Saving small amounts

Booooo
Booooo Posts: 28 Forumite
in Savings & investments
I only earn NMW and am on a ZHC, so wages are never gaurenteed

I earn just enough to get by, mortgage free, grow my own, shop on a shoe string etc etc and I try to save what I can

I have a Santander 123 plus an online regular saver

I'm probably only going to be able to save and not need to touch, around £500 - £1k a year.

Will I be elegible to any higher rate savings with other banks if I'm not earning £1k a month nor have standing orders?

Is there anywhere I can save and see some growth?

Comments

  • Mogley
    Mogley Posts: 250 Forumite
    edited 24 May 2017 at 4:23PM
    Saving any amount is better than saving nothing. You will not see much growth on the small sums you are looking to save. But if you read up on compound interest, you can see the potential over time. Even if you make no interest on your savings, it's better using this money than paying interest on loans/credit cards in future.


    Look at the best regular savers on the main MSE site as a guide.


    Virgin money are currently offering a regular saver at 2.25%. This is a good option if you don't want the hassle of having a savings account linked to a current account.
    You should pay attention to the needs of the moment - otherwise there is no future. But to ignore the future is foolish - living solely for the moment leaves nothing for when the next moment arrives.
  • eskbanker
    eskbanker Posts: 30,911 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Booooo wrote: »
    Will I be elegible to any higher rate savings with other banks if I'm not earning £1k a month nor have standing orders?

    Is there anywhere I can save and see some growth?
    You don't need to be earning £1K a month to satisfy the minimum funding requirements of most interest-paying bank accounts, just paying that in.

    So, if you already have a Santander 123, you could open a Nationwide FlexDirect account, which pays 5% on up to £2500 for a year. You can then simply transfer £1K per month between Santander and Nationwide and back again, or alternatively £250 a week, to satisfy the minimum funding.... Nationwide has a 5% regular saver too, but if you already have the Santander one at that rate then there's no particular advantage to opening both, unless you can drip-feed enough into both to make it worthwhile.
  • PeacefulWaters
    PeacefulWaters Posts: 8,495 Forumite
    I'm probably only going to be able to save and not need to touch, around £500 - £1k a year.
    Fabulous effort.
  • aaravmali22
    aaravmali22 Posts: 2 Newbie
    Yes, you can save and can see a growth in the near future if you invest on a regular basis regularly.
    Depending on that investments banks can give you interest on your deposits.
  • stevenmiranda
    stevenmiranda Posts: 1 Newbie
    Even if you save a small amount of money,It results in bigger amount.
    All these small savings can help you save ample amount of money.
  • xylophone
    xylophone Posts: 44,334 Forumite
    Name Dropper First Anniversary First Post
    Maybe a Virgin Money Regular Saver might suit.
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