Savings account advice please :-)

leeroy2009

if that means up to £460 quid a month max then for your current needs and best rate of interest you would:

1. upgrade to flexdirect
2. open flexeclusive isa
3. transfer your savings your nice granddad started you to the cash isa above.

this would look after those savings you have, and pay you more interest, you would also put money for your holiday savings in this cash isa too.

the only thing is £5760 is the max you could put in the isa between now and april next year - which based on your posts you will be nowhere near filling to your full allowance so no worries there.

so the account upgrade and the flexeclusive isa is the best way of you getting more interest on your existing savings and your holiday fund

this_charming_girl

thank you very much, i will certainly look into those options that you have suggested.
I really appreciate everyone's advice, and hopefully I can start saving properly!

leeroy2009

and continue to build on your relationship with nationwide, as no doubt you will want credit facilities in the future, and nationwide would be your first stop for a credit card etc should you ever require one.

good luck on your future savings progress.

ps the tax man is no doubt taking money off you in your existing savings account, once and if you open that above isa the tax man can not get his fingers on your savings interest - you will pay him nothing, so its in your interest to act sooner rather then later lol.

LittleVoice

psychic_teabag wrote: »

Of course, if you can deposit £1000 per month, a Halifax Reward current account might be a better bet, since that will give you £5 per month (£60 per year, after basic tax), vs the £30 before tax you'd get at 5% on a balance of £600. (Oh, no, it's down to £750 per month now.)

Plus Halifax will pay you £100 to transfer your account to them.

[If can get away with it, you could have both accounts : take the £5 from Halifax each month, but still keep the money in Nationwide earning 5% ! They just both need to think it's your main account.]

To get the Halifax £5/month you also need to have two Direct Debits set up on the current account and for money to be taken on both in the month. Just having them set up isn't enough.