Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • ambitiouspanda
    • By ambitiouspanda 17th Oct 16, 8:43 PM
    • 14Posts
    • 3Thanks
    Newbie saving - what bank?
    • #1
    • 17th Oct 16, 8:43 PM
    Newbie saving - what bank? 17th Oct 16 at 8:43 PM
    So, every month I put aside between £1000-2000 roughly £1500. Yes, every month I earn about £2500 but I'm living at home with my parents.

    Lucky me. At first I wanted to buy ASAP but I think I'm just going to continue saving and hopefully meet someone and buy something together in London. God willing.

    So, I'm with Lloyds and they offered me a 2 year ISA with a fixed rate of either 0.5 or 0.05.. Probably the latter

    Do any of you home buyers/savers/owners recommend a bank and a type of account?

    I'm also opening a another cash ISA 1st Jan once I get the ISA for my mortgage for this year! Until then my savings will just go into normal savings account.

    Open to all advice...

    I had a target for £7000-9000 savings but life.. should definitely save £6000 though.
    **G O A L S**:

    1) Pay off and close down Lloyds TSB Student Account + Credit Card and Barclays Credit Card by 18/08/16 ;
    2) Save £7000 to £9000 by 31/12/16 ;
    3) Save £20,000 to 60,000 by 2030!
Page 1
    • xylophone
    • By xylophone 17th Oct 16, 9:36 PM
    • 18,677 Posts
    • 10,520 Thanks
    • #2
    • 17th Oct 16, 9:36 PM
    • #2
    • 17th Oct 16, 9:36 PM
    A Nationwide Flexdirect and monthly saver and a couple of Tesco current accounts for a start.

    Have you opened a Help to Buy ISA?Lifetime ISA from next year.
    • Eco Miser
    • By Eco Miser 18th Oct 16, 12:16 AM
    • 2,357 Posts
    • 2,178 Thanks
    Eco Miser
    • #3
    • 18th Oct 16, 12:16 AM
    • #3
    • 18th Oct 16, 12:16 AM
    Generally speaking, you should not have a cash ISA, the rates are terrible and you can earn £1000 in interest before you pay tax on it (£500 for higher rate payers) anyway. If you do have a cash ISA you can usually continue with the same one, no need to open another.
    A Help To Buy ISA is different, the government gives you a big bonus when you buy, which swamps most other considerations.

    Banks, have lots of them, starting with xylophone's suggestions, and continuing with the others listed here. Note that some rates are dropping in January, so that table may be a little misleading.

    Lloyds Bank is currently paying me 4% on over £5000 - you've missed the boat on that but 2% (3% on their regular saver) is way better than that Ĺ% you mention - and 5% is even better (Nationwide, First Direct, HSBC, M&S Regular Savers).
    Eco Miser
    Saving money for well over half a century
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

182Posts Today

1,347Users online

Martin's Twitter
  • Just changed my profile description. Wish I was cool and brave enough to go for one of those really short ones!

  • Happy with my 15k time today, one of my fastest 1:18:56. Managing to keep up my 150k a month target.

  • That's why I'm asking question. To see whether people perceive they are or aren't.

  • Follow Martin