how best to save

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SCO
SCO Posts: 729 Forumite
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in Savings & investments
I'm planning to hopefully save 250 a month thinking easy access monthly saver better for this as can get 2.25%, however I have about 1k in an isa getting 0.5 % what best to do with that?
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  • Neil_Jones
    Neil_Jones Posts: 8,913 Forumite
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    You can do better than 0.5% outside of the ISA. Such as Nationwide, 5% on up to £2,500 and Tesco 3% on up to 3k for example.

    Nationwide, HSBC, First Direct and Santander have regular savers at 5% if you have a current account with them which is more than double the Virgin rate but of course if you don't have those accounts you can't have those regular savers.
  • SCO
    SCO Posts: 729 Forumite
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    Neil_Jones wrote: »
    You can do better than 0.5% outside of the ISA. Such as Nationwide, 5% on up to £2,500 and Tesco 3% on up to 3k for example.

    Nationwide, HSBC, First Direct and Santander have regular savers at 5% if you have a current account with them which is more than double the Virgin rate but of course if you don't have those accounts you can't have those regular savers.



    dont bank with any of them
  • Neil_Jones
    Neil_Jones Posts: 8,913 Forumite
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    So who do you bank with?
  • jimjames
    jimjames Posts: 17,621 Forumite
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    SCO wrote: »
    dont bank with any of them

    Why not? Open an account to get the saver?
    Remember the saying: if it looks too good to be true it almost certainly is.
  • SCO
    SCO Posts: 729 Forumite
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    Neil_Jones wrote: »
    So who do you bank with?

    LLyods banking group
  • SCO
    SCO Posts: 729 Forumite
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    jimjames wrote: »
    Why not? Open an account to get the saver?

    hassle of changing accounts
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    SCO wrote: »
    hassle of changing accounts
    "Changing"? You're looking for somewhere for savings. The new account(s) would therefore be in addition to that which you have with Lloyds.

    But if you really don't want the "hassle", then stick with the 2-3% accounts that Lloyds already offer.
  • binaryuniverse
    binaryuniverse Posts: 906 Forumite
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    SCO wrote: »
    hassle of changing accounts

    You don't need to change accounts. You just need to open a new one.
    In these internet times it's as pain free as it can be. Apply online. Get everything sent to you. Manage it online.

    I've got 6 current accounts, for various reasons. Soon to be 7.
  • SCO
    SCO Posts: 729 Forumite
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    edited 15 July 2017 at 1:41PM
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    would i be better off with an isa at 1% putting 1k in and then monthly instalments rather than and account capped at 250 per month as I'm only earning higher intrest rate on smaller amount?


    seen ford money has an isa
  • Neil_Jones
    Neil_Jones Posts: 8,913 Forumite
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    Why?

    The regular saver at 2.25% if you feed it £250 a month would ultimately give you just under £50.

    Say you start your 1% ISA with £1k and add say £250 a month to that, after a year that's still only £26. To beat the regular saver you'd have to feed it closer to £600 a month for the next year.
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