Best way to save , regular savings

Legaleagles

Hi , can anyone advise me of the best way to save my money . I can put aside around £800 each month . I've looked into regular savings account but all the banks cap the monthly savings amount at £250/month . Is there a better way to save my money ? Ideally I'd like to open an account which I don't have immediate access to so that I'm not tempted to dip into the savings ...

motherofstudents

This may be better in the savings board, you will get better replies. Do you have an ISA ? I'd start with that so you get tax free interest. Then google savings accounts and see where you can get the best rate. It may be better to have a spread, so some money to your ISA each month, £250 to a regular saver and then find another vehicle for the rest. You can find notice accounts where you will have to give for example 3 months notice to withdraw money or lose the interest for that period.

Person_one

If I were you I'd put the maximum into a fixed term ISA, then buy Premium Bonds with the rest.

Not everybody will agree, but the returns on savings in ordinary accounts are rubbish at the moment so I think you may as well take your chances with it. If you have a decent amount you tend to get a £25 win quite regularly anyway.

Put your figures into this:
http://www.moneysavingexpert.com/savings/premium-bonds-calculator/

Pollycat

Check out the 'Banking/Saving' tab on the main part of the forum.

Are you already contributing to a pension?

angeltreats

I'd be doing a stocks & shares ISA with a good spread of funds including both equity and fixed interest.

Legaleagles

Thanks persons , I think I'm inclined to agree . Interest rates are really low... I've already used ISA allowance with my savings but I'm looking to further my savings by putting aside £800 each month . Mother of student , am new to these forums and just clicked on the first tab I saw 😜 ill post this onto the savings forum too . I want to eventually take out a mortgage with my savings but it's so tough to get onto the property ladder , am looking into shared ownership schemes aswell ...

Legaleagles

Pollycat, yes I did start contributing to a private pension with my last job but for the time being I've stopped the payments due to a change of circumstances ...

WolfSong2000

If you're looking to put the savings toward a mortgage, have a look at Nationwide as they offer a savings account especially for this - I've been looking at it myself recently.

floss2

Do you have a credit union at work? If so, why not look into saving with them?

Pollycat

Legaleagles wrote: »

Pollycat, yes I did start contributing to a private pension with my last job but for the time being I've stopped the payments due to a change of circumstances ...

Maybe post your circumstances on the Pensions board (some really clued-up people on there) and ask what they think about your spare cash and pension possibilities.

getmore4less

Legaleagles wrote: »

Thanks persons , I think I'm inclined to agree . Interest rates are really low... I've already used ISA allowance with my savings but I'm looking to further my savings by putting aside £800 each month . Mother of student , am new to these forums and just clicked on the first tab I saw �� ill post this onto the savings forum too . I want to eventually take out a mortgage with my savings but it's so tough to get onto the property ladder , am looking into shared ownership schemes aswell ...

Make sure you have an exit plan, read up on the things that can go wrong(mortgage and property boards). shared ownership can be the worst of both worlds all the costs of ovnership and none of the benifits of renting


Start with a few monthly savers, then when they mature look for other options for the lump sums, term accounts have been quite good as base rates did not go up. if you go for those choose terms that match the savings goal for the house deposit

Premium bonds don't give a masive return but they are almost instant(a few days) access and there is a small(tiny) chance of a bigger prize.