ISA limit used, where to save next?

si1503

Hi peeps,

I'm currently a student doing a bit of stoozing from interest free student accounts/loans. I've got my £3000 for this tax year in my cash ISA, and am about to put the last 1k into my stocks and shares ISA. My question is where would be the best place to save/invest the rest of the cash I get over the next year? I should be getting about £4000 in loan and getting another £2000 from a student overdraft. I was looking at possibly putting them into a fixed rate bond, or perhaps just a high interest savings account (such as the post office instant saver). Obviously I don't pay any tax right now, so that shouldn't be a concern. Any more ideas?

Paul_Herring

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1103213261,45760,

seagles_2

When would you need this money, i.e how long can yuo let it sit in a "pot" and what access do you require, i.e instant access or 90 days, or pay in for a year.... all this makes a different to what to recommend.


Raptor:rotfl:

si1503

Instant access is preferred but not essential, may need to withdraw the funds in a few years to put towards deposit for a house or something, if not I could leave them to accumulate interest for longer.

si1503

bump ^^^^^^^^

Paul_Herring

si1503 wrote:

bump ^^^^^^^^

Was there something wrong with the link to the Savings Fountain I posted? You haven't commented on it.

si1503

Paul_Herring wrote:

Was there something wrong with the link to the Savings Fountain I posted? You haven't commented on it.

not at all, thanks for the link, was just bumping for more replies

if i go with the savings fountain idea, then next on the list is a regular saver, however, most of my money is going to be coming at me in installments of around £2000 every 2-3 months, as opposed to £250 per month or something, therefore if i were to go with this i'd assume that i'd be better off opening up a standard savings account, and then feeding money from this account into regular savings accounts, I.E. £100 to halifax childrens regular saver, and £250 to lloyds/tsb monthly saver

is there a standard savings account paying a competitive rate of interest that would allow me to do this? (set-up standing orders from it into regular savers each month)

Paul_Herring

si1503 wrote:

is there a standard savings account paying a competitive rate of interest that would allow me to do this? (set-up standing orders from it into regular savers each month)

A&L's 6.1% until Jan '07 I think it is? Opening it precludes you from opening their 12% RS however.

humfer

Try looking at regular saving accounts as another option - these range from between 7 and 12%

si1503

Paul_Herring wrote:

A&L's 6.1% until Jan '07 I think it is? Opening it precludes you from opening their 12% RS however.

they also want the account to have at least £500 going into it each month, so I might just go with the A&L regular saver, its just finding the right feeder account to set up for it, most savings accounts seem to be either hard to access or require money to be paid into a 3rd account, before going into the reg saver

is there no easy access savings account that i could pay into and just set a DD up to put a sum of money each month directly into my regular saver? alternatively could i just open up a standard savings account, then withdraw and pay into my reg saver with the cash?