Advice on types of Savings Accounts

Lizzykitten

Hi there - I'm looking for some advice on the best types of account to use for 2 savings scenarios. Really not sure where to start!

1. Account to add a lump sum loan to for use on a regular basis as we do some house renovations over the next couple of years. Needs to be instant access but as it's a few thousand, I thought the best account could give us a bit of interest in the meantime.

2. Account to make regular savings to over the next 3/4 years for a holiday. We'd we putting £500 in to start with, then saving £50 per month.

Any pointers would be really most welcome!! Thanks :j

maginot

Hi lizzy

Traditional savings accounts are a bit rubbish at the moment.

How much is a few thousand. Nationwide give 5% on a current account balance of £2500 (do need to be recycling money by paying in every month).

For regular savings, I have a first direct account that pays 6% on a Regular saver. Only able to pay in £300 a month. But you could pay in £300, then pay £250 next month and £50 every month afterwards.

Archi_Bald

Start here: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Lizzykitten

thanks all - maginot, its £10k if that helps? Regular saver with FD sounds good, thanks.