www.ditl.org

Good deal, Reliant.

In related news, I got a job!

Tsukiyumi wrote:In related news, I got a job!

Fantastic! What is it?

I've recently celebrated my second year anniversary at my job (which isn't much but keeps me busy and provides some money)

Tsukiyumi wrote:Good deal, Reliant.

In related news, I got a job!

On purpose?

JK. This explains the exposed chin skin. Congrats.

Yeah, I got cleaned up a bit for the job hunt.

So, I'm going back to Domino's, minimum wage to start, but I'm sure that will change before too long.

Well my mother handed in my CV to the manager at work, which got very good points with her. So I'm pretty much guaranteed an interview, which I don't think will be a problem at all.

I also discovered that the weekend pay is well above minimum wage for my age and around £5.25 an hour (somewhere around $8-$9 an hour) which is a bonus.

Nice.

Put it in a savings account!

Yea ya'll. now gimmie all yo money

Yeah, sure. What are you going to do if I don't?

Tsukiyumi wrote:Nice.

Put it in a savings account!

That's where it's going. I'm taking maybe £20 of a month for myself (along with the £30 my parents give for fuel) and the remaining £100 i'll earn a month into savings. It will get used quickly once I'm 17 as there is no way in HELL i'm staying on a bike that can't do more than 30mph. but every little helps

Hmm. Unless savings accounts pay a damned sight more over there than they do over here, I'd suggest something with a tad more growth potential than a 2.5% savings account.

Most bank accounts pay around 2% at the moment. I don't get your point...

Reliant121 wrote:Most bank accounts pay around 2% at the moment. I don't get your point...

The point is that there are better things to do with your money than a savings account. Even a typical money-market account will earn better than basic savings. A CD, even a short-term one, will pay better than that so long as you are dedicated to not using that money for a set term. I don't know if the UK offers "federal" or national mortgage funds, but I imagine you could buy into American ones through a decent broker, and those will generally return 8% - 9.5% guaranteed.

Congrats on the job, Tsuki. Good luck on your own hunt, Reliant.

I had a good day at work. The novelty of having a reasonable boss is still rather fresh.

Mikey wrote:

Reliant121 wrote:Most bank accounts pay around 2% at the moment. I don't get your point...

The point is that there are better things to do with your money than a savings account. Even a typical money-market account will earn better than basic savings. A CD, even a short-term one, will pay better than that so long as you are dedicated to not using that money for a set term. I don't know if the UK offers "federal" or national mortgage funds, but I imagine you could buy into American ones through a decent broker, and those will generally return 8% - 9.5% guaranteed.

Simply put...no. There isn't anything like that. As far as I know, we've basically got current accounts (with interest at like...0.5% if you're lucky), savings (which aren't much better) and cash ISAs which are at 2.5-5% at the moment. Unfortunately, most banks wont let me open an e-savings account since I'm not 18 yet. I'd rather have a savings account with the bank I have a current account with (they offer good rates too, so I'm happy). I don't believe I've ever encountered a CD but I imagine that it will be 18+ again like most of our banking. As for mortgage funds....no. There is no such thing like that, since the state concentrates on rented accomodation through council housing and leaves owned housing entirely private.

As it happens, since mortgages typically require at least a 10-25% deposit I'm unlikely to be owning a house for a LONG time (Considering that the average house price for my county is around £220,000/$361,000 (my actual town is about £160,000 but I'd be mad to stay in this dead end. Never get a teaching job).

OK, I'm really going to have to invest in that English-to-English translator, or get a pet Babel fish. By "current" account I take it you mean a "checking" account, from which you can draw more easily, write checks ("cheques" to you,) direct pay, etc. I don't know what an ISA is, but at 2.5% - 5% yield I guess it's something like our "many market" accounts - higher limit, lower-amenity checking accounts which pay more than a typical one. CD stands for "certificate of deposit," and it means basically that you deposit money for a fixed term - 3 months, 6 months, one year, or whatever the terms of the particular certificate - and leave it alone for that term. Early withdrawal incurs a considerable penalty, but the yield is greater than regular depository accounts.

Mortgage funds don't involve getting a mortgage. In the states, there are a couple of agencies which take investments in order to raise capital for federal first-time home buyer assistance, special first-time buyer mortgages, etc. You can think of it almost like bonding to raise money for a government venture. Buying into such a fund also works almost like a bond with a zero-coupon rate, but instead of income the yield of a mortgage fund investment is all growth.