Where do I save my £1000?

matttye

matttye wrote: »

Yeah I saw that! That's good as well.

I think the ISA is preferable if you haven't get used up your allowance for the year, as 5% with BRT deducted on the summer saver is the same as 4% tax free on the ISA, and the ISA allows you to deposit more each month.

Both very good accounts though. I've just realised there's one not too far from here so might open one!

Edit: although nothing to stop you opening both I guess.

Got an appointment tomorrow to open both accounts

jonesMUFCforever

HappyMJ wrote: »

NOOOOO!!!...sorry for screaming. Premium Bonds are awful. If you could get 3% interest on your money you would get £2 a month after tax (assuming you pay tax) each month which you could use to buy lottery tickets. The odds are much better at winning the lottery than winning the top prize on premium bonds. Lottery odds are 13,983,816 to 1. Premium Bond odds are about 40 to 45 billion to 1 every month. The average (assuming you win big every now and again) is 1.3%. If you don't win big it's about 0.8%.

With Premium bonds you get your money back - what do you get for a losing lottery ticket?;)

psychic_teabag

The suggestion was to use the interest to buy the lottery tickets. The capital would not be touched. So you'd just be converting £2 per month interest into an average 90p or something.

typistretired

If you have been saving £1,000 per month you must have a tidy sum now. You should use your isa allowance first as rates are gradually dropping and look at opening Nationwide Flex accounts, (5% gross up to £2,500) Lloyds and Bank of Scotland Vantage accounts (3% from £3,000 up to £5,000). You could move your £1,000 in and out of these accounts each month to meet the terms and conditions. Lots of posting on here about these bank accounts