Savings Help

marco_79

Hi All

I'm looking for some advice please.

My wife and I currently have £4000 in savings in a standard Abbey savings account. We are currently saving £500 per month. We would like to be able to withdraw money at anytime and don't want to be fixed to paying in so much every month. I have noticed on our savings statement that we are paying tax on the intrest earned. I personally haven't got a clue about ISA's but on reading some articles on here I think we would be better getting one. Any ideas??

Thanks

Marco

Walletwatch

Hi All

I'm looking for some advice please.

My wife and I currently have £4000 in savings in a standard Abbey savings account. We are currently saving £500 per month. We would like to be able to withdraw money at anytime and don't want to be fixed to paying in so much every month. I have noticed on our savings statement that we are paying tax on the intrest earned. I personally haven't got a clue about ISA's but on reading some articles on here I think we would be better getting one. Any ideas??

Thanks

Marco

Is it the Abbey e-saver that you have? If not, open one of those to maximise your interest - it gives you close to 5% gross.

Abbey has a good postal ISA with one of the best ISA rates (5.35%), but being a postal account, you do not have immediate access to it - you need to fill out some forms and send them by post, and they again send you a chq for the amount you want to take out by post.

Maybe you could split your savings between a postal ISA (which you'd not have access to) and the online savings account with Abbey, which you could transfer to a normal account and make withdrawals, etc.

marco_79

Thanks Walletwatch

I have the abbey e-saver account, when i said instant access I mean we would know a couple of weeks in advance when we would need the cash. I like the e-saver account because I can transfer money from my clydesdale current account to it online.

Marco