Drip feed saving technique

Hi,

I saw on the website a technique to collect more interest from your saving and would like to know if this only work with large or little lump saving. At the moment I am saving for a certain amount, but have as start of £2000 and can only pay £300pmd. I can only save £3.600pr year in my first direct regular saving account of 6%. I am thinking of opening an Isa and 123 Satander account. What would offer me the best return for my savings as all the interests are low?

Should I put the £2000 in my Isa (thinking of getting Tesco 2% easy Isa) and drip feed this to my regular saving account of 6% or should I put the £2000 in Satander and drip feed it to the regular saving account?

I would like to find the best way of not getting taxed as apparently you get taxed on your savings. What amount am I allowed to save before I get taxed?

Thanks,

Comments

  • samehat
    samehat Posts: 84 Forumite
    Hi Lisa,

    Sorry, I don't have any answers for you although santander does seem to have a good interest rate in that current account.

    However, I would suggest asking the same question elsewhere, perhaps in the savings and investments forum as it gets more people passing through.

    Good luck with it!
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