First time saver

captain_insano

Finally got a bit of money together (around £2000). Hoping to put around £200 a month by as well. What are the best options for me? I'm not planning to touch this money for some few years.

skiddy2k

well, to start off with, you say your a first time saver, so i guess you have no ISA Account.

i would say, initially, open up an Mini-ISA account. here, you can save up to £3000 a year, tax free.

So, you could put ur £2000 you have at the moment, and then keep topping up the mini isa account until you have £3000 in there.

a very decent mini isa account at the moment is:

Alliance and Leicester and gives 5.40%AER with there Direct isa account, interest paid yearly.

Abbey's postal isa which gives 5.35%aer interest paid yearly.

once you've hit your £3000 limit, you can then put your £200 a month you have to save into either a regular savers savings account or into a eqasy access account where you dont have to put in £200 'every' month, you can choose to put in £50 one month and £400 or none on the next.

have a look at this link, its excellent for helping you choose which account will give you the highest interest:

http://www.moneysupermarket.com/savings/

hope it helps!