Basic help saving £1k a month

SIRUSKEY

Hi all.

Bit of background for you. From never being able to save a penny in my life I opened the halifax regular saver (10%) which is up in july and will have £6k total.

The other half has £5k of debt so Im going to pay that off and she will be paying me back. So with my £500 and her £500 I will have £1k a month to save.

I dont need the money for 12 months however I need to be able to get to it sould i need to.

I dont have any ISA at the moment.

What are my best options?


Thanks guys.


Craig

DiggerUK

SIRUSKEY,
There are a few Isa's paying over 3% with instant access. Try this comparison site.

http://www.moneysupermarket.com/isap/IsasResults.asp

If your under 50 this year you won't be able to go over 3,600.
Check out for regular saver rates, some are around 6%

Good fortune.

opinions4u

SIRUSKEY wrote: »

Hi all.

Bit of background for you. From never being able to save a penny in my life I opened the halifax regular saver (10%) which is up in july and will have £6k total.

The other half has £5k of debt so Im going to pay that off and she will be paying me back. So with my £500 and her £500 I will have £1k a month to save.

I dont need the money for 12 months however I need to be able to get to it sould i need to.

I dont have any ISA at the moment.

What are my best options?


Thanks guys.


Craig

I'd look in to Regular Savers again as well as considering ISAs. Barclays are paying 6% on their reg saver and I suspect Halifax will increase their 4% in the next month or so. Then look to top up ISAs on maturity.

You may also want to consider some sort of longer term saving - regular premium stocks and shares ISAs may give you more exciting growth potential if you're prepared to bang part of the money away and forget about it ... e.g. 2 x £250 a month in Barclays regular saver account, 2 x £200 in Halifax regular saver and 2 x £50 each in to a suitable stocks and shares ISA.

That would leave you with £900 a month maturing in a year (with access if needed, subject to loss of premium rate) and £100 a month for a rainy day at an unknown point in the distant future - but the option of withdrawing the funds as and when you need them.

SIRUSKEY

thanks, i will look into that

SIRUSKEY

Just looking into stocks and shares isa. Seems to be a big risk and be locked away for 6yrs.

Not sure if I have the bottle to risk the money, lol. I will keep looking.

opinions4u

SIRUSKEY wrote: »

Just looking into stocks and shares isa. Seems to be a big risk and be locked away for 6yrs.

Not sure if I have the bottle to risk the money, lol. I will keep looking.

You can choose funds with higher/lower risk.

You shouldn't need to be locked away for 6 years, but should view it as a long term investment.

BUT: If you don't fancy it ... don't do it!