Best place to stick my money?

paul9619

Hi all,

I have had a quick read through all the savings articles in the hope of finding some info on what the best way to go about saving roughly £1500 - £2000 a month. So far I only find myself even more confused with the plethora of options available.

A little bit about myself first, I have no debts and have a wife and child. I am currently a serving member of the forces living in Cyprus for the next few years. (So any savings needs to be online really)

We currently have the following savings accounts:

Barclays Monthly Savings Account (Think this will drop to a regular savings account very soon if I am not correct!!)

Barclays Cash ISA in my wifes name.

Could someone give me some advice on the best way to go about saving the amount I can spare above.

I want it to be safe (Not really interested in stocks and shares) and I would like to be able to get my hands on it should anything happen in the future. Having said that I already have £3600 saved so I could use that for emergencies and tie up the rest for a longer period if needed.

Any help much appreciated

Regards
Paul

D1zzy

Have a look at how you could use the Loyds Vantage accounts - You can have 3 (each)- Instant access -they pay 4% on balances between 5k and 7K and 3% on balances between 3K and 5K. You can set up on line or via telephone banking
You may be able to get better rates on regular savers, but generally they are for relatively small amounts.

DiggerUK

Paul,
Interest rates are barely keeping up with inflation. You will need to get 3%+ net to tread water. Some A/C's achieve that. You can open Trustee A/C's in your kids names, and with a careful reading of the t&c's get the interest tax free.

Check out regular savers such as this one.
http://chorleybs.co.uk/index.php?option=com_content&task=view&id=219&Itemid=560

Rainy day funds can also be put in Premium Bonds, returns are between b()gger all and a million quid. But they are fun.

For three years plus you should go NSI Index Linked.
http://www.nsandi.com/products/ilsc