Put ££ into ISA's or keep it in my high interest bank account?

melissa'smoney

Hi all,

I've never had savings as i've never had enough to save before! but recently won some money and now don't really know the best places to put it?!

I have the premier direct A&L acc 8% interest
I have A&L linked savers 2.25% interest
I have Halifax regular savers 10% currently putting £500pm (max) into it

Should i be putting some of this into ISA's etc or is the best place my bank account giving me 8%?

(this money is after i've paid debt off and some of the mortgage)

Advice appreciated thanks xx

fullstop

Have you considered putting some of it in NS&I Guaranteed Income Bonds?

melissa'smoney

fullstop wrote: »

Have you considered putting some of it in NS&I Guaranteed Income Bonds?

can you please explain this to me as ive never heard of them and don't know anything about them!

x

fullstop

melissa'smoney wrote: »

can you please explain this to me as ive never heard of them and don't know anything about them!

x

National Savings, backed by the government 100% safe.

http://www.nsandi.com/

Lansdowne

Unless your A&L Premier is different from the one being advertised now,
it only gives you 8% up to £3000. If you put more than that in, it doesn't earn any interest. Also the 8% will end after a year.
ISA might be a good idea because it is tax-free in future years, if you keep it in, not just now. That depends on whether you will have the £3600 to put aside each year to come.

melissa'smoney

Lansdowne wrote: »

Unless your A&L Premier is different from the one being advertised now,
it only gives you 8% up to £3000. If you put more than that in, it doesn't earn any interest. Also the 8% will end after a year.
ISA might be a good idea because it is tax-free in future years, if you keep it in, not just now. That depends on whether you will have the £3600 to put aside each year to come.

thank you, i didn't realise this.

Do you know the best ISA's to invest in? and do i put £3600 in now?

x

anselld

You can put £3600 in by end March and the then another after April 5th. Recommendations on the ISA sub-board or moneysupermarket.com etc.
However this assumes you are a tax payer. If not you will probably get a better rate non-ISA.

cocktail

melissa'smoney wrote: »

Hi all,

I've never had savings as i've never had enough to save before! but recently won some money and now don't really know the best places to put it?!

I have the premier direct A&L acc 8% interest
I have A&L linked savers 2.25% interest
I have Halifax regular savers 10% currently putting £500pm (max) into it

Should i be putting some of this into ISA's etc or is the best place my bank account giving me 8%?

(this money is after i've paid debt off and some of the mortgage)

Advice appreciated thanks xx

your bank account probably gives u 8% interest only for the first £2500 of your money.
A&L linked savers 2.25%- after tax the interest will be paltry unless u are a non tax payer and have registered no to have tax deducted on interest.
Congratulations on the Halifax 10% regular saver
If u can then fill in your ISA allowance before 5th April--some decent rates still exist on ISA'S for new customers

melissa'smoney

cocktail wrote: »

your bank account probably gives u 8% interest only for the first £2500 of your money.
A&L linked savers 2.25%- after tax the interest will be paltry unless u are a non tax payer and have registered no to have tax deducted on interest.
Congratulations on the Halifax 10% regular saver
If u can then fill in your ISA allowance before 5th April--some decent rates still exist on ISA'S for new customers

Thank you
how and where do i do this?!:o

SavingSteve

To keep things simple A&L have a 3.6% ISA and a 3.5% eSaver (the eSaver you should only open if you want to leave the money in there for a while, as you lose any interest for the month you make any withdrawels, apart from July).

So anything over your 8% threshold put into these accounts