First time saver

CCMM

I am looking to put about £1000 into a savings account in order to get a steady monthly return on it and perhaps add to it as time goes by. However, I have no clue which is the best deal for me as I would like to access the money in case of emergency and I like the idea of having some contact with the branch or company. Could you give me some advice as I have done research but am overwhelmed by it all. I am 21 if that helps and am doing an internship so do not have a permanent job.

Thank you!

JimLad

CCMM wrote: »

I am looking to put about £1000 into a savings account in order to get a steady monthly return on it and perhaps add to it as time goes by. However, I have no clue which is the best deal for me as I would like to access the money in case of emergency and I like the idea of having some contact with the branch or company. Could you give me some advice as I have done research but am overwhelmed by it all. I am 21 if that helps and am doing an internship so do not have a permanent job.

Thank you!

You wont really be getting much of a "steady monthly return" from £1000.

Do you need to get interest monthly, or will yearly be ok?

nzseries1

JimLad wrote: »

You wont really be getting much of a "steady monthly return" from £1000.

Just to elaborate, your estimated monthly return is:
£1,000
x 3% (per year - about the best easy access interest rate currently going)
take off 20% (assuming you pay tax at the standard rate)
/ 12 (twelve months in a year)

= the princely sum of £2 per month.

JimLad

nzseries1 wrote: »

the princely sum of £2 per month.

More than i thought actually! lol

psychic_teabag

You can do rather better than that... open a Halifax reward current account and move your £1000 in and out of that once a month. Halifax will pay you £5 per month (net of basic rate tax).

And I think you can also get 5% from Santander on their current account. So you just have £1000 spend most of its time with Santander, but with a monthly round-trip to Halifax and back, which satisfies both accounts' conditions.

Acremead

psychic_teabag wrote: »

You can do rather better than that... open a Halifax reward current account and move your £1000 in and out of that once a month. Halifax will pay you £5 per month (net of basic rate tax).

And I think you can also get 5% from Santander on their current account. So you just have £1000 spend most of its time with Santander, but with a monthly round-trip to Halifax and back, which satisfies both accounts' conditions.

No!! Whatever you do don't risk the hell that is Santander. They pull people in with headline-grabbing rates. That and taking over rival banks has meant they've expanded so rapidly that many of their systems are falling apart at the seams. do your homework and you should be able to find an account that comes within a quarter of a percent of what Santander offers- sacrifice the 0.25% for the peace of mind it will bring.

ironlady2022

Try for an ISA first of all, then after your £5100 limit, maybe you can look at instant access options. If you want to save for longer term, maybe deal with a IFA?