regular saving where do I start

lynx701

I am hoping to retire in 10 years pension all in place and I want to start a saving plan I have about 15k lump some to invest and can put away around £ 500 a month , I have been through some savings plan with my bank but the charges are expensive when i deposit my 15k they take £620 off me right away for admin charges to set account up this includes the mangement charge also for the 1st year however how long will it take me to get back to 15k never mind make anything on it , becoming lost in all this the more I read , anyone had similar situation and are through it

chookie1

Find a different bank - a savings plan should never cost you anything. Try looking at the regular savers thread on the board - lots of information there.

snowqueen555

Those charges are probably for stock based investment savings, you are not guaranteed a profit on those and its quite likely the bank wanted to sell you something that they want to sell, not whats best for you.

Savings wise your best bet are fixed term bonds or isa's, all depends on how long you can lock away your money for, but expect roughly 2-5% gross return per year on all those options

Is it a pension or savings you are looking for as you haven't made that clear?

DiggerUK

lynx701,
If NSI re-issue Index Linked Savings Certificates get them in 5 year bonds.
If not, then go my favourite savings vehicle, gold. 10 years is more than enough time for such an investment.
Price is at a low at moment, and it will only mean you pay your bank about 50 quids a year to store a cash box in their vault.
https://forums.moneysavingexpert.com/discussion/2583121

Best of fortune.