Investment & Investing

Monzo is about as good as I've seen for this

Thanks. Seems you need to be a UK resident. I'll double check the conditions.
Should have said I'm in Spain. We use Sabadell but really their app is shit and have no useful features like this, which seems amiss for the 21st century.

CSV is an idea, but any friction is likely to result in it not happening, because managing money is painful already! 😐

Not the reason I'd pick an account to be honest.

An hour playing with some csv exports in excel with some modest skills to vlookup and pivot will get something more useful and fairly easy to update.

That's fair. It's not the sole reason I'd pick an account, but is a useful thing if it works otherwise.

I guess once I've built an excel to put the csv into once, it's done.

Yup, just need to periodically categorise any new payees

Investing in bonds, honestly what’s the point ?

I have a Monzo account and an IFTT set up such that every time I spend on my Monzo account is drops a line on a Google sheet.

I have my spending analysis, domestic budget and all sorts running of it. Can run custom categories and split category spending and all sorts.
The reports I have running off it make me feel sexy.
Been doing it for 7 odd years and the level of visibility and forensic analysis I have over my finances has saved me thousands. Possibly tens of thousands.

I’m in Spain. My partner uses N26 and it has all this. You can also pay taxes from N26 nowadays, the lack of which made it a bit of a no go previously (we’re self employed).

Thanks will look at that. Had heard of it in passing before. .

• Thanks user @user16171
  

That sounds very high end. I'd love something like that, is there any way you could share the template here?

I wouldn't say high end, it's a franken-mess of google formula's that would probably irk someone who properly knows how to use pivot tables.

Let me see if I can find a way of sharing how I have it set up, without showing you how much I spend in Budgen's each year.

Interesting. This seems like an ideal scenario for some kind of Power Query integration and something I've been pondering since Money Dashboard went belly up.

Just need to work out how to get spending and income from multiple credits cards and bank accounts onto a file ...

markets strong in us - can’t help but think war is a key driver- but bluebirdbio is still face down in the mud. interesting to see what happens with a sale in a context of rosy forecasts.

Yeah, it only works for me because I am fully commited to monzo (me and my partnr - Monzo personal, joint and biz accounts) and have no credit products beyond my mortgage.

What you are describing sounds like something Open Banking should facilitate?

Yes, I used to use Money Dashboard for collating and categorising but that died a death. I'd like something that didn't rely on an app but that seems unlikely.

An elderly relative of mine has a c. 80k pension pot to put in a sipp and do income drawdown.

They would drawdown over a relatively short period due to age and have no other assets apart from their residence so to my mind they should put the money in a fund more or less like a high interest savings account

Does such a thing exist / is this in fact a terrible idea?

Old post, sorry, but thought it might be useful

You need to be licensed to use Open Banking IIRC so it's a no go for an individual. I've not found anything as good as Money Dashboard. I have a spreadsheet but I don't update it frequently enough and it doesn't show me transactions obviously.

I used Emma for a bit but it really pushy about upgrading to a subscription and made me jump through hoops to delete my account.

There's Moneyhub but I haven't tried it yet: https://www.moneyhub.com/app

Yes, you can open a SIPP with one of the big names, buy a fund or mixture and arrange a drawdown. There's loads of You Tube videos out there about the market.

Search Best Pension 2024 you get something like this which compares the top names :-

https://www.youtube.com/watch?v=ryVkD23gam8

Fairly straight forward to draw down, 25% is tax free the rest is subject to income tax, which maybe at high rate if drawn down rapidly, might need a bit if planning.

Can someone explain if there is any reason why I shouldn’t move my emergency fund (currently c. 4months salary) out of my generic NatWest savings acc where it is instantly accessible but only gets 1.75% and into cash on my trading212 account where they offer 5%? What’s the catch?

They transfer your cash into a QMMF and so it's not covered by guarantees. They don't really state what happens if the investment goes down in value either. They've got some nice marketing but not much clear substance behind it, most is hidden deep.

They transfer your cash into a QMMF and so it's not covered by guarantees. They don't really state what happens if the investment goes down in value either. They've got some nice marketing but not much clear substance behind it, most is hidden deep.

Paragon bank will give 5.16% interest if don't withdrawal frequently

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#easyaccessanalysis

I’d wonder if technically you’d then need to report gainz to hmrc as it’s not a ‘bank’ and not covered by bank interest allowances

Not gonna get 6k of gains this year and probably not 3k next year either