Any advice on where to save?

6309Jock

I am new to the forum and would like any advice that anyone can give for my situation.

I would like to save money every month for a period of 2,5 and 10 years. I basically want to set a Direct debit of a fixed amount each month and not have access until the 2,5 and 10 year point. At these points i want all the cash paid out to me.

Where can i best achieve the above?

The amounts i would be saving each month would not be to substantial. Anything from £50 to £300.

Any advice will be much appreciated.

JessikaSuddarth

If you want to take little risk then stock market is the best option to make investments. But Bank fixed deposit is a good way too if you want risk free

WanWig

I think you should divide your investment in various parts , dont put all the eggs in one basket, Invest some in Stock, Fixed Deposits and others

DiggerUK

6309Jock,
It seems fairly obvious that you are new to putting by for the future from your post.
Relax, it isn't rocket science.

For now put what you can in a Cash ISA, up to 5100 each tax year, and check out what's what by reading through here regular. You will get 3% net at best for instant access, but you need to build up a pot to play with.
Don't forget to clear all debts first, and get a rainy day fund set up.
Best of fortune.

Lokolo_2

This is a little difficult as normally a regular savings account would do the job, except you wish to save for more than 1 year, whilst most these accounts don't last longer than that, so you'd have to start a new one every year, you wouldn't be able to build them up over the years.

As diggeruk suggested, an ISA is a good place to start, interest is earnt free of tax and most ISA providers will allow you to add frequently up to the annual allowance of £5100.

The difficulty comes with the "no access" that you wanted, as most of the ISA's that allow regular deposits, are the instant-access ISA's. Most of the fixed term ISA's wont let you deposit more after the "issue" has been withdrawn!