Best place to put my savings each month?

AJRobson

First let me qualify this post by saying I've read the saving section but as I've never had to deal with banks before (excluding student banking) a lot of it I don't understand:o.

I'm in my first job since leaving uni so now I have disposable income I've been putting away £500-700 each month - unfortunately instead of putting it in a bank its in my bedroom!

I'm wanting to save for a deposit for a house, what type of account would be the best for me? I can afford at least £500 a month.

Does anyone know which bank would offer the best account for me?

JamesU

AJRobson wrote: »

First let me qualify this post by saying I've read the saving section but as I've never had to deal with banks before (excluding student banking) a lot of it I don't understand:o.

I'm in my first job since leaving uni so now I have disposable income I've been putting away £500-700 each month - unfortunately instead of putting it in a bank its in my bedroom!

I'm wanting to save for a deposit for a house, what type of account would be the best for me? I can afford at least £500 a month.

Does anyone know which bank would offer the best account for me?

Welcome to the MSE. If you are unable to work this out for yourself after a university education then I guess my taxes are being wasted.

JamesU

AJRobson

JamesU wrote: »

Welcome to the MSE. If you are unable to work this out for yourself after a university education then I guess my taxes are being wasted.

JamesU

If people were able to figure this out for themselves this website wouldn't be needed. I'm just trying to get advice on which is the best savings account.

I pay taxes now

opinions4u

Okay, you pay tax.

In that case, I'd suggest you do a little bit of research around cash ISAs which mean that you don't have to pay tax on your interest.

Take a look at www.moneyfacts.co.uk/savings to help identify some of the better interest rates available in cash ISAs.

Once you are approaching £5,100 then start looking at regular savings accounts with a higher rate alongside easy access savings accounts.


1) Build up a contingency fund of 3-6 months net pay - something that can see you through a short-term crisis such as illness or redundancy.
2) Maximise your cash ISA allowance.
3) Have some savings in an easy access savings account where you can get hold of it quickly if needed.
4) Investigate regular savings accounts and fixed term accounts for suitability.
5) Be disciplined about how much you intend to save. It's a good habit to keep.
6) As well as "rainy day" money know what you're saving for and when you want it.

AJRobson

opinions4u wrote: »

Okay, you pay tax.
Once you are approaching £5,100 then start looking at regular savings accounts with a higher rate alongside easy access savings accounts.


1) Build up a contingency fund of 3-6 months net pay - something that can see you through a short-term crisis such as illness or redundancy.
2) Maximise your cash ISA allowance.
3) Have some savings in an easy access savings account where you can get hold of it quickly if needed.
4) Investigate regular savings accounts and fixed term accounts for suitability.
5) Be disciplined about how much you intend to save. It's a good habit to keep.
6) As well as "rainy day" money know what you're saving for and when you want it.

Thanks for the info that helped - I'm already close to £5,100 so an ISA probably isn't the best option for me but I'll have a look on that site now.

Were you not taught to do your own fact finding rather than just ask for the answers?

Nah I'm the Wikipedia generation - Whats your problem I'm just looking for advice I researched the types of account realized I needed more info on the matter and was told about this site whereby I then get told to do research :mad: if you can't help then don't reply.

JamesU

AJRobson wrote: »

Thanks for the info that helped - I'm already close to £5,100 so an ISA probably isn't the best option for me but I'll have a look on that site now. Nah I'm the Wikipedia generation - Whats your problem I'm just looking for advice I researched the types of account realized I needed more info on the matter and was told about this site whereby I then get told to do research :mad: if you can't help then don't reply.

Its a bank holiday weekend, could not resist the windup.

When looking at the interest rates think about inflation too.

JamesU

7891368

Santander first home saver maybe?
Or a vantage account with 5,000 in?

You could fill an Isa first after making crisis money?

AA instant access acount for that?

leahciM

opinions4u wrote: »

Okay, you pay tax.

In that case, I'd suggest you do a little bit of research around cash ISAs which mean that you don't have to pay tax on your interest.

Take a look at www.moneyfacts.co.uk/savings to help identify some of the better interest rates available in cash ISAs.

Once you are approaching £5,100 then start looking at regular savings accounts with a higher rate alongside easy access savings accounts.


1) Build up a contingency fund of 3-6 months net pay - something that can see you through a short-term crisis such as illness or redundancy.
2) Maximise your cash ISA allowance.
3) Have some savings in an easy access savings account where you can get hold of it quickly if needed.
4) Investigate regular savings accounts and fixed term accounts for suitability.
5) Be disciplined about how much you intend to save. It's a good habit to keep.
6) As well as "rainy day" money know what you're saving for and when you want it.

All your answers are basically here. Sterling job.