bankroll account

jdsallstar

Hello all

I'm slowly building a small bankroll (not much at the moment but growing steadily) and thinking of withdrawing it to a separate savings account or similar. 

Anybody else do this? Any problems with it or things to be aware of? And what sort of interest rates do you get or should I expect?

Cheers

Unknown

It's a good idea, but don't get hopeful about interest rates, they are abysmal and you won't see much more than £100 a year interest on £20k bond. 

jdsallstar

Your not wrong lol quick Google and 1.5% is about the best around. Probably not worth the hassle for £15 for every 1000 quid. Which I'm nowhere near anywhere lol

Lambert180

If you aint already used up your allowance whack it in an ISA imo. Should be able to get double the interest rate you quoted above and it'll be tax free. I try to use up my ISA allowance every year, think it's like £5400 per tax year, it's also per person so if you live with a partner they could also have one in their name for another £5400 (or w/e the amount is)

Unknown

1.5% is gross too, not net, so its even less than £15. The more reasonable reason to do this, is so that you can easily track your bankroll growth, and avoid having to use it for non-poker reasons (such as the wife-tax). Plus if you decide to treat yourself from your winnings, you can have direct access to your pure profit rather than affecting your other finances.

ACEGOONER

In Response to Re: bankroll account:

It's a good idea, but don't get hopeful about interest rates, they are abysmal and you won't see much more than £100 a year interest on £20k bond. 
Posted by CoxyLboro

http://moneyfacts.co.uk/compare/savings/fixed-rate-bonds/

Interest rates are low but not that low! Like anything in life, the return you get is linked to risk you are prepared to take. 

If you are a savings nit, then yeah cash isa's may fit the bill. But a bit laggish then perhaps the stock market might suit your risk profile. 

My recommendation is if you are making a decent amount of money from poker is to take good financial/tax planning advice. You'd be surprised what you can do even if poker is your sole source of income and you dont pay income tax. 

jams88

Honestly not worth putting any money in a savings account with a less than 2% net rate as inflation is around 1.9 atm your actually losing money by saving it. WTF :S

FCHD

In Response to Re: bankroll account:

Honestly not worth putting any money in a savings account with a less than 2% net rate as inflation is around 1.9 atm your actually losing money by saving it. WTF :S
Posted by jams88

Yeah,  but you're losing it slower than by just holding it as cash (or in a current account)