How much can you save?

rictus123

Hey guys, £500 min monthly savings...what should i do with it? Poor credit rating means no new account for me premium bonds a good idea?

Lokolo

rictus123 wrote: »

Hey guys, £500 min monthly savings...what should i do with it? Poor credit rating means no new account for me premium bonds a good idea?

Savings accounts and credit rating are not related.

PBs are poor choice unless you are a higher rate tax payer.

Have you used your ISA allowance?

rictus123

My ISA rate is really bog standard Was good(3.6%) for the first 12 months, now its like zilch. I want to put it away so i cant touch it.

Lokolo

rictus123 wrote: »

My ISA rate is really bog standard Was good(3.6%) for the first 12 months, now its like zilch. I want to put it away so i cant touch it.

Ok well you can move your ISA to a better paying one.

But for the £500 a month:

http://www.halifax.co.uk/savings/regularsaver.asp

bendix

Lokolo wrote: »

Savings accounts and credit rating are not related.

PBs are poor choice unless you are a higher rate tax payer.

Have you used your ISA allowance?

Why are PBs ok for higher rate tax payers? As far as i can make out they are a ridiculous investment, and the returns (not even guaranteed) are linked to the Bank of England interest rate so at the moment they won't be paying out more than 0.5% in prize money.

They are for grannies, not savers.

YorkshireBoy

bendix wrote: »

...they won't be paying out more than 0.5% in prize money.

The prize fund 'interest rate' currently stands at 1%.

http://www.nsandi.com/products/pb/rates.jsp

bendix

I love the start of the month - pay day, savings day and pension contribution day all at the same time. August was a cheap month for me, so I can splash out on the savings front this month.

Contributions were the same as last month :-)

bendix

YorkshireBoy wrote: »

The prize fund 'interest rate' currently stands at 1%.

http://www.nsandi.com/products/pb/rates.jsp

Oh, well, that's me convinced. I'm off to 'invest' a quick 100k :-p

Lokolo

bendix wrote: »

Oh, well, that's me convinced. I'm off to 'invest' a quick 100k :-p

I meant for higher rate tax payers as a last resort. So if thye already have £500k in bank savings or whatever, and want 100% protection, PBs are next in line.

MONEYME

Isa: 14,141.86 (14,063)
Newcastle BS Bond: 12,000 (12,000)
Easy access: 1,587.95 (800)

Total: 27,729.81 (26,863)

Target 40,000 (22 months rem.)

£557.74/month (£571.17)

Updates with previous months in brackets.
A good month but potentially have some bad months coming up but happy with my progress since joining this thread.

13,137: required (30june 2011)
£571.17/mth: required