I'd like some advice on the right savings account please!

nrps1

Ah, stoozing, not sure its for me really, I have plenty of debt although not on credit card I hasten to add

nrps1

The cash mini ISA sounds interesting, as I have 3k, but I presume its not withdrawable in part or in whole, and the interest is only after a year or so?

tomstickland

My A&L ISA is really just a tax-free savings account, and I can withdraw money at any moment. Interest is calculated daily but paid yearly.


With stoozing it's not debt because you can pay the card back off at any time via the savings account. But you obviouslly have to be disciplined for this.

nrps1

actually it looks to be pretty good, you can withdraw when you like, I cant see any down sides?

do you get monthly interest or is it yearly?

tomstickland

calc daily, compounded monthly, paid yearly.

tomstickland

A&L see here http://forums.moneysavingexpert.com/showthread.html?t=62624

nrps1

Well I've decided to open the A&L account to get my various amounts of free cash, subject to acceptance. If anyone wants to match the £35 to me and £15 to them for the referral according to general consensus thats fine by me, just let me know or even better, I've noticed £40 to me and £10 to them

I think once I deposit my moneys into various accounts I may close off two of them as I dont really need them, may move my salary to the A&L one, and then may get the mini ISA to start raking in my money

Sapphire

Bear in mind when opening an ISA that once you have taken money out of it you can't put it back in again - you can just start another ISA in the next tax year (starting April). Very good tax-free method of saving money, though. I have A&L ISAs and also the National Savings ISA (currently 5.30%).

Wish BoE interest rates would go up so that savings interest would go up too.