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  • FIRST POST
    • SCO
    • By SCO 13th Jul 17, 6:02 PM
    • 706Posts
    • 143Thanks
    SCO
    how best to save
    • #1
    • 13th Jul 17, 6:02 PM
    how best to save 13th Jul 17 at 6:02 PM
    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?
Page 1
    • Neil Jones
    • By Neil Jones 13th Jul 17, 6:31 PM
    • 574 Posts
    • 300 Thanks
    Neil Jones
    • #2
    • 13th Jul 17, 6:31 PM
    • #2
    • 13th Jul 17, 6:31 PM
    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
    • By SCO 13th Jul 17, 8:02 PM
    • 706 Posts
    • 143 Thanks
    SCO
    • #3
    • 13th Jul 17, 8:02 PM
    • #3
    • 13th Jul 17, 8:02 PM
    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.
    Originally posted by Neil Jones


    dont bank with any of them
    • Neil Jones
    • By Neil Jones 13th Jul 17, 8:14 PM
    • 574 Posts
    • 300 Thanks
    Neil Jones
    • #4
    • 13th Jul 17, 8:14 PM
    • #4
    • 13th Jul 17, 8:14 PM
    So who do you bank with?
    • jimjames
    • By jimjames 13th Jul 17, 8:26 PM
    • 11,906 Posts
    • 10,285 Thanks
    jimjames
    • #5
    • 13th Jul 17, 8:26 PM
    • #5
    • 13th Jul 17, 8:26 PM
    dont bank with any of them
    Originally posted by SCO
    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
    • By SCO 13th Jul 17, 8:44 PM
    • 706 Posts
    • 143 Thanks
    SCO
    • #6
    • 13th Jul 17, 8:44 PM
    • #6
    • 13th Jul 17, 8:44 PM
    So who do you bank with?
    Originally posted by Neil Jones
    LLyods banking group
    • SCO
    • By SCO 13th Jul 17, 8:45 PM
    • 706 Posts
    • 143 Thanks
    SCO
    • #7
    • 13th Jul 17, 8:45 PM
    • #7
    • 13th Jul 17, 8:45 PM
    Why not? Open an account to get the saver?
    Originally posted by jimjames
    hassle of changing accounts
    • YorkshireBoy
    • By YorkshireBoy 13th Jul 17, 9:19 PM
    • 29,200 Posts
    • 16,996 Thanks
    YorkshireBoy
    • #8
    • 13th Jul 17, 9:19 PM
    • #8
    • 13th Jul 17, 9:19 PM
    hassle of changing accounts
    Originally posted by SCO
    "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
    • By binaryuniverse 13th Jul 17, 10:56 PM
    • 316 Posts
    • 133 Thanks
    binaryuniverse
    • #9
    • 13th Jul 17, 10:56 PM
    • #9
    • 13th Jul 17, 10:56 PM
    hassle of changing accounts
    Originally posted by SCO
    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
    • By SCO 15th Jul 17, 1:39 PM
    • 706 Posts
    • 143 Thanks
    SCO
    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
    Last edited by SCO; 15-07-2017 at 1:41 PM.
    • Neil Jones
    • By Neil Jones 15th Jul 17, 2:27 PM
    • 574 Posts
    • 300 Thanks
    Neil Jones
    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.
    • YorkshireBoy
    • By YorkshireBoy 15th Jul 17, 2:50 PM
    • 29,200 Posts
    • 16,996 Thanks
    YorkshireBoy
    Why would you not do one of the following?...

    Option 1:
    Open a Nationwide FlexDirect and Flexclusive Regular Saver for £131.25 over the next year. This could increase to £231.25 if you switched a current account to them. That's 5x the return of a 1% ISA...and 10x if you switch!

    Option 2:
    Upgrade to/open a new Club Lloyds for your current account and take their Regular Saver too. This would give a return of £68.75 (actually it would give you more as you'd drip feed some of the 2% current account funds into the 3% regular saver, but I can't be bothered to work it out).
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