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Starting saving
MartialArtMan
Posts: 581 Forumite
I'm looking to start saving £100 per month with a view to build up some cash to invest. I currently have no other savings, where shall I put my £100?
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Halifax 10% Regular Saver - act fast, last entry is July 20th iirc (note you won't be able to withdraw anything through the year and must keep saving, though I believe you can alter the amount - the minimum is about £25 and the max £500 pmMartialArtMan wrote: »I'm looking to start saving £100 per month with a view to build up some cash to invest. I currently have no other savings, where shall I put my £100?
See here http://forums.moneysavingexpert.com/showthread.html?t=942779 (beware, it's a big 'un)
edit - I suppose I should say "depends how long you intend to save" and ask if you're a 40% tax-payer, shouldn't I? Basically the Halifax 10%er less 20% tax will still give you 8%pa which is way better than any cash ISA. But an ISA stays tax-free for ever. However, at only £100pm the tax status is almost irrelevent as it would take you nearly 3 years (with interest) to build up a 1 year ISA allowance, so assuming you can find a regular saver account each year that beats ISA rates it would be better to stay out of the ISA, certainly this year.
Of course, if you are a 40% tax payer then the original 10% is reduced to 6% and an ISA would be far better then.You've never seen me, but I've been here all along - watching and learning...:cool:0 -
What a wonderful post, LTL.Target Cash Net Worth: £25K by January 2012
Progress May-08 19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
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Why thank you, Lucy, I aim to pleaseLucyTheDwarf wrote: »What a wonderful post, LTL.
You've made my day now - it's great to have an admirer
You've never seen me, but I've been here all along - watching and learning...:cool:0 -
And it's made my day to have made yours! Target Cash Net Worth: £25K by January 2012
Progress May-08 19.0%; May-09 40.0%; May-10 63.0%; May-11 58.4%; Jun-11 58.5%; Jul-11 58.9%; Aug-11 58.7%; Sep-11 59.0%
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It's so lovely here
I was considering the Halifax offer, so thats what I'll do. Thanks again.0 -
:T:T:T:T:T:T:T:T:T:TLucyTheDwarf wrote: »And it's made my day to have made yours!You've never seen me, but I've been here all along - watching and learning...:cool:0
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