£1000 a week to save - help

SAP_Saver

Hi,

Other than premium bonds I do not have any savings other than the bit lodged in my current acocunt ready to be moved into a savings account. I have opened an ICICI HISAVE account yesterday and await for further details...
I have about £1000 each week to save and need to use for a house deposit. I need to save until about July this year. I can not afford to risk this money as I need this deposit so I would prefer not to be investing in anything with associated risk. Am I best putting the lot into the HISAVE? or are there better products?

Help.

Newbie money saver

codetown

I would rather go with an A&L Premier Direct + 10% Premier Saving + A&L online Savings 5.15% (+ ISA 5.2% if applicable). They are all linked in the same Online program, so very easy to shuffle.

Just opening the Premier Direct you can get 90 pounds (see referrals forum).
Then you can deposit 250 pounds a month on the 10% saving and you can put up to 25.000 pounds on the online saving deposit.
Having 1000 pounds a week you will have no problem with the requirement to deposit at least 500 pounds a month in the Premier Direct.

Not only you have a good saving scheme, but also can access instantly some of your money transferring online (instantly done) from saving to your Premier Direct and then widrawing free on any Link cash machine. You can also have checks and use the physical A&L branches (not so bad every so often).
And keeping money on the current account itself will not be a great loss, as they pay 5% interest even on that one!

With ICICI (read this forum!) you have risk of wrong direct debits, poor customer support and I think you have no option to widraw directly on the same day if you need some cash for whatever reason.