Which savings account(s)?

Slime

Hi,

I know next to nothing about the number of different savings accounts and their benefits but I'm looking to open 1 or more account whereby I can put aside a total of £500 a month for the next 12 months.

It's unlikely that I'll need to withdraw this money at any point and plan on setting up a standing order to transfer the money from my NatWest current account on a regular monthly basis.

I'm really after some advice as to which account would be best for this. I've done a little bit of reading up yesterday and have grasped the basics but I'm still largely clueless and am after some more sound advice. I've had a quick look at a monthly saving account with Barlcays but this will obviously limit my deposits to £250 a month. Am I better off with 2 accounts?

It would be nice if I could maybe have an account which I will definitely not need to touch for 12 months and another which I can withdraw from if I desperately need to.

Once the 12 months is up, I'll need to have access to all the money instantly.

Thanks

Slime

Anyone got any ideas?

penrhyn

Try reading this to start you off.

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

jimbow25

If you think you won't need the money a Monthly Saver sounds like what you need. Different accounts have different penalties for access though.

Barclays and Abbey (through Bradford and Bingley branches) are both doing 6% ones at the moment but the Abbey one has tougher withdrawl/missed deposit penalties.

Principality building society let you pay in £500 a month so you'd only need 1 account but theirs only pays 5% at the moment I beleive.

Have a look at Special saver's regularly updated list of the best regular saver accounts available: http://forums.moneysavingexpert.com/showthread.html?t=608697