30% savings? Thatās seems very high. Usually the rule would be 6-12 months expenses in savings, then invest the rest after than. You wouldnāt need any more in savings really. 50% savings/investing rate is very good though
You are totally right
But my savings is divided by
1- fully Emergency Fund.
2- then move for upgrading my life, as a minimalist I donāt buy too much but when time needs to buy a new car let say after 10 yrs I want to buy in cash and I love Norway and London (Chelseaš¤) so I want to go to them every year. So thatās pretty much my savings account for.
Out of interest, where do you keep your savings? Just in a high interest bank account?
I agree, unless he is planning a purchase in the next period.
Yes I hope I have other options
Received this email.
Funding via Credit/Debit Cards, Google Pay, Apple Pay and Skrill, will remain fee-free until you have deposited Ā£2,000 in total . A fee of 0.7% will apply thereafter. Please note we do not profit from this fee. Its purpose is to cover the costs levied by payment providers and card companies.
What does this mean? Any amount deposited over Ā£2000 will be charged a fee of 0.7% from January 2021.
Will the charge be applied to free funds?
Did anyone else receive this email?
Use bank deposit instead and there is no fee
Does anyone know if the funds already deposited will be charged the 0.7% fee?
Say; if I have Ā£5000 in free funds; will they start charging fees on Ā£3000?
Trying to understand this new feeā¦
No. Only for new transactions beyond the specified date in January
Basically you have lifetime budget of 2000 GBP, once you top up 2000 , all after is ātaxedā.
Say you fund 300 per month.
First 6 months it will be 0 fee, as you deposited 1800 total. Then in month 7. You will deposit 300 more , this will pass your lifetime budget of 2000. Meaning 100 from this month will have fee 0.7%, after which every month 300 will suffer 0.7% fee.
so its better to stop using the card and just do bank transfer.
Unless u fund the CFD and that is still free, no limit.
Maybe put a proportion of it into short term bonds, if your bank interest isnāt very good. If your banks offering over 2% then Iād just stick with that. Also look out for fixed term savings accounts. If you know when youāll need the money you can put it in there and get more interest
You are wonderful and good
Thank you Sir I am also following up with the information
Cavan, these numbers can be useful for the UK and probably also for the Eurozone, Japan and the USA.
Please note that in other countries bank interest rates may be significantly higher, both in savings accounts and in national bonds .
Yeah I probably shouldnāt have used a number
And they also have a higher inflation rate, donāt forget that.
So bank account with 5% on deposit and inflation of 7% you are actually loosing money and better off keeping it in your country own currency
What if I already had >2000 GBP before 4th Jan. Would I instantly be charged for all deposits after or does the 2000 GBP lifetime limit start from 4th Jan?