What to do next?

Tom_Brine

Hi all

I am saving for a house at the moment and by the end of the year will have around 22k (based on saving 550 a month and not taking into account any interest on my savings). I earn £21,121 a year and am 28 years old. Being as though I plan on buying alone I have a long way to go (Hoping to get 40000 for fees and deposit etc)

I have £12,221 in Santanders first home saver at 5% which I pay £300 a month into.

£3050 in a Santander fixed rate monthly saver at 5% which I pay £250 a month into (One month paid £50 which explains the total)

£3940.63 in a Santander ISA paying 3.3%

My Fixed rate monthly saver interest rate ends on the 1st of September and drops to something not even worth mentioning. The interest will be paid at the end of august and I will move the money. I will have £3300 in the account by then. £1699.37 will go to topping up my ISA to its limit which will leave £1600.63 to put into an account somewhere.

I was a bit dismayed to discover Santander are no longer doing the fixed rate monthly savers (which I have been closing then opening a new one for a few years!). I have never had a problem with the bank mainly as I do all my banking online and when I go to the branch I just tell them what I want to open close etc.

I was thinking of their new E-Saver, but is this the best place to be putting my £250 a month on top of the opening deposit of 1600.63. I want my money to work for me as best as it can. Can you open fixed rate monthly savers with other banks without having a current account with them? Currently everything I have is with Santander.

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http://www.money.co.uk/savings-accounts/regular-savings.htm
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