help with bank savings interest

minidannii

so i just opened a savings account

Incentive Saver with tsb

i put £6000 in last month, and today got £11.88 good/bad ?

or if anyone can help find something better to save.

i'd like to save around £15000 before i move out, so i don't want it stuck in for years, i just want a decent downpayment for a house

any help appreciated

G_M

What is the AER?

Look at Moneyfacts to compare rates and find the best for your needs.

Do you have an ISA?

minidannii

honestly i have never been good with money, i don't really understand it.

it says - 3.04% AER

G_M

It's not a bad rate for instant access though there's a penanlty in any month you make a withdrawal. provided you leave it untouched till your house-purchase it's not bad.

there ARE a few instant access accounts paying a bit more - but not much.

Or if you know your timescale to purchase, you could lock the money away in a 1 year/2 year fixed rate account, and earn more.

If you have no ISA, consider this. On a 'normal' account, you pay tax automatically on the interest you earn. On an ISA it's tax-free. Read this.