New to Saving

mardiemare2008

Oh!! I understand now
I was thinking it would need to be a £1000 lump sum... Well I'm going to definitely do it if that's the case. Thanks

Archi_Bald

Great stuff.

Just make sure you diarise the end of 12 months since, as it stands right now, the account will go down to 1% then. But keeping an eye on interest rates all the while is a good practice to have, anyway.

You could, of course, get even slightly more in a First Direct Regular Saver (6% APR), max £300/mth, and you cannot withdraw throughout the 12 months the Regular Saver runs for. You would need to be accepted for a First Direct Current account (they can be a bit choosey), and feed the Regular Saver by Standing Order from your First Direct current account. This would protect your money from yourself for 12 months - - but it may be too rigid for you at present, and the extra 1% gross interest might not be worth it. Also, to make the best from First Direct, you should really want to move your current account (they pay you £100 - £125 for this) but you may not be quite ready for this.

atush

Have you joined your work pension?

mardiemare2008

Archi_Bald wrote: »

You could, of course, get even slightly more in a First Direct Regular Saver (6% APR), max £300/mth, and you cannot withdraw throughout the 12 months the Regular Saver runs for. You would need to be accepted for a First Direct Current account (they can be a bit choosey),.

Thanks for the info, but I think that'd be a little too much for me too think about now. My Head's already spinning :rotfl:

I will be looking to change my current account soon, as been burned by RBS too often with their 'technical glitches'.

atush wrote: »

Have you joined your work pension?

Yes, I also pay into my work pension, (I think its called a GPPP or something like that) All i know is it's friend's provident??? I don't have a clue - all I know is the money comes off my wage lol