How much can you save?

gelato_cat

Hi there

If you're a Lloyds customer and are already saving at least £250 a month, why not use a Monthly Saver to do this? The rate is I think 8% and the account runs for a year. You can save up to £250/month and could put any excess into another savings account.

Suze

welshman10 wrote: »

I've been saving into the Lloyds TSB Online Saver account for about 18 months.

Started off saving £250 per month and upped it to £333 per month about 8/9 months ago.

I've dipped into it once or twice, but I've managed to get £4,500 so far.

Saving becomes addictive...I feel like scrooge. I want to buy a Nintendo Wii, but I am loathe to dip into my nest egg. I will probably either put it towards a new car or keep it there until one day I have enough of my boss and just quit on the spot, knowing I have a few month's grace for paying the mortgage

Should I maybe do something else with the money?

save-a-lot

welshman10 wrote: »

Should I maybe do something else with the money?

Use up your tax free option aswell in an ISA

moneysavingwannabe

welshman10 wrote: »

I've been saving into the Lloyds TSB Online Saver account for about 18 months.

I will probably either put it towards a new car or keep it there until one day I have enough of my boss and just quit on the spot, knowing I have a few month's grace for paying the mortgage

Should I maybe do something else with the money?

Hi,

It might be worth filling up an ISA like save a lot suggested.

Also if you don't have any debts it might be worth overpaying on your mortgage? We were overpaying by £200 a month and have already knocked a couple of years of the term. It saves thousands in interest over the years.

airwalk

May of made a pound today, transfered a pound from my Bank account to my Egg ISA, £1 went straight into the ISA but no money has been taken from the account!!

welshman10

Is it worth buying premium bonds?

steady__eddie

Only if you win.

welshman10

I kind of gathered that...

But what are the chances of winning? Have people here had any success. It seems like a no-lose situation anyway.

EagerLearner

Well, you lose the lovely interest you would have earned in an ISA or top savings account like IceSave... then I have also heard that premium bonds are only worth it if you have over 20k - if you do maybe it's worth ago - although 20k would be worth around £85+ interest per month in an ISA... worth the risk? I guess I play things safe he he - would rather see £85 free cash every month!

jamesd

Premium bonds are a losing proposition, with inflation quite rapidly consuming your capital. The income is unpredictable and when you get it it's low. Other NS&I products or various savings accounts are likely to do better. See Premium Bonds: are they worth it?

Wiggynut

I would like to start saving regular but I need to clear my debts first.
I have an ISA which has had £1.15 in it for the duration!!!

I've started a new current account recently at HSBC but they still havn't sent cash card, paying in book etc and it's been a month! I have to be late for work if I want to have some cash! :mad:

I might have to go elsewhere!

I have the isa with nationwide but will start a new one or a high rate savings account.
I can only pay £20 per month at the moment (15000 per year wages!) but better than nowt eh! :j