Saving For Driving Lessons/Car

Quietgirl

Hello there,

I have been reading the forums for a while now. I wondered if anyone could help me and tell me if I am doing the right thing.

I am saving up for driving lessons and a car, what I have decided to do is to save up for the whole lot. So that when I pass my test I can go out and buy a car rather than having to wait and save up. I am opening the A & L mini cash ISA. I am just waiting for all the paper work to come through. My current account is with the co op but I have a basic nationwide flex account with e savings, so what I do at the end of each month is transfer any spare cash over to this account and put it into my e savings while I wait for my A & L ISA to open.

I forgot to add that I put money in one of those savings gateway accounts done by the government.

Is this my best way to put money into an ISA ?

Thanks for any help.

grumbler

Quietgirl wrote:

Is this my best way to put money into an ISA ?

IMO the following way is better:
1. Put as much as you can into an ISA before March.
2. Start regular saving account in March.
3. When it matures next March move resulting lump sum to ISA.

Best regular saving account (A&L Premier Regular Saver ) pays now 10% gross, i.e. 8% net. If saving £250 p.m. (£3K p.a.) you will earn extra about £46 in interest during a year. Unfortunately, this regular saving account comes only with their Premier (Direct) current account, that is available for 21y.o.+ only (monthly credit £500 required, no need to switch). For other options see Regular Saver link in the blue box above and these recent rumours: Bradford and Bingley 10% Regular Savings Account , New Barclays regular saver.

Rikki

What is a savings gateway account?

grumbler

HM Treasury The Saving Gateway - £400 for Free!

se999

To get started on the driving lessons are you saving the Tesco Clubcard points.

On their deals £55 worth of vouchers gets you a BSM pack worth they say £220. It covers 6 lessons I think, and I think things to do with the theory test too.

I'm waiting for the February mailing of vouchers to send of for packs for my 2 sons.

You might not want all your lessons with BSM, but it is a cheap method of starting the lessons.

There's info on the main https://www.Tesco.com site if you go into the clubcard area.

Quietgirl

Hi,

Thankyou both for the reply. Unfortunately I doubt I would be able to open the A & L Current account to get the regular savings account because of my past bancrupcy, I was discharged last year. I think I might try the Bradford and Bingley one though.

Thanks for the advice. That is what I was thinking of banking as much money as I could in the ISA when I finally get the details from A & L (sigh) before April 5th. I was then going to aim for saving £250 per month into the ISA which would probably not leave me much if any to put in a regular savings account. How does this sound?

Thanks again.

Kerry_o'keefe

Quietgirl. If you are saving for driving lessons and have Teco clubcard vouchers these can be exchanged for driving lessons with BSM.