Advice Needed

baxgttdi

Hi all, I've followed the advice of this site for about 18 months now from starting in real problems and going through the whole debt free wannabe's and have finally come out of the other side :j . So...I've managed to save about 1k, which I know isn't alot compared to these figures I see flying around but it's a start. I was therefore wondering what people would suggest I do with it. It won't be a one off payment, as I intend to add to it monthly if possible but with so many accronyms and percentages floating around my poor head is just lost. If anyone could advise me the best way to go now i'm starting to get somewhere with cash it would be greatly appreciated as this is all new for me.

Dave

alwaysonthego_2

what about a ISA, you can only put 3 grand in a year, but if you look around there are some great deals about

Jake'sGran

I'd start with an ISA too, one that from which you can withdraw money easily
and that allows you to put money into as and when over the twelve months period.

anniecave

you can only save up a max of £3000 per tax year in a cash isa, and if you withdraw the money, you can't put it back. They offer good rates though, so they are good to have.
If you are planning to save quite a bit over time, but might want access to some of the money, might be best to think about having some of your savings in an instant access account (so you have access to it) and the money you hope you won't need immediately in the cash ISA.

plonkee

Congratulations on getting this far.

I too would suggest an ISA. The article on this site will show you the current top paying one, I think it might be with Egg.

If you are planning on saving more than £150-£180 per month for the rest of this financial year then you should probably also open a regular savings account.

Both of these options are meant for savings where you more or less won't be taking the money out a lot of the time. If its more of a saving up for a few things and then buying them sort of savings account, then a regular taxed savings account might be better suited.

It would help if you gave an idea of how much you're thinking of contributing each month and what your plans are for the money.