what to do with my cash

buckethead_2

Ok experts, i save £50 a month direct debit into my nationwide bonus saver, have been doing this for years and have built up £23,500...as I had some money left to me in wills etc...if I save over £20 a year and make no withdrawals I get a bonus..this year in 31july it was £750 minus about £200 in tax.....can I do better elsewhere that wont be somewhere where I risk losing any of it? thanks in advance

Broke_Student

buckethead wrote: »

if I save over £20 a year and make no withdrawals I get a bonus

I think you mean over £20 per month

The Bonus Saver is an old account no longer being offered, and it's interest rate is generally uncompetitive - around 4.5% last time I checked. You can do much better elsewhere!

If you want to stick with Nationwide they offer a 1 year bond paying 6.8% interest at the moment. The only catch is that you can't spend the money for a year (but it sounds like you haven't been withdrawing money anyway).

Remember that you can only withdraw from your Bonus Saver up to 30 days after your bonus is paid or you risk loosing the bonus for that year!!

buckethead_2

no one else got any ideas for me?

simpywimpy

Kaupthing edge is offering 7%, slightly more if you go for a 2 year bond. I have two 1 year bonds with nationwide myself and can't fault them. As a tax payer though I would look at an isa for as much as you can.

buckethead_2

actually jut checked I get interest added 31st DEC and bonus added 31st July aftr tax added together comes to £900 so maybe its worth sticking with them