What to do with £50-100 per month?

willspratt

Hello.

I would like to save £50-£100 per month over 5-10 years. I would be prepared to start things off with a lump sum of £1-2k.

Any advice or ideas of where I could put this money?

Many thanks!

Gordon_the_Moron

If you are under 35 and never had a mortgage go for the Santander First Home Saver, if not read on.

Otherwise I'd look for the best regular saver account available and pay in each month (you can't pay a lump sum in but you can pay in the maximum per month, usually £250-£500 until the 2k lump sum has gone)

Natwest E-Saver pays 2.89% for a year, this would be a good home for any cash you have spare between making each month's deposits into a regular saver, and for the £1k-£2k lump sum until its invested.

Take a look at the following:

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

willspratt

Thanks Gordon - will take a look at those

Loughton_Monkey

willspratt wrote: »

Hello.

I would like to save £50-£100 per month over 5-10 years. I would be prepared to start things off with a lump sum of £1-2k.

Any advice or ideas of where I could put this money?

Many thanks!

I bank with First Direct. They pay 5% for Regular Saver (up to £300 a month). So I would launder year 1's savings through this, and then dump the proceeds into an ISA - so the interest is tax free. Same again year 2 etc. [Because you can start another Regular Saver the minute the other one is finished.]

Santander house account might be an option, since even after tax it pays more, but I am conscious that once locked up in a cash ISA, you can (if you don't need the money for a very long time) keep the interest rolling up tax free for virtually ever - far better in the long run.

DiggerUK

willspratt,
Regular Saver for now, then decide what to do with lump sum at maturity. Check the Santa and Summer Saver A/C's at Chorley B.S., 4% gross.
http://chorleybs.co.uk/index.php?option=com_content&task=view&id=225&Itemid=568

Yeo_CH

willspratt wrote: »

Hello.

I would like to save £50-£100 per month over 5-10 years. I would be prepared to start things off with a lump sum of £1-2k.

Any advice or ideas of where I could put this money?

Many thanks!

I'm new here and was attracted to this post because I also have similar objective as Willspratt's. In my country, the interest from any banks for savings account will not be higher than a mere 0.5% - 1% for the next 12 months. Thus many are driven to try high yields stuff from Internet and non-Internet. Don't go for the HYIPs. Also, I don't agree to the common saying /wisdom that the higher the returns the higher the risks. I submitted an article to ezinearticles.com, giving my reason why I disagree.


Bye