Savings help and outcome.

obay

Hi there,

New to this site completely, please bare with me.

OK - at the end of dec 2009, I will be inheirting 1,500.. 500 for a new car... 1,000 in savings.

I have had my savings account since I was a little boy. and now looking to put a further 1,000 into my nationwide saving account.

On 1,000 how much interest should I get?

Thank you.

McKneff

If youre a tax payer, dont even think about an ordinary savings account.
If you have savings in there now askthem what interest rate your getting,
its probably less than 1% less tax on your interest.

You need to put it into a tax free ISA - you can get more than 3% and no tax to pay.

£500 is going to buy you car that is a big load of someone elses rubbish, why not get a better one with all of your £1,500

Mikeyorks

obay wrote: »

On 1,000 how much interest should I get?

Probably £1 .... for the whole year! If you've had the account for years .... it's likely the interest is 0.1%. You need to check it - and then close it / move it to a better rate elsewhere.

As most Nationwide savings account rates are fairly pathetic :-

http://www.nationwide.co.uk/savings/all_accounts/all_accounts.htm

.... the top one (2%) is the best - but note the restricted number of withdrawals.

McKneff

I had a Nationwide members ISA Bond, and i rang because of some other problem and just happened to ask what interest i was getting and they said 0.5%:eek:
It was sharp out of there £4.500 and into my 3% cash isa with Halifax.