New to 'saving' ;need some advice

jem16

Jonbvn wrote: »

Sorry but the above is wrong.

It's monthly interest at 6.36% gross, 6.55% AER.

If you want to look back at posts 4 & 5 it's already been pointed out and agreed that it was wrong.

LucyTheDwarf

simosimo - for an approximate interest calculation, check here: http://www.moneysavingexpert.com/savings/best-cash-isa#calculator

Use the 6.25% in the interest rate box. That way you can adjust the figures, and see what interest you can earn. To give you an idea, I've currently got £2000 in my HSBC e-ISA, and I earn £10 a month, ish. (Paid today - £10.23 - yay!)

simosimo

that's a neat calculator, fun to just type in silly amounts and dream.

I think ill go for that hsbc e-isa. people say i'm silly for starting saving now, balls to em!

jimmy111

Cranston wrote: »

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.

For what it's worth, I'd steer well clear of ICICI. They might offer high rates of interest, but from my experience, their IT is poor and their standard of customer service is even worse - not doing what they agreed to do and not responding as promised! One problem is that the telephone contact staff don't listen or undestand and if you try to email through the website, you get timed out!!!

I have an account that I am unable to close - fortunately there's not much money in it and I doubt I'll ever see what is there again.

PeterSBK

Simo, there are lots of options when investing your money and High Yield Savings Accounts have become a standard for simple savings. ShoreBank, who I work with, takes HYSA's one step further. Along with a 3.50% APY on all new accounts, ShoreBank practices banking with the Planet, People and Profit in mind. So while your investment grows, ShoreBank invests in the environment and community. Check us out at http://shorebankdirect.sbk.com.