new and really confused lol!

savingmummy

I have just joined today and have been looking around the site and forums and am soooo confused by all the details and saving %`s etc :eek:

I am wanting to get a long term savings set up and running and am hoping to have a good lump sum saved so in Xyrs to come i have a tidy sum to play with (maybe even help us buy a house or help in that direction).
Anyone have any advise into what to go for or what you`ve found to be a good one to invest your savings?

I have a current account with Lloyds, and a online savers account with Lloyds (which is empty at the mo) .

tia X

CLAPTON

how much are you planning to save each month and how many is Xyrs approximately

savingmummy

I hope to save 100-200 a month, say 10-15 yrs x

Former_MSE_Alana

Hi, the MSE article on 'Starting Saving' should help:
http://www.moneysavingexpert.com/savings/which-saving-account

savingmummy

Well after looking about today i am still at a loss
I can`t seem to find anything or really understand the jargon! The lloyds savings account i have seems to be rubbish interest.

LucyTheDwarf

Hey

Are you a taxpayer, or are you likely to become a tax payer in the future?

savingmummy

I`m a housewife/mum so not sure if i am, will be going back to work in the future but not for a good few yrs. My hubby works fulltime so guessing we do pay tax. x

LucyTheDwarf

You are most likely not a tax payer, whereas your husband probably is. Therefore, you would be best looking for the highest rate you can find. If the savings are in your name, you wont pay tax on the interest, regardless of the type of account. Make sure you tell the bank that you're not a tax payer when you open one.

What sort of account would you like? For example, do you want to be able to withdraw money easily? Also, if you are looking to save regularly, you might want to look at regular savers - you put away an amount each month (normally has to be between £25 and £500 a month, but they all have different rules), and you often cannot withdraw money until the end of the year, but you are rewarded with a higher interest rate.

savingmummy

Yes that sounds perfect!! I will be putting in over 100 a month and don`t want to touch it so sounds as if that the one to look for.
I have had a look on the lloyds site and can`t find a regular savings account, only the isa`s and the savings account which require way too much to open x

savingmummy

Right i think i have found one on lloyds `monthly saver` guessing it is the same as it states £25-£250 a month and no touching for a yr! ty for your help hun xx

LucyTheDwarf

That looks quite alright, 5% monthly saver - you could certainly do far worse. Good luck