Regular Savings for £1,000+ a month

King_Nugget

Hi all

Any suggestions for the best way to maximise return on a regular saving of somewhere between £1,000 and £1,500 a month. I need to do this for around 12 months with access possibly required in that period

Thanks in advance

boiali

I would be interested in people's views on this. Currently we have a santander 123 current account as it pays 3% but wonder if we could do better? Maybe you can consider it as well OP?


We can afford to save minimum £3500/month (we could do more). we max out our ISA every year. We have £110 000 in a fixed saver account.
We have 3 kids and save £100/month for each one of them as thats maximum we can find.

I will welcome Any ideas given to OP

lowbrim

Nationwide I belive have a regular saver account paying 6% but maximum you can put in is £1000/month and you have to have a flex account I believe.

ColdIron

I think the best Nationwide do for regular savers is 2.50%, if you have a link to this I would be very interested

innovate

The Nationwide 6% was a short-term "Flexclusive" offer, now withdrawn, with monthly payments limited to £250.

Comprehensive list of Reg Savers is in post 1 of this thread: https://forums.moneysavingexpert.com/discussion/608697

somethingcorporate

A couple of First Direct regular savers at 8% would be a start and would cover £600pm of your money.

innovate

King_Nugget wrote: »

Hi all

Any suggestions for the best way to maximise return on a regular saving of somewhere between £1,000 and £1,500 a month. I need to do this for around 12 months with access possibly required in that period

Thanks in advance

Probably difficult to find enough proper Regular Savers that pay more than 3% AER for that amount of money. Have a look at the Reg Saver link I posted earlier. I'd definitely try the First Direct Reg Saver because it pays way more than anything else.

You can presently get 3% on balances between £3K and £5K in Lloyds and BoS Vantage, as long as you pay £1K into each account each month. You are allowed 3 of each, i.e, can probably accommodate £30K. Interest rate is not guaranteed, however.

If you want less "hassle" setting up accounts and cycling money through, have a look at Santander 123.

Also, check out whether you could get better interest in an ISA for some of your money. Best current ISA rates in post 1 of this thread https://forums.moneysavingexpert.com/discussion/401374.

ISA rates keep changing, and are traditionally highest in March/April/May time. So worth checking back then.