i have money i want to save

spendingtoomuch

i have about £5,000 to put in savings. i will also be adding about £100 a month to it. I want to save for about 5 years but i am struggling to decide where the best place to put it with all the different intrest rates and that

where would you put it?

thanks

dwileflunker

spendingtoomuch wrote: »

i have about £5,000 to put in savings. i will also be adding about £100 a month to it. I want to save for about 5 years but i am struggling to decide where the best place to put it with all the different intrest rates and that

where would you put it?

thanks

Unfortunately people here need to know what exactly your aims are. Do you simply want a savings account? What is your attitude to risk? 5 years is usually classed as a medium term investment but are you likely to need any of the money in an emergency? What are your thoughts about investing directly or indirectly in the stock market? I know this may all sound confusing but we can't give advice, only suggestions, it's up to you what you do. You may want to take advice from an independent financial advisor but this will cost you. In the short term I suggest you look at a high interest account for your lump sum untill you decide which way to go and a regular savings account for your monthly investement until you decide exactly what you want. In the meantime check this out. http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Sorry if this sounds vague but it's important that you look at all the different options.