What's Best??

jdw88rm

Evening guys!


I'm basically looking to save approx. £500 pm but would like to know where/what's best?
I usually stick this amount in an 'everyday saver' with Barclays but I'm sure there has to be somewhere better?
I'm a complete novice at this so feel free to talk to me like an idiot lol
Any help whatsoever would be great!


Cheers, Jon

badger09

Regular savers?

High interest current accounts eg Nationwide, TSB Plus, Lloyds Club, Santander

Have a read around the forum (and the main site?)

moneysavinggirl40

first direct do 6% regular saver, but you have to have current accout with them and deposit £1000 a month. you can put £300 a month i think, but can change your mind via standing order minimum amount £25 but make up anything you didn't deposit the following month if you want.

YorkshireBoy

moneysavinggirl40 wrote: »

first direct do 6% regular saver, but you have to have current accout with them and deposit £1000 a month.

No you don't. See the 'banking fee waivers' section of the 'interest rates and charges information' document on their website.

moneysavinggirl40

YorkshireBoy wrote: »

No you don't. See the 'banking fee waivers' section of the 'interest rates and charges information' document on their website.

oops first 6mths no fee, you're right if you maintain av monthly balance £1000 its fine, but i tend to put it into a higher paid current acc. thats why i opt to go for pay into acc.minimum of £1000, of course you can have their c.c, mortgage, car or home policy with them.

marathonic

moneysavinggirl40 wrote: »

thats why i opt to go for pay into acc.minimum of £1000, of course you can have their c.c, mortgage, car or home policy with them.

Or their online savings account with £1 lodged in it. The interest is pitiful but the £1 removes the worry of missing the £1000 payment on any particular month and being charged £10 (and who cares about the interest rate on £1 anyway )

jdw88rm

I'm confused

badger09

jdw88rm wrote: »

I'm confused

Have you done any reading as suggested? What are you confused about?

jdw88rm

I'm confused by the abbreviations, percentages and lingo.

PeakOwl

The Newcastle Big Home Saver accounts might be of interest:


There's no strings, you don't have to be buying a new home or mortgage with them, you can invest £1-£500 pm and receive 2.98% gross (its available as an ISA or ordinary savings account) Both versions allow immediate access to your cash, but you would lose a 1% bonus for the month if you make a withdrawal in any month.

There are other threads on Newcastle, but being a newbie I can't post a link...!

SG27

jdw88rm wrote: »

I'm confused by the abbreviations, percentages and lingo.

That's understandable. Saving isn't as easy as it used to be!

Normal savings accounts, such as you have with Barclays generally pay a poor return currently.

Regular savings accounts pay a high interest rate but you can only deposit a certain amount each month and can't pay in lump sums.

ISAs are tax free. So you pay no tax on the interest you earn. Currently isa rates are quite poor.

Current accounts: some current accounts are pay the best rate you can get at the moment! But there is a bit of hassle involved. For example needed to fund the account with a certain amount each month and setting up direct debits.