making my money work for me

jammerr

hello,

i have savings sittings about and not sure what to do with them, i'm in all honesty, losing money with them as they're earning little to no interest.

i have no debts apart from student loan. i don't have a mortgage.

i have around 10k sitting in an instant cash isa earning around 0.5%

i have around 5k sitting in a 'savings account' i got with hsbc when i had a premium account which i no longer have so its earning very little interest.

what are my best options please?

thanks

opinions4u

Read the links above your post.

jammerr

sorry, i should have done that originally.

In the ISA rates for the M&S account it says 'The Advantage Cash ISA from Marks & Spencer pays 2.75% AER, but this drops to 2.25% AER from 6 March 2013. Just prepare to switch and transfer in time.'

Just prepare to switch and transfer in time.. does that mean to a different account? Should I go for The West Brom WeBSave ISA 7 instead?

It pays 2.52% AER, including a bonus of 1% that lasts until 31 Dec 2013.. again MSE says 'so at that point transfer to a new bank.'

Not much point in doing the M&S one then shutting down and transferring in 3 months, surely?

jimjames

jammerr wrote: »

Not much point in doing the M&S one then shutting down and transferring in 3 months, surely?

Depends how much you value your time for the extra interest you will earn.

If the money isnt inside an ISA it would be worth doing that so that it will remain tax free once you start working and paying tax.

jammerr

looking at the amount of time it would be in the M&S account for (3 months), it's really not worth it.

what i will do is transfer the max amount for the year from my 'savings' account into my nationwide ISA, then transfer the whole thing into the new West Brom ISA.

then after 1st april transfer the rest from my savings account to the ISA, unless anyone has any better ideas.

thanks for your help.