Savings account
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JemmaLouise_3
Posts: 36 Forumite
I am trying to save for a car, as i am currently unemployed i havent got much to save from, and wondered what the best way was to make extra money from a savings account and who is the best company to have a savings account with?
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Over what time scale are you looking to save for a car? I ask this as if its less than a year then the amount earned from the various savings accounts would be negligible.
Probably Marks and Spencer 3.1% Cash ISA would be the highest paying savings account for you. It includes a 1% bonus.
Other options would be the Barclays Monthly Saver at 6%.0 -
I have 4 months to save for a car.
Thank you i am already with barclays too so that would be great0 -
I think over 4 months the difference in interest will be negligible (obviously dependent on how much you save per month.)
Barclays Monthy Saver is only worth it if you save for a whole year.
If you save £10,000 for 1 year in an account paying 0.5% (which is BoE rate) you will earn £50 if you don't pay income tax.0 -
Hmm not really any point then. Thanks!0
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JemmaLouise wrote: »I am trying to save for a car, as i am currently unemployed i havent got much to save from, and wondered what the best way was to make extra money from a savings account and who is the best company to have a savings account with?0
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i dont know how much money you have at mo, or even if you qualify for the account, but what about the Halifax and Bank of Scotland accounts that offer you £5 per month when you deposit 1k per month.
the loophole here is that you dont have to keep the money in the account, or even put the 1k in all in one go, so you could just keep putting money in and then taking it out, just to put it in again:D
but apart from those accounts, and the lloyds tsb vantage account, i dont know what other accounts that you could make quick money on..
good luck in saving for a car....Work to live= not live to work0 -
I shall have a look into those savings account then, thanks!0
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