We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Hi - New to forums and need help!

BlackPearl
Posts: 9 Forumite
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.
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.
0
Comments
-
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 Dorries0 -
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?accounts out there with good interest rates that allow u to open with a lump sumdeposit a regular amount by direct debit or standing order and have instant access
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.0 -
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?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.2K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.3K Spending & Discounts
- 240.7K Work, Benefits & Business
- 617K Mortgages, Homes & Bills
- 175.6K Life & Family
- 253.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards