Opening a new (my first!) Savings account..advice please

emma_b_4

hi, my partner and i would like to open a savings account as we are trying to get finances sorted and would like to see some money grow, we would only be saving maybe £10-20 per week , but i am a student, and pennies make pounds eventually!
just wandered which bank to go for? any good rates? offers? freebies?
we currently bank with halifax for bills and DDs and i have a natwest student account.

Thankyou in advance x

Robert_Sterling_3

Are you a "proper" student. i.e. One entitled to a free student overdraft.
If so get such an account and put the overdraft money into a cash ISA.

Indispensable_Hobbes

ING are very reliable

grumbler

emma_b wrote:

...£10-20 per week ...we currently bank with halifax for bills and DDs ...

For £25-£250 per month Halifax Regular Saver pays 7%. If you are not taxpayers submit R85 form to the bank to get interest gross.

emma_b_4

yes i am a student nurse

Robert_Sterling_3

Get one of these

Students Account with free overdraft

Robert_Sterling_3

Consider one of these.

Students Account with free overdraft

emma_b_4

hi thanks. im wanting a savings account rather than a current account, i already have the natwest studen taccount i think you cam only have one open..i havrent even got an odraft yet ohh im so proud!!! im just wanting to open a savinga account with my other half so we can save £20 per week as an emergency fund..or maybe for a hol hehehehe

i had heard you could £25 if you opened alliance and L account but is that only with the current account?

emma_b_4

just reread this post .. drawing odraft out an putting it in ISA is that worth doing? would i get lots of intrest? my odraft will be £1200ish when i apply for it

black-saturn

I have a mini ISA. You are allowed to save up to £3,000 per year with it and the interest rate is very good. I'm with Nationwide but they are all quite good.

kinesin_2

Hi Emma,

Placing that £1200 into an ISA would gain £60 in 12months (using the Halifax's 5% ISA)

How much moneysaving have you done already?? - Have you been reading the rest of this wonderfull site?

I would suggest you and your partner open the A+L accounts to get that free £130 (MSE article) - plus maybe upto £3-4 month in interest - depending whats in the account.
If your happy to try it maybe some stoozing. I'm not sure what the limits are like for students, but it should be possible to make at least £150 over a year.

Read Martins mobile info. - This can be one massive saver. Some of the cashback deals mean I'll that I've not paid more that £60/year for my phone/min/txt in total. My old bills were £65/month :eek:

Save here, save there. Reduce all those costs. Anything saved heads towards a saving account and soon it will be £500, then £1000 etc.

Halifax reg saver at 7% is good those monthly payments.
ISA if you pay on using your interest free overdraft - At one point in the future is should be possible to pay your overdraft using otherr saving. Therefore keeping cash in your ISA pot tax free (for that time when your not a student)
If you stooze I still think AA has the best rate.. tho ING is faster at getting things moved. Remember to fill the form in as suggested above to get that tax back.