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Hi - New to forums and need help!

Hi Guys,

Am I right in thinking that I am not the only one totally confused by all the different savings accounts and cash Isa's out there? lol.

I currently have £360.66 in the HSBC Flexi Saver paying a crappy 0.04% per month and I pay in £25 every month. (this was previously in one of those 8% before and 6.4% after tax for 12 months accounts).

My question's are what is the best thing for me to do with my money now? Obviously I want to maximise the amount of interest I can earn - Is it better to have it paid monthly or annually? Are there accounts out there with good interest rates that allow u to open with a lump sum, deposit a regular amount by direct debit or standing order and have instant access if you need it in case of emergency?

Apolgies if this is too much all in one go!

BlackPearl.

Comments

  • Paul_Herring
    Paul_Herring Posts: 7,481 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Do you have any credit cards?

    Is your car paid for, do you have any other loans outstanding?

    Mortgage?

    Student loans?
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Black Pearl. The reason for Paul's Q's is that you should pay off any debts (which will be costing you interest) before trying to save.

    That said:
    Is it better to have it paid monthly or annually?
    Makes little difference. Monthly usually has slightly lower interest, because each month they pay you so your capital increases, so next month you get paid extra interest on the increased capital. Works out the same over a year.
    accounts out there with good interest rates that allow u to open with a lump sum
    Yes. Most will allow this. See Moneysupermarket for example.
    deposit a regular amount by direct debit or standing order and have instant access
    There are 'regular saver' accounts which often have high interest rates. However, you usually have to pay in every month, and usually can't withdraw until a year is up.

    As you need instant access. I'd avoid these, and go for an ordinary instant access savings account, eith with your existing bank, or find an internet account with a good rate, which you can 'link' to your bank account to move cash in and out.
  • Hi Paul and G_M

    To answer the questions: I have no credit Cards, no debts (those have already been paid off) no student loans to pay and I live in rented accomodation so no mortgage.

    Does it sound like I am in a ok position moneywise?
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