The 'Save 12k in 2014' Thread!

lavenderlover

Fruittea wrote: »

Hi Lavenderlover I've just opened a Nationwide flex account that pays 5% on up to £2.5k It might be of use to you. It's the best rate I can find at the moment.

Thank you Fruittea.

As is quite evident I'm not exactly an expert in this saving business, so does this make sense:

I currently have a student current account and a savings account, both with Santander. The savings account pays 1% and is easy access, therefore I keep all my money there (I get lump sums in the form of bursaries, scholarships and government loans and grants) and transfer monthly into my student account to make the most of the interest. If I were to open a Nationwide FlexDirect (I assume this is what you're referring to, there's also a Nationwide FlexAccount but it's not the 5% one), it'd only pay interest on the first 2500, but it'd still need 1000/month. I understand the £1000 doesn't need to stay in the account, correct?
So, would I put £2500 in the Nationwide account (and leave it there), then every month transfer £1000 from my savings account to the Nationwide account then from the Nationwide account to the student account? That would make the most of my money, right?

Thank you everyone for your support

I-LOV-MONEY

lavenderlover wrote: »

I currently have a student current account and a savings account, both with Santander. The savings account pays 1% and is easy access, therefore I keep all my money there (I get lump sums in the form of bursaries, scholarships and government loans and grants) and transfer monthly into my student account to make the most of the interest. If I were to open a Nationwide FlexDirect (I assume this is what you're referring to, there's also a Nationwide FlexAccount but it's not the 5% one), it'd only pay interest on the first 2500, but it'd still need 1000/month. I understand the £1000 doesn't need to stay in the account, correct?
So, would I put £2500 in the Nationwide account (and leave it there), then every month transfer £1000 from my savings account to the Nationwide account then from the Nationwide account to the student account? That would make the most of my money, right?

I have a FlexDirect account. It has £2500 in it, because anything over receives tiny interest. It pays monthly interest, so I transfer that to an external account on the 1st of the month. Then I transfer £1000 to the external account, and immediately (!) transfer £1000 back into FlexDirect. Basically there is always £2500 in the account.

slowlyfading

Spreadsheet updated

Twiggy_34

Just feeling the need to brag about my MSE'ness after someone ripped off my car wing mirror last weekend. Managed to find a replacement on eBay for £35 and fitted it myself this afternoon (thanks to a you tube video). It involved removing panels on the inside of the door, various nuts and screws etc but only took me about 15 mins in total and looks good as new. So pleased with myself today! :j

I-LOV-MONEY

Twiggy_34 wrote: »

Just feeling the need to brag about my MSE'ness after someone ripped off my car wing mirror last weekend. Managed to find a replacement on eBay for £35 and fitted it myself this afternoon (thanks to a you tube video). It involved removing panels on the inside of the door, various nuts and screws etc but only took me about 15 mins in total and looks good as new. So pleased with myself today! :j

Well done. It would have taken me more than 15 minutes Then I would have bits left over at the end!

Eco_Miser

lavenderlover wrote: »

So, would I put £2500 in the Nationwide account (and leave it there), then every month transfer £1000 from my savings account to the Nationwide account then from the Nationwide account to the student account? That would make the most of my money, right?

Along with moving your monthly interest, yes.

You could also look at Yorkshire/Clydesdale Banks (4% on £3000), Lloyds/BOS/TSB (3% on £3000-£5000), and Santander 123. There are threads for each of them on here.

chris9393

Currently £2500 OVER target which I am extremely happy about

I've managed to save £3500 since January.

This money is currently sitting in an ISA, would it be better off sitting an an account such as Santander 123 which pays better interest? I will be spending this money within the next couple of years. I'm only 20 so I am currently saving for a mortgage.

late_bloomer

OK so my totals are

January - £2,159.65
February - £1,303.66

Total £3463.61

Went on holiday and booked another in Feb so savings a little down on previous month, but still good progress.

Congrats to everyone saving here!

mouthscradle

Just paid £71 into savings for an early start to March. Will still try and pay the usual £1400 in at the end of the month after pay day

Twiggy_34

I-LOV-MONEY wrote: »

Well done. It would have taken me more than 15 minutes Then I would have bits left over at the end!

Ha ha, I know what you mean, that's the kind of thing my OH does. Thankfully I'm quite a willing DIY'er, especially for a girlie and all thanks to my late Dad. The motor for the rear windscreen blade broke on my old astra a few years back. The garage told me it'd cost in the region of £100 for them to replace it for me. I bought a 2nd hand one off eBay for £15 and did it myself (well, with my OH on that occasion as it was a job which required 2 pairs of hands due it being a hatchback). I replaced a peeling sticky tile vinyl floor in our entrance hall with solid teak mosaic flooring at the end of last year which I'd bought for £30 on eBay (3m²) but am awaiting assistance from a chippy friend as I need to get the last piece cut with a very neat curve and I know I neither have the skill or tools to do this bit myself!

I want a sliding wardrobe in our bedroom too and ordered the custom fit doors/tracks a couple of weeks ago (50% off sale). Again, I'm waiting for an opportunity to get my chippy friend round as we need to put a 'false' top in due to a sloping ceiling and, while I think I could bodge it, I want to be sure that bit is sturdily built! :cool: