Best isa for me?

makemerich12
makemerich12 Posts: 157 Forumite
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in ISAs & tax-free savings
I currently have £7k saved up in a isa with my bank hsbc getting 0.70 aer each month putting away roughly 450 a month away.

My Goal is to hopefully in years to come own a house/flat or just look after my nephews future

Comments

  • joujou
    joujou Posts: 143 Forumite
    how far away is that future?

    do you or have you owned a home in the past?
  • makemerich12
    makemerich12 Posts: 157 Forumite
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    joujou wrote: »
    how far away is that future?

    do you or have you owned a home in the past?
    Well i'm currently 27 earning around 1k a month, i've not yet bought anything (Bare a car) just rented a flat and hope to keep building funds to help
  • jimjames
    jimjames Posts: 17,588 Forumite
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    makemerich12 wrote: »
    I currently have £7k saved up in a isa with my bank hsbc getting 0.70 aer each month putting away roughly 450 a month away.

    My Goal is to hopefully in years to come own a house/flat or just look after my nephews future

    ANy particular reason why you want to accept 0.7% AER when you could get 5x that very easily if not more.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • makemerich12
    makemerich12 Posts: 157 Forumite
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    edited 15 October 2016 at 8:27PM
    jimjames wrote: »
    ANy particular reason why you want to accept 0.7% AER when you could get 5x that very easily if not more.
    I had a review with my bank and sadly got sold it was a good deal :( who offers 5x more?
  • jimjames
    jimjames Posts: 17,588 Forumite
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    makemerich12 wrote: »
    I had a review with my bank and sadly got sold it was a good deal :( who offers 5x more?

    Plenty of places. Unfortunately your bank will only sell you their own products and ISAs don't pay the best rates. You may need to use a couple of accounts to get the best deal, Nationwide pay 5% as do TSB currently. Check out the best savings threads on the main Savings forum here.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • makemerich12
    makemerich12 Posts: 157 Forumite
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    The best rate i can find is 3.50% from nationwide with the £5k i can start with and the £500 i can put in monthly afterwards.Question is do i quit hsbc now or wait till the new isa rates come out in the new year?
  • TheShape
    TheShape Posts: 1,779 Forumite
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    makemerich12 wrote: »
    The best rate i can find is 3.50% from nationwide with the £5k i can start with and the £500 i can put in monthly afterwards.Question is do i quit hsbc now or wait till the new isa rates come out in the new year?

    I can't see any account with Nationwide that will allow you to save £5k at 3.5%.

    The only account paying 3.5% is a young person's regular saver.

    Their FlexDirect account will pay 5% up to £2500 if you pay-in £1000 p/m.
  • jimjames
    jimjames Posts: 17,588 Forumite
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    TheShape wrote: »
    Their FlexDirect account will pay 5% up to £2500 if you pay-in £1000 p/m.

    And the regular saver 5% for paying in £500 per month so that will let you pay in £6000 over the year
    Remember the saying: if it looks too good to be true it almost certainly is.
  • makemerich12
    makemerich12 Posts: 157 Forumite
    First Anniversary First Post Combo Breaker
    TheShape wrote: »
    I can't see any account with Nationwide that will allow you to save £5k at 3.5%.

    The only account paying 3.5% is a young person's regular saver.

    Their FlexDirect account will pay 5% up to £2500 if you pay-in £1000 p/m.

    Damn i've just looked after seeing this :rotfl: it pay to read looks like i'm off to find a new one
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