Savings Advice Needed Please

Prof_FrinkProf

Registered a while ago but this is my first thread, I'm after some advice about savings accounts please.

Within the next few months I should have around £8,000 to deposit into an account, then around May time I should have a further £15,000 to deposit. I'm going to also aim to save around £500 a month and add that to my savings.

The last thing I want to do is risk losing the money in anyway, I'd rather have an account that doesn't pay any interest than an account that pays high interest but there is a risk I could lose the money.

My current account is with Lloyds and has been for more than ten years, I'd like to have a savings account with them where I could view the account with my online banking and deposit money in easily, but I'm aware that they may not pay the best interest rates.

Any help / advice would be greatly appreciated

Thanks

Lokolo_2

Seeing as you are with Lloyds, you could take out a Vantage account or three -:beer: These pay 4% AER on between 5-7k, but you must add £1000 to it every month, which you can then withdraw though (as anything over the £7k wil earn 0.1% interest!

If this is too much hassle for you, there are alot of easy access accounts around with other banks, check the "Banking Saving" tab on the top of this page to find links to them. Downside is that rates for these accounts aren't amazing but you do have instant access to your money should you need it.

You haven't specified if you need access to the money at all, If you don't, then you can get a better rate by opting for fixed term "bonds" for a period of up to 5 years, the downside is of course lack of access to your money and you can't deposit more once you've deposited the initial amount.

Hope that helps :j

thriftychap_2

do you have a mortgage or any debts? if so tackle these first.

Investments funds might be a good shout, an ISA on is tax free.

Prof_FrinkProf

Thanks for the replies, I appreciate it! To put you in the picture I'm 22 and saving for a house, the two lump sums I mentioned (£8,000 & £15,000) are one offs and any other money that I'm saving will be monthly and out of my wage. I won't need to access the money but don't want it in a bond as long as 5 years, I would only be comfortable with a bond up to 2 years.

Aaron I'm suprised you didn't suggest an ISA for my first £5100? Or will the account you suggested offer better interest?

Thanks

Russ