Best savings mechanism - £8k lockaway

zudecke

Hi guys,

As the title implies, I'm wondering if anyone can suggest a good savings mechanism to stick £8-10k, which CAN be untouchable.

Ideally, I'd like a 2-3 year fixed rate, but more importantly, are there any that allow me to ADD money to the acc?

Thanks as always MSE!

Z

Just_landed

zudecke wrote: »

Hi guys,

As the title implies, I'm wondering if anyone can suggest a good savings mechanism to stick £8-10k, which CAN be untouchable.

Ideally, I'd like a 2-3 year fixed rate, but more importantly, are there any that allow me to ADD money to the acc?

Thanks as always MSE!

Z

After using your ISA allowance up see link 1 :-

https://forums.moneysavingexpert.com/discussion/401374

The next link is just one of many idea's link 2 :-

http://www.sainsburysbank.co.uk/savings/sav_savings_zone.shtml

psychic_teabag

Any reason they must be the same account ? Could you not lock away the current money in a fixed-term account, then accumulate additional money elsewhere (eg an instant-access account, or a reg.saver if you can make the payments regularly).

Could move instant-access to shorter-term fixes at, say, 6-month intervals, or when the amounts become significant. (Or when good deals appear.)

zudecke

Just_landed wrote: »

After using your ISA allowance up see link 1 :-

https://forums.moneysavingexpert.com/discussion/401374

The next link is just one of many idea's link 2 :-

http://www.sainsburysbank.co.uk/savings/sav_savings_zone.shtml

Can you explain this step-by-step to a laymen who has never saved anything before please?

zudecke

psychic_teabag wrote: »

Any reason they must be the same account ? Could you not lock away the current money in a fixed-term account, then accumulate additional money elsewhere (eg an instant-access account, or a reg.saver if you can make the payments regularly).

Could move instant-access to shorter-term fixes at, say, 6-month intervals, or when the amounts become significant. (Or when good deals appear.)

Well I thought it'd be better for me to add all monies to one acc, preferably with a good interest rate, no?

What you;re suggesting is put the lump sum somewhere with a decent rate and then put all future monies somewhere else, in perhaps a more flexible account, right?

Is that efficient for my £?

Z

psychic_teabag

Generally, fixed-term accounts don't accept additional deposits. So it would be hard to find a single account which gives the best rate for the lump sum and also allows additional deposits. Or putting it another way, requiring additional deposits would drag down the rate you'd get on the bulk of the money.

So yes, I'm suggesting find the best rate you can for the lump sum, and accept that you might have to find a different home for future monies.