounts.
£6.70 for my commute to work this morning
I got told 250 quid. Rather walk.
If you want to turn it into £7500 in a matter of weeks then just do what I've done and gamble it on high-risk stocks via eToro... 🙁
remember if you are high rate tax payer
Not an issue us more humble civil servants have to worry about.
cool, you'll pay basic rate tax on anything above £1k [ie 10.000001% on £10k] , as pointed out above, in an ISA its tax free
OK lets say I have £250'000 spare?
Find the lowest mileage, immaculate facelift Mini R53 John Cooper Works you can find with the optional Recaro or Sparco seats and lock it away somewhere safe for 10 years.
OK lets say I have £250’000 spare?
Split between pension, investments, cash savings, property and a round the world ticket including a bike bag for me.....
Given it's cash, not a lot of money (in investment terms), and you know what to spend it on the obvious answer is just to put it in the best savings account your current bank offers
But then I looked at my banks rates and they really are woeful given the BoE rate is 5.25% and inflation is maybe around 7% (but has been up around 10%)
https://www.co-operativebank.co.uk/products/savings/interest-rates/
cash ISA 1.8%? WTF?
The fixed rate cash isa are probably the best bet. Personally, the difference between what your bank offers and MSE's best buy is probably not worth the hassle of doing something at a new bank.
https://www.firstdirect.com/savings-and-investments/savings/
There's always a catch - that headline 7% rate is great but you can't put a lump sum in to start and you can only save 3600 a year. Their standard ISA rate is 2.85 and their bonus saver (no withdrawals) is 4%. Those aren't bad.
No one mentioned Bitcoin and/or other crypto yet?!
I am not a financial advisor.
This is not financial advice......blah blah.
There’s always a catch – that headline 7% rate is great but you can’t put a lump sum in to start and you can only save 3600 a year. Their standard ISA rate is 2.85 and their bonus saver (no withdrawals) is 4%. Those aren’t bad.
We have managed to get a fixed term at 6.2% and regular savers at 5-5.8%. Plus extra to pension.
I think more importantly for me is to keep pressing on with savings while I can afford to...
Tinned food, MRE's and ammunition would be the best bet, maybe hard to get medicines as well going by the threads on this forum of late!
Cocaine appears to have the best returns.
In recently years the cartels have been taking over the avocado growing industry. Might get a better return.
tandem are doing 5% on their instance access savings account with no limits - that I am aware of.
Put some into Bitcoin for sure. I'm hoovering up my change to buy more.
In the last 10 years it has wielded a 71% annual compound return.
In the last 5 years alone it is up almost 300%.
As they say, owning Bitcoin is risky, not owning Bitcoin is even riskier.
Indeed it has. The price is highly volatile, which is why I referenced slightly longer timeframes.
Bitcoin mining has been responsible for c200 million tonnes of CO2 since 2009.
It's a small proportion of global CO2 production but given the continually increasing computing power required for bitcoin mining that number will increase.
Who are "they"?
I would also take a look at the CO2 produced by the traditional banking industry relative to Bitcoin. Granted at present the traditional banking industry serves many more people, but as Bitcoin matures the energy requirements will increasingly shift to renewable sources, much like all other energy consuming applications that are deemed as beneficial to mankind.
It isn't possible to make a valid comparison of CO2 production between bitcoin mining and the traditional banking industry.
Traditional banking must continually replenish notes and coins in circulation, it has significant property assets and operate data centres which are hugely energy intensive.
At today's price the value of all bitcoins is c£420 billion so c2100 tonnes of CO2 have been produced, on average, to mine 1 bitcoin.
Value of sterling in circulation today is c£95 billion; value of euro notes in circulation is c€1.3 trillion.
Also worth noting that the number of bitcoins can never exceed c21 million and it's estimated that limit will be achieved around 2140.
For reference there are about 19 million today.
Anyway, this won't help MCTD with his deliberations.
Of course it is almost impossible to measure the exact C02 footprint of traditional banking. Safe to say it is vast and far greater than Bitcoin.
It is worth noting though that the whole reason Bitcoin came about was to avoid having to use a third party - i.e banks.
Anyway there are other threads where this has all been argued ad nauseam.
But you hit the nail on the head there when you stated there will only ever be 21 million Bitcoin in existence, and with around 4 million already thought to be lost the case for investing in this area is stronger than ever IMO.
Good luck MCTD
