saving for a non tax payer...

aquilaM

...I am a stay at home mum, and don't pay tax. I currently have an ISA with about £1500 (M&S 5.00%).

I don't really put money in, and the balance hasn't changed that much in about a year. I am looking for something that is more manageable in that I can put money in easily i.e on line, instead of my postal ISA (which to be honest I am too lazy to do), and I can access the balance.

i am trying to organize our savings at the moment, and want to add to these savings more regularly. (i have another savings account where the interest rate is not as high and I find it more convenient to put money there as I can also access it easier).

Any help on what I need to look for bearing in mind I am not a tax payer, as I have a feeling an ISA is not right for me.

ANY help would be really appreciated.

Axx

deemy2004

If you want to maximise your interest then you need to take a hands on approach.

The best way are the monthly savers i.e. 7% gross from Halifax !

Its not that much work, as you can automate it all i.e. by setting up a standing order from your halifax websaver account to feed your halifax monthly saver account for the 1st of every month.

Thats what Ive done for my wife. as she is also a stay at home mum.

The net real rate of return from feeder to the monthly saver would be about 5.82% so better than a cash isa of say 5%.

Remember to request R85's when opening both accounts.

mr_fishbulb

Premier Regular Saver from Aliance & Leicester pays 10%

deemy2004

mr_fishbulb wrote:

Premier Regular Saver from Aliance & Leicester pays 10%

Only if you give them your current account....:eek:

mr_fishbulb

deemy2004 wrote:

Only if you give them your current account....:eek:

Yeah, which pays 5% :xmassmile

aquilaM

I have an account with alliance and leicester and have a savings account with them linked to my current account. I didn't know it was 10% interest. (actually we have two accounts and two savings accounts).
Thanks for all the advice. I am not really a good saver, but want to make an effort to build up a little nest egg.
food for thought!
Ax
Deemy - financial advice AND you look like Mr Keanu Fab!

mr_fishbulb

aquilaM wrote:

I have an account with alliance and leicester and have a savings account with them linked to my current account. I didn't know it was 10% interest.

If it's not a regular saver (I.e. you haven't set-up a payment into it every month) then it probably isn't a 10% one