Where to put £1300 a month?

guineapig

Being uber frugal and having no kids or social life:eek: we are able to save £1300 a month.

We don't do online banking in any form and don't want to start.

We would love to find somewhere where we can save this in one place currently we save £1000 +300 in two seperate accounts.

We don't need to touch this and just want to add to it........

I pay lower rate tax so we put things in my name ( rather than pay the upper rate and have things in both names)

PLEASE can someone tell me of any Building soc that will let us pay that amount in and get a reasonable rate of return.

(Our finances are complicated and this would help a lot to simplify things)

We are always on top of the ISA's so they don't come into this scenario.

Thought I had found the holy grail with Britannia as it mentioned min of £20 a month, but NO mention of upper limit until you start to fill in the application form and then find out it's £500:mad: why couldn't they put that in the summary box?????:mad:

If it makes any difference to savings rates I am 51

Any help from savvy savers much appreciated:D

agsnu

Define "reasonable rate of return". £1300 is probably too much for a regular savings account.

guineapig

2.5 3% would be good!

Wookey

There are quite a few fixed rate bonds out there paying in access of 4%, no reason why you couldn't open up a new bond every month. Nationwides regular saver is at 2.5% which allthough it isn't brilliant it will allow you to put 1k away every month. A+L and abbey both have 6% current accounts and no reason why you couldn't make use of them both if even to only feed a regular saver whilst maintaining there max limit on the current account. Plenty of other regular savers out there that pay more than Nationwides but have lower limits on them.

D1zzy

Brittania have a regular saver with a fixed 3 % 12 month bonus (current rate 3.1%) - you must pay in the same amount each month, but there is no restriction on the actual amount. 1 withdrawal allowed without loss of interest. Can continue beyond 12 months but the bonus can (WILL) change on each 12 month anniversary


(incidentally the branch confirmed that there is no upper limit on the monthly amount - specifically that 10k a month as an example would be OK)

opinions4u

guineapig wrote: »

Being uber frugal and having no kids or social life:eek: we are able to save £1300 a month.

Nice!

We don't do online banking in any form and don't want to start.

Any particular reason why not?

Our finances are complicated and this would help a lot to simplify things

Managing them online could help massively!


A range of regular saver accounts:

Barclays 6%
Lloyds 5%
Halifax 4%

Perhaps stick the rest in an easy access account somewhere.

guineapig

Any particular reason why not?

Let's just say over the last 30 years I have had the uncanny knack of "forecasting" some major financial events, that at the time ( 25-30 years ago) just wouldn't have entered the mental radar of anyone in the financial world. I couldn't be accurate with the time frame, just "knew" it was coming;)

Managing them online could help massively!

Yes, I appreciate that, it would also make life simpler, but the criminals in this world are always two steps ahead of the good guys and there was almost a bank meltdown (massive online fraud) that they almost got away with............sorry can't remember the details, however, I do know it will come, in the not too distant future..........

BTW I am not crook, I just have a "gift" some call it clairvoyance some called a load of old %£*&!! however, with regard to our financial matters it has served us well;)

A range of regular saver accounts:

Barclays 6%
Lloyds 5%
Halifax 4%

yeah, I looked at these only the Chelsea do more than £1000 and the interest rate is less than the skipton where I am already putting same amount in each month.

Perhaps stick the rest in an easy access account somewhere.[/QUOTE]

Looks like I shall have to carry on as before checking rates and splitting it up.

Though I might look into the current account thing, thanks!:D

Thank you all for taking the time to reply I really appreciate it:A

m5rcc

"I just have a "gift" some call it clairvoyance some called a load of old %£*&!!" - Are you Lorraine Tighe in disguise?

m5rcc

Wookey made a fair point - I would use up some current account offers like A&L, Abbey that pay inflated interest for one year and take up the rest in perhaps AAA-rated corporate bonds

nicko33

halifax international regular saver 500-2000 per month fixed at 4%
can be operated by telephone apparently

http://www.halifax-international.com/savings/regular-saver.asp

a7man

are you not interested in equities & bonds etc? Thats a lot of money to just keep in cash when you can make it work for you.