£35k in First Direct Savings - Better Home??

fowler_11

Hi, I’ve just come across this brilliant site and amazing forums!! I have a savings question and need some advice. I have around £35k in savings which I don’t need instant access to. Currently I have the lot in a High Interest bonus savings acct with First Direct – I’m not sure of the interest rate but I actually received in interest just over £80 in my account last month. Can anyone suggest a better home for my money….I’ve often wondered about ISAs but don’t know too much about them. I’m quite into the internet so don’t mind savings with an online bank either.

I appreciate your help and any suggestions you may have.

mattbass

The first direct savings account has not got a bad interest rate at the moment although you will lose the whole months interest for any month that you make a withdrawal. This is rubbish if you might have to make a withdrawal or two over time. You should definatly get an isa ( as they are tax free ). Also check out the savings section of this site. (My link may or may not work below, otherwise navigate from the links on the left of the screen to "savings and investments").

http://www.moneysavingexpert.com/savings

link seems to be working this time manathome

kathryn196

I think the first direct e savings has a better rate than the bonus savings account , check when you next log on. I would suggest an isa also to take advantage of the situation, dont go automatically with first direct as I think there are a few more that pay a higher interest rate.
Kath