long term regular saving...

Ic3Knight

Can anyone point me in the right direction for information on making long-term regular savings? I'm already using a 1 year, high rate account, but am interested in putting away smallish amounts of money over a longer time scale just to help with the future... The problem is most things I've found on regular savings appear to be short term... any help or advice would be gratefully recieved!

Thanks

nicko33

If you are after Savings, and not Investments,
and want a *decent* interest rate,

then I don't think there is anything out there that is long-term.

To get the best returns you will have to employ various strategies utilising Regular Savers, Cash-ISAs, Fixed Term Deposits, (NS&I products maybe depending on your tax status) and reviewing things regularly (at least annually).

I will happy to be proved wrong here though.

DawnW

some of the regular savers carry on beyond 1 year (Halifax springs to mind) though I don't know what the interest rates are like now.

sloughflint

YBS and Nationwide spring to mind. Don't know if the main RS thread includes all the accounts with your requirement.
http://forums.moneysavingexpert.com/showpost.html?p=6932751&postcount=2

Special_Saver2

DawnW wrote: »

some of the regular savers carry on beyond 1 year (Halifax springs to mind) though I don't know what the interest rates are like now.

Although the Halifax Regular Saver can be used for more than 1 year, all the money in it sweeps into your nominated savings account (e.g. Halifax Web Saver) at the end of each 12 month period and then earns a much lower interest rate.

As sloughflint has said above, have a look at my Regular Savings thread - using this link will let you see the whole thread. There used to be more accounts in post 2 - these accounts all last longer than a year. The only one left now is the Yorkshire BS regular saver issue 2 account. I have removed the Monmouthshire BS, Nationwide BS and Scarborough BS regular savings accounts as they now only pay 3.1%, 3.1% and 3.5% respectively. There are plenty of general savings accounts which can do better than do that - just have a look at Martin's Savings page for some examples.

Do have a look at post 4 on my thread - there are plenty of accounts that you can use to get 5-6% fixed for 12 months which you might find useful.

SS2