Clean clear english for someone who struggles with english.

WorldofSilence

Hiya.

A quick piece of background, written English is not my strongest suit so please forgive my grammar.

I have had my little part time job for about 2 years now, and I am known as the "saver" amongst my friends, they are in the same living condition as me. But I'm always in the black (and debt free!!) and they earn a ton more then me.

So some clean clear advice on what to do with my savings? I don't have loads just a few grand floating around. I've sorted out my money so I always get £170 a month put into savings. But I've got a traditional bank account with TSB, simply because I don't understand a lot of the jargon, and since English is my second language I always live in fear of getting the wool pulled over my eyes.
I would like my money to work more for me, as I work so hard to maintain my savings and often deny myself many luxuries, so might be nice to have something to "play" with? Treat myself or whatever.

Lastly I can't do/use banking/investments etc etc that I need to phone, as I'm Deaf and the phone is something I can't use. Banks get funny when I have to use a 3rd party to call on my behalf, and just easier to avoid the hassle.

So just throwing it out there. :j

Mark

P.S I have been reading alot of advice articles etc.. but sometimes the english used just confuses the heck out of me. Thank you.
Please ask me anything if you need extra info.

Lokolo

Ok well there are a lot of interent based banks nowadays and any high street bank with have online facilities so don't worry about that. I rarely (if ever) phone my banks nowadays.

First thing I would look at is opening an ISA. These are tax free savings accounts.

http://www.moneysavingexpert.com/savings/best-cash-isa#best

Here is the link for the best ones.

However, HSBC and Barclays are likely to want you to go in branch to open up an account but I would assume you can lip read English ok?

brightonman123

OP English is fine, no worries there..

but I have to wonder what job allows so much spare cash?!

First thought would be National Savings (bonds, investment units etc)

isofa

Your English is excellent WorldofSilence, I wish my written foreign languages were as good as yours!

If you are only saving £170 per month, over 12 months that's £2040, the maximum you can put into a Cash ISA a year is £3600, so you'll be well within the limit. (A cash ISA "year" runs from the tax year, 6th April one year to 5th April the year after).

Or put the few grand you have floating about up to £3600 in a cash ISA, and then deposit the only 170 per month away somewhere else. Then the next year when you have a new £3600 cash ISA allowance, keep putting it away in the cash ISA again.

So I'd suggest you pick the highest rated cash ISA, and pay into that each month, as it's tax free.
Then for anything left over either a high-rate instant access account, fixed term account (if you don't need access over a period), or even look at the regular saver products from the high-street - although I'm not personally a fan.

All the top rated Cash ISAs (and other accounts) are listed at Moneyfacts.

alchemistkevin

As above, fill up your ISA balance before you do save anywhere else.

WorldofSilence

Just wanted to write a quick thank you to everyone.

I had an ISA before, but was not sure if this was safe thing to do now. Because of the credit crunch.

I will investigate this further and I'm sure I could squeeze some pennies from somewhere else to try and aim for £3600 a year.

brightonman123*
In regards to my job, I'm a special project coordinator - I run afternoon groups for adults with learning difficulties who are also deaf/hard of hearing. I only work 2 days a week and get £1000 a month, so naturally trying to find a second job to get an "average" wage. I have taken advantage of the working tax credits to add to my earnings as well, because I know quite a bit about benefits due to my job.

Lokolo*
I'm a good lipreader and we have a local HSBC/ Barclays I can pop into. I will investigate this further.

Thanks again for the comments on my english, I've worked hard on it :0) I'm off to investigate every ones suggestions.

Regards

Mark