Savings interest...

rainbowdust33

By next payday I will finally have paid off all my debts (overdraft, credit card etc) and can actually start saving, for a deposit for a house.

I'm planning to save £450 a month. My current account is with halifax, I have a savings account with them that currently has nothing in.

Just wondering what account people would recommend for the amount that I'm saving? Is it worth opening a new account somewhere, or should I just put it in basic halifax savings account.

Thanks

Archi_Bald

Interest paying current accounts. E.g. TSB Plus, and once you have filled two of these, Club Lloyds, Santander 123 etc

Stay clear of cash ISAs at least until they pay the same amount of interest as current accounts.

YorkshireBoy

Forget savings accounts...use high interest current accounts.


Start with a TSB Plus
Then get another one
Then get a Nationwide FlexDirect
Then get a Lloyds Club
That'll see you through to £11.5K at 4-5% AER...way more than Halifax will pay you.

marlot

First direct have a regular saver account which pays 6% on monthly savings of up to £300

rainbowdust33

Thanks for the replies guys, will look into the accounts mentioned.

Thanks