Help Please

mickey54

I have £10,500 that I can transfer from a current account..but to where? I don't have an ISA. I can also afford to save £400 per month. What are your suggestions please.

Loughton_Monkey

http://www.moneysavingexpert.com/banking/

Lokolo_2

mickey54 wrote: »

I have £10,500 that I can transfer from a current account..but to where? I don't have an ISA. I can also afford to save £400 per month. What are your suggestions please.

It would be useful if you could explain your circumstances a bit more, such as, are you a taxpayer? Do you need access to any of the money at all? Do you have a mortgage?

As a general suggestion I would definitely recommend putting the full £5100 cash ISA allowance in as soon as possible to take advantage of tax-free interest, then in the new tax year in April you can put a further £5340 in which nearly uses up the full lump sum you have now. You can find all the different ISA accounts on the Banking/Saving tab which the poster above has kindly linked to :j

With regards to the monthly income, you could either open 1 or 2 regular savers and deposit this in there, or open 1 instant access savings account such as the post office 2.9% one so that you can deposit every month and access the money when needed!

Then there is the Lloyds Vantage trick, do a search on this forum and you will find out how it works, but the summary is you could earn 4% interest if you meet the terms of the account, I would personally put cash into ISA's first as this will pay well when rates eventually do rise and you will get good tax-free interest :beer: