Please Help!!!

MERLOUK

Hello!

This is my first ever 'chat' on a forum - so please be gentle!!

Basically, I have one thousand pounds to put into a savings account of some sort.

I haven't got a clue where to put it - but would want the highest return possible. I have been looking around on the net for advice and I am just totally confused!!

Any ideas??

I want to add to this inital sum every week via direct debit/paying in direct etc. - approx twenty pounds (eighty - one hundred pounds a month)

Any ideas???

Your help is much needed. Thanks

blinko

hi buddy first thing is to use your cash isa limit befoe april you have upto £3000 yes you can drip feed it and you dont have to declare it on you tax returns either, chec k out

abbey at 5.35%
alliance and lesvieter 5.4% although there is a £25 charge if you want to withdraw

System

Merlouok, welcome to the boards. As Blinko suggested, if you are a tax payer you will be better off going for an ISA. If your not a tax payer whatever account you go for, make sure you fill in a R85 when you open your account as it will stop them from taxing your account. You need to think, whether you will need easy access to your money, or whether you can afford to tie it up in a regular saving account or bonds and such like.

When i first started saving, i needed access to my savings at all time so i started off with a basic ING account, but as my savings have built up. I can now afford to leave some in a regular savings account. I can still get to it, but will be penalised (lose a months high rate interest), for doing so.

I dont know if you have come across this site before, but its quite usefull.

System

I trust you have read this section of the boards.

MERLOUK

Thanks for your input so far..

Just to confirm a few details - Yes I am a tax payer. I am looking to intially put £1000.00 in the account - but need full access to it (just in case of any emergencys!! although I suppose this could be overcame if my bank keeps my overdraft limited of £500.00).

I will also set up a regular saving routine - about £100.00 a month that will be added to this.

I am currently banking with Lloyds is it best to stick with them for ease of use or best to set up the plan elsewhere??

Sorry to sound completly thick - but I want the best return for my hard earnt cash!!


Thank You

System

Dont forget Lloyds Online Saving accounts, whereas you can save bits like for the car tax and insurance and stuff. I save in these too, save drawing money out of my other accounts. I hate drawing on my savings accounts. They aint brilliant interest wise, but help me manage my accounts better. I have one set up as a clothing allowance (that i pay myself each week from my housekeeping), the other one is the family allowance, that i cant tie up as my husband has a habit of quiting jobs fairly frequently.

Unbelievable_2

MERLOUK wrote:

I am currently banking with Lloyds is it best to stick with them for ease of use or best to set up the plan elsewhere??

You can get better rates elsewhere and it will be simple enough to set up direct debit/standing orders to move money from your Lloyds account to your ISA. Have you read this article ?