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New to 'saving' ;need some advice

simosimo
simosimo Posts: 10 Forumite
in Savings & investments
I'm lookin for an account where I can deposit any amount of money, anytime, anywhere, preferably with monthly interest. I've been meaning to do this for a while, but now i really want to get into it, and save for the future.

Is there such an account where I can just dump lil bits of money here and there into the account, so after a while it'll add up.

I don't really know much about different banks and stuff, but what's a good account / company to set up with? HSBC's stuff (my current account) looks a bit pooey.
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Comments

  • Cranston_2
    Cranston_2 Posts: 197 Forumite
    apart from their E-ISA HSBC deposit rates are rubbish.

    try ICICI bank for a deposit account.

    For the record I bank with both of these.
    "Brevity is the soul of wit and it is also the essence of effective communication" Rush Limbaugh.
  • jem16
    jem16 Posts: 19,795 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Kaupthing Edge paying 6.55%. Yearly interest though.
  • LucyTheDwarf
    LucyTheDwarf Posts: 880 Forumite
    If you haven't got an ISA already, that you have paid into since 6th April 2008, then open HSBCs e-ISA. Make sure it's the E-ISA you go for and not the cash ISA, as the rate is far better. It's the best ISA on the market, I believe, is instant access, pays monthly interest, and you can pay in up to £3600 between now and April 5th 2009. And the interest is tax free.

    If you manage to meet the £3600 into the ISA, then Kaupthing Edge savings account at 6.55% is your next best bet. The interest *IS* monthly though, the KE account with yearly interest is the 12 month term deposit account.
    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%
  • jem16
    jem16 Posts: 19,795 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    LucyTheDwarf wrote: »
    then Kaupthing Edge savings account at 6.55% is your next best bet. The interest *IS* monthly though, the KE account with yearly interest is the 12 month term deposit account.

    Thanks - you are correct. No idea why I thought it was yearly. I do get my interest monthly.
  • LucyTheDwarf
    LucyTheDwarf Posts: 880 Forumite
    We all have these moments sometimes, Jem :)
    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%
  • jem16
    jem16 Posts: 19,795 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    LucyTheDwarf wrote: »
    We all have these moments sometimes, Jem :)

    I'll blame it on my age - at least my sons always do. ;)
  • LucyTheDwarf
    LucyTheDwarf Posts: 880 Forumite
    You should tell them to not be so cheeky!
    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%
  • jem16
    jem16 Posts: 19,795 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Don't worry - they're usually only joking.
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    jem16 wrote: »
    Kaupthing Edge paying 6.55%. Yearly interest though.
    Sorry but the above is wrong.

    It's monthly interest at 6.36% gross, 6.55% AER.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
  • simosimo
    simosimo Posts: 10 Forumite
    the hsbc e-isa looks reasonable.

    so it's 6.08%, that means I get 6.08 %of my money per month, or that's per year overall? or I get bits of that 6.08% each month (e.g very small percent)

    and there's no 'goal' I have to aim for each month, say 20 pounds? don't see anything in small print on the site. Just dont want to get caught out before I start opening new accounts
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