where best to put my savings

Zubo_2

hi
to
we dont have much savings... two isa with natwest £5k total and poor interest rate and now £7k to add to the pot....

i may have £200-£500pm to save soon,, i am thinking of closing the iisas and putting the £12k in a nisa with better interest rates or a high performing bank savings account...

Im confused by all the info on both these options anyone give some easy simple advice please

ta

bowlhead99

You can get 3% (2.4% after basic rate tax) on anything between £3k and £20k in a Santander 123 current account. So just use that, there's plenty of headroom above your £12k for all the spare cash you have coming up.

Or you could use some combination of "regular saver" accounts and multiple current accounts at promotional rates of interest to get an even higher return, with more effort.

ceredigion

read
http://forums.moneysavingexpert.com/showpost.php?p=66135006&postcount=5

atush

Dont Close an isa, find a new one and get the new pone to start a transfer.

Do you have a pension?

Zubo_2

thanks bowlhead99, ceredigion - great post.

Zubo_2

atush wrote: »

Dont Close an isa, find a new one and get the new pone to start a transfer.

Do you have a pension?

atush...

why not close isa when i can move the money to a better performer?

we both get state pensions but my wife has full time job too

aggypanthus

He means dont actually close it but choose a new product and get them to transfer the money to the new product.

badger09

aggypanthus wrote: »

He means dont actually close it but choose a new product and get them to transfer the money to the new product.

He's a she but the question still remains

Why faff around with transferring a (lowish value) cash ISA when you can get much better interest in various current accounts

colsten

atush wrote: »

Dont Close an isa, find a new one and get the new pone to start a transfer.

Where the total cash ISA amount is £5K, there is really no reason not to close it and move the money into accounts that pay twice or more the interest of the ISA.

aggypanthus wrote: »

He means dont actually close it but choose a new product and get them to transfer the money to the new product.

As above - no reason to transfer a £5K ISA from a miserable interest rate to a slightly less miserable interest rate.

Zubo_2

it does look like the general consensus seems to be to put the savings in high performing bank accounts.

atush

aggypanthus wrote: »

He means dont actually close it but choose a new product and get them to transfer the money to the new product.

Exactly, If you close it yourself you lose ISA status.