Which savings account is best? Help?

pmday2013

Hello i'm wanting to start saving for university next year, I want an account where I can deposit around £250 - £300 a month for around 11 - 12 months, I would also like to transfer some money to this account to begin with e.g £1000.00

I desperately need your expertise Thank you

Baldur

Citibank are offering 3.25% gross/3.30 AER fixed for 12 months - http://www.citibank.co.uk/personal/banking/saveinvest/saving/fsaver/fsaver.htm

nicko33

consider 2 accounts:

one for your £1000 lump sum,

and a Regular Saver for your £250-300/month.
Have a look at http://forums.moneysavingexpert.com/showthread.html?t=608697

nicko33

P.S.
cycling £1000 round 3 Halifax Reward current accounts nets you £15/month, or £180/year, which is the equivalent of 18% (net of Basic Rate tax) (22.5% gross)

even if you only had 1 of those accounts and did nothing else with that £1000 other than move it in and out every month, that would get you more than leaving it in an ordinary savings account.

sparkling_butterfly

Sorry, but what do you mean by "cycling £1000 round 3 Halifax Reward current accounts nets you £15/month, or £180/year". If you mean moving the money arround different accounts. Then, Im wondering how do I know when to switch to another account?

nicko33

each account gives you a £5 reward in each month that £1000 is depositied into the account.
So you can transfer the money from acc1 => acc2 => acc3 => acc1 once a month, at any time during the month

That is almost what I do.
I also have their Monthly Saver so each month I
Faster Payments £1000 into acc1. Transfer it from acc1 to acc2. Transfer it from acc2 to acc3. Transfer £500 to the monthly saver, and £500 back to where it came from

forgery

Before I started uni, I just went for the highest paying interest rate for easy access accounts. I couldn't garuntee I could pay something in every month, although I was always saving, I didn't want to be burdened. I also didn't want to be tied down time wise so didn't go with a fixed rate annual account.

I'd recommend, if you haven't used your ISA, use that. Otherwise simply get the best easy access savings account with the highest interest.