Newbie Saver - suggestions on mthly and lump sums saving

mondaymorning_2

Hi

I have a new job that pays me in varing amounts every month, I have a household budget which sets out how much I need to live comfortably, but with my new job I have on average so far this year had £533 more than what I need. So I would like to start a saving plan to make the most of this.

This is what I currently have saved:

£3000 NS+I Direct ISA from last tax year. 5.83% when opened.
£1500 HSBC ISA from 2 years ago. 4.5% currently.

I have another £3000 to save lump sum.

I want to put £50/month into a unit trust ISA through the CIS spilt between the US Fund and the UK Income and Growth fund as I think over the long term these should do well.

The rest of the money I'd like to have on pretty easy access, Although 50% could have a notice period if it was worthwhile and only if I could take it out regardless if I decided to.

So that leaves £483/mth on average to save. Some months this could be £1000 some months £90.

I did lot's of research last night and go a bit confused over everything out there, so I'd appreciate any advise from forum members.

Thanks

MM

mondaymorning_2

Hi

I've been reading more info and it sounds like a regular saver might be the best bet, but can I vary the amounts each month? Some months it might be £1000 some month it could be £50 or even nothing.

I don't have any debt other than my mortgage so I don't need to focus on that first.

Thanks

MM

missile

Why not put your £3000 in a cash ISA rather that £50/month in a regular saver ISA?

CLAPTON

firstly

use the 3k for an ISA .. two choices either the best ISA rate you can get or get the best that allows transfers in and also move the hSBC ISA there as it has a pretty poor rate.

as far as regular savings are concerned.. if you expect to be able to keep this up a for a few years then i'ld go for one(s) that dont terminate after a year. so Yorkshire will allow the money to build up until 20k or nationwide although thats a bit complicated whereas Halifax only allow one year at a time although the rate is better.

RayWolfe

AND Yorkshire allow variable amounts from £10 to £500. They also pay one of the better rates of interest.