Savings pots where do you put it?

skaps

I want to start saving for all the costly things each month like home insurance, car insurance, holidays etc and wanted to know where people put all their money. Do you keep it all in one account or do you seperate it into different ones? I was thinking of using my isa to do this but then wondered if a regular saver account would be better. Any advice would be great

leahciM

Bit of a broad question I think, but I'll put in my two cents (hope it helps!)
I assume from your post that you want regular access to your savings as opposed to saving a large amount over time?

Going on that assumption, I would suggest maybe looking away from an ISA purely because with ISA's you can only put in £5100, meaning that say you save £5000 one month, then need to pay £3000 for a holiday and withdraw it, for the rest of that tax year you would only be able to put in another £100.

Instant access saver looks more up your alley, I'm sure there's some good ones suggested on this site's homepage.

edinburgher

I love love love my IF account for this. The rate's not the best (2.5%) and it took a week or two to open. Now it's been up and running for a while, however, it's a piece of cake to manage and I really like their (Scottish) customer service.

You can open additional accounts/pots in a matter of days, you can rename pots and redirect interest etc. as you like, set up automated deductions and payments and generally micromanage to your hearts' content.

ING Direct get a good writeup for similar sorts of functionality and their account offers a slightly higher rate atm (albeit with a bonus offer).

skaps

Thanks for your replies I think the regular savings account will be good for me. Who is the IF account with?

skaps

did google if and came up with something else. thanks

xrjtg

IF is probably Intelligent Finance, which I think is an online only branch of Halifax.

EDIT: close, but beaten to it anyway.

EarthBoy

xrjtg wrote: »

IF is probably Intelligent Finance, which I think is an online only branch of Halifax..

It is part of Halifax/HBOS at the moment, but it's among the group of brands that the owners, Lloyds Banking Group, have put up for sale, along with Cheltenham and Gloucester and some of the Lloyds TSB branches.

edinburgher

Who is the IF account with?

Apologies - should've been clearer to begin with

missile

I use LTSB Vantage accounts 4% if I maintain balance between £5,000 < £7,000

natman

Hi,

I really like this question as no one really tells you how to run your finances............And to be honest it can really make a big difference.
Someone with £50,000 sitting in the wrong place can earn you less than someone with £1000 sat in the right place. I think moe needs to be done with 'training' people how to manage their money effectivley.
Heres my thoughts -

First question is - how much have I got and do i need to get hold of it all.
I use a type of pyrmaid system -

lets say I have £10,100
I would put £5100 in an ISA( With the intention of not touching it at all) so if i have to tie it up for a year i would do, but thats sort of 50% of my savings in this example that I cant touch
I Would put say £2000 -£3000 in a fix term account - for 1 year that i cant really touch.
I would then open up instant access account - put in the rest £2000-£3000, but on top of this i would open up a regular saver and fund this through salary or making regular deposits from the instant acess account.
I think all I am saying is, make sure you have some money to get hold of ( car blowing up / washing machine repair etc)
Tie a bit of money up ( i dont really like fixing for more than a year, but thats just me.

These are my accounts -

ISA - I have two accounts - SANTANDER 3.5% and ALDERMORE Fix ISA at 3%
My fix account has just come to an end but am considering - BARODA 1 year fix at 3.15%
Instant access accounts - my 3.25% EGG ccount has come to the end so i have opened up an AA account at 2.8%
Regular saver - N & P Regular saver at 4% up to £250 a month can be saved.
In addition I ALSO HAVE £1000 in premiumn bonds, just for chance really.

Good luck with your savings!!!

Aa lot of people are going for the LLOYDS vantage current accounts and opening three of them. you can save £5000 - £7000 and earn 4% but you have to deposit £1000, in them all every month, but i have not gone down this route...... Dont know why really!!! in principal it seems good

chris_m

"JohnHall" reported for being a spammer - at least that's the name today, it'll be another one tomorrow