under a year in monthly savers?

my_definition

hi guys.

my fiance and i are both full time students and struggled over the summer as we could not get full time jobs. We have a mortgage and plan on overpaying but would also like to keep some 'emergency' money 'incase'. i wondered about starting a monthly savings account. They say that the rate will stay the same for a year but can i cancel it after 9 momths or will i loose interest?

thanks guys

jimbow25

Some accounts would penalise you for early withdrawals or missed payments but others do not. Lloyds tsb's for example allows penalty free withdrawals.

YorkshireBoy

my_definition wrote: »

They say...

Who are "they"?

...can i cancel it after 9 momths or will i loose interest?

There's nearly always an interest penalty with these accounts, the severity of which depends on who you've chosen as your provider and whether you close the account or just make one withdrawal (and leave a small balance to maturity).

Most of the current regular savers are neatly summarised in this thread...

http://forums.moneysavingexpert.com/showthread.html?t=608697 (see the first 7 posts)

bobcurtis

my_definition wrote: »

hi guys.

my fiance and i are both full time students and struggled over the summer as we could not get full time jobs. We have a mortgage and plan on overpaying but would also like to keep some 'emergency' money 'incase'. i wondered about starting a monthly savings account. They say that the rate will stay the same for a year but can i cancel it after 9 momths or will i loose interest?

thanks guys

Some monthly saver accounts let you vary the amount saved each month. If some months you can not afford the full amount, just put in £10, or whatever the minimum is. This way you would not lose interest on what you have already saved.

CLAPTON

if the circumstances you describe you are unwise to tie up money ..just save in the best instant access account you can find
maybe 3.30% at
http://www.citibank.co.uk/