how best to save £500 per month?

psychic_teabag

BTW I assume you know the rule about not making any purchases on a card to which you've done a 0% balance transfer. (Unless it also has a 0% purchases rate, I suppose.)

EB69

cloud_dog wrote: »

ISAs are no different to savings accounts, it is just a tax efficient wrapper.

There are fixed rate ISAs and savings accounts, there are instant access ISAs and savings accounts, and there are ISAs and savings accounts with special terms, i.e. limited number of withdrawals etc, etc.

Do not assume, read the T's & C's.

Another option you might want to consider is overpaying your mortage. This assumes you have one, that the mortgage interest rate is higher than any net/gross interest rate, that you can overpay, and that (more importantly) you can access the overpayments.

With interest rates relatively low and with our mortgage rate higher than our savings rate(s) we overpay and then withdraw the overpayments when we need it, its especially efficient if you are a higher rate tax payer.

thanks for this cloud dog - I did wonder about overpaying on mortgage but I could not get clear definitive answer about accessing it again later, so not going to take that risk (Northern Rock ahve been less than helpful on every occasions since I took the mortgage - even down to asking simple questions like what my rate is etc)

Baldur wrote: »

Kazza242's regularly updated post is an excellent starting point for Cash ISA 'best buys' - http://forums.moneysavingexpert.com/showpost.php?p=4603369&postcount=1

I will look out for it, thanks

psychic_teabag wrote: »

BTW I assume you know the rule about not making any purchases on a card to which you've done a 0% balance transfer. (Unless it also has a 0% purchases rate, I suppose.)

Thanks PT - I am aware of that lovely little wheeze the companies have got going - I don't intend to use the card at all - in fact I dont even have a pin for it! In fact, i dont intend to use CCs for anything, ever again... but I guess time will tell. I am sure in the hands of a sensible person they are fine, but I am yet to prove myself as being a sensible person