Where best to put money?

scottishgirl87

Unfortunately, I'm in a job which is on a fixed term contract due to finish in August 2014 with absolutely no chance of being renewed. When I first took the job my circumstances were different, however, my partner and I became first time buyers earlier this year which has essentially wiped out our savings.

Come January I can afford to put £300 a month away to try and plan ahead for being unemployed - but where to put it is the question?

My current account is with Bank of Scotland and has Vantage on it. I also have an ISA with BOS but this was pretty much wiped when we bought our house and it reverted to a measly rate after the initial 3%. I would like access to the money in case of emergency, however, I won't touch it unless it's absolutely necessary.

hunsbury0

scottishgirl87 wrote: »

Unfortunately, I'm in a job which is on a fixed term contract due to finish in August 2014 with absolutely no chance of being renewed. When I first took the job my circumstances were different, however, my partner and I became first time buyers earlier this year which has essentially wiped out our savings.

Come January I can afford to put £300 a month away to try and plan ahead for being unemployed - but where to put it is the question?

My current account is with Bank of Scotland and has Vantage on it. I also have an ISA with BOS but this was pretty much wiped when we bought our house and it reverted to a measly rate after the initial 3%. I would like access to the money in case of emergency, however, I won't touch it unless it's absolutely necessary.

Depends upon what is the balance at present.
Santander 123 offers 1% on £1000, 2% on £2000 & 3 % on £3000- £20000. It also charges £2 per month, but you get cashback on utility bills, council tax, sky/virgin media tv, telephone broadband bills as long as you have direct debits set up for them. you have to find the a/c £500 per month.
http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&canal=CABBEYCOM&cid=1237892266671&empr=Abbeycom&launch=NO&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector
see this link for more details.

eskbanker

As above, it depends on starting balances but you can get 3% on up to £5K in your BoS Vantage and can open another two in order to get this rate on up to £15K in total. Once you have multiple accounts on the go, rotate £500 between them every month to satisfy minimum funding requirements, even if you have no other source of income.

Eco_Miser

So, you'll have £2400 by the contract end. Nationwide FlexDirect offers 5% on £1-£2500.