! Help needed - current account/savings !

lukey105

Hi all !

I have saved up some money in my HSBC current account (£5-10k).

Need advice - how can I make this money work for ME !!!!!!

HSBC suggested a flexi-saver account (no card- so money is safer than in my current account and funds can be moved around instantly).
This seems a good short term idea for safety sake.

I have no credit cards.

I am still saving for that 'rainy day' and so thought I would ask the community here for some advice on maximizing the potential of this wonga !!

Bonds? ISA? Spread betting!!?

Thanks all x x

atush

Last I checked, that acct had very very low interest.

Do you need easy access to some or all of this money? If you want to stay with HSBC, the only half decent interest rates are savings bnds held for 1-4 years etc.

Elsewhere, you can get 3% for easy acess savings, but if you pay tax then you should fill a Cash Isa with 5340 first.

G_M

lukey105 wrote: »

Hi all !

I have saved up some money in my HSBC current account (£5-10k).

Need advice - how can I make this money work for ME !!!!!!

HSBC suggested a flexi-saver account
Thanks all x x

0.05%

Might as well leave it in your current account.

lukey105

thanks for the info guys......and apologies for the late reply !

I only considered the HSBC flexi as a safer way to bank- as it is less likely to be cloned/hacked etc etc

But the cash ISA thing sounds interesting- could someone explain this for me please? I assume I can open an ISA up to the value of 5340 tax free one time??

......I am indeed very much the money saving newbie !!

Gordon_the_Moron

A cash ISA is just a standard savings account EXCEPT for two things

1. There is a limit on how much you can pay in per year (£5340 this year, going up by about £300 next year I think)

2. The interest is tax free

Open one first then open a decent savings account.

Newly_retired

Read Martin's advice in main Savings area of this board. He explains ISAs etc well for Newbies.