Looking to save around 500-1k a month - saving advice please?!

HarlemThorne

Like a bunch of people here i'm hoping, i'm completely clueless about where and how to save and what the best options are. I've compared rates and things like that on sites but still doesn't really help me with what is best for me.

I'd be saving minimum 500 and maximum of about 1000 a month into a savings account. Would prefer to have a savings account with instant access and then one I didn't have access to like one of those Notice ones, or just one that I could deposit into for a year but no access apart from depositing

All I have at the moment is a general instant access barclays everyday saver and current account
Would it be a good idea to switch to a bank for one of those £100 for switching offers?

So yeah just looking for any advice on how to invest, whether anyone could recommend how and where to open up an account somewhere I would have no access for a year or something, somewhere I could have access instantly or maybe like a month notice
And maybe even a current account if I got something out of switching

Just any help from anyone who isn't as clueless as me would be great!

Eco_Miser

Forget normal savings accounts, the interest is rubbish. Regular Savings accounts can be worthwhile, eg First Direct (6% AER), Club Lloyds (4%). You pay a set amount in each month for a year, with no access, then the total is moved to another account, and you can start again (if still available).

For instant access, use current accounts, starting with the 5% TSB, then Nationwide (5% for a year), Lloyds Club (4%), and a selection of 3% accounts. You need to move money around, and set up Direct Debits for some of the accounts, and select paperless for TSB, but these are easy to do. http://www.moneysavingexpert.com/savings/savings-loophole

There's no need to switch to get the 'high' interest, and the accounts that offer a switching bonus have poor interest, but see First Direct, which you would want for the Regular Saver.

jimjames

Go for the best paying accounts which at the moment are current accounts. You can get 5% on TSB and Nationwide then 4% on Lloyds and 3% on Santander. Between them all you'll have enough to store tens of thousands in so will keep you going for some time saving £500-£1000 per month.

HarlemThorne

Eco_Miser wrote: »

Forget normal savings accounts, the interest is rubbish. Regular Savings accounts can be worthwhile, eg First Direct (6% AER), Club Lloyds (4%). You pay a set amount in each month for a year, with no access, then the total is moved to another account, and you can start again (if still available).

For instant access, use current accounts, starting with the 5% TSB, then Nationwide (5% for a year), Lloyds Club (4%), and a selection of 3% accounts. You need to move money around, and set up Direct Debits for some of the accounts, and select paperless for TSB, but these are easy to do.

There's no need to switch to get the 'high' interest, and the accounts that offer a switching bonus have poor interest, but see First Direct, which you would want for the Regular Saver.

The first direct account seems amazing, going to apply for that one today :j
Would it be worthwhile switching my current account to them too? For the £100 bonus - I'm not too bothered about the rate given for that which as far as I can tell is 0.50%? Or would I have to do that anyway in order to open up the first direct savings account? Or am I able to just open up a new account with them and not really use that JUST to be able to open the savings account,
The club lloyds account looks good too, but as far as I can tell you have to have the club current account which is £5 a month unless you pay in 1500 a month to the current? Just going by the pages I find on the site, not sure if they're the right ones
and wasn't finding the instant access tsb 5% one >__<
The general account I have at the minute has my salary paid into it and then I either buy things or move the rest to a savings account.

For the club lloyds current one I guess i'd be able to maybe have £1000 sent to the account from my dad or something to hit the total and then send it back?
It's all so confusing sorry

cheexy

HarlemThorne wrote: »

and wasn't finding the instant access tsb 5% one >__<:(

The instant access TSB account is called the Classic Plus account. See link
http://www.tsb.co.uk/current-accounts/classic-plus-account/?WT.ac=A00013

Eco_Miser

HarlemThorne wrote: »

The first direct account seems amazing, going to apply for that one today :j
Would it be worthwhile switching my current account to them too? For the £100 bonus - I'm not too bothered about the rate given for that which as far as I can tell is 0.50%? Or would I have to do that anyway in order to open up the first direct savings account? Or am I able to just open up a new account with them and not really use that JUST to be able to open the savings account,

You need the current account (and a normal savings account with £1 in it to avoid the fee) to have the RS. You could just open the current account, but you may as well switch for the £100. Many people just use the FD current a/c to pay the FD RS standing order.

HarlemThorne wrote: »

The club lloyds account looks good too, but as far as I can tell you have to have the club current account which is £5 a month unless you pay in 1500 a month to the current? Just going by the pages I find on the site, not sure if they're the right ones

Yes, and if you have at least £4000 in the current account you get 4% on it. Worthwhile in itself. But if you don't have £4000, you should maybe wait until you do, in 4 to 8 months time.

HarlemThorne wrote: »

and wasn't finding the instant access tsb 5% one >__<

TSB Classic Plus current account, you're allowed two, each with £2000 earning interest.

HarlemThorne wrote: »

The general account I have at the minute has my salary paid into it and then I either buy things or move the rest to a savings account.

For the club lloyds current one I guess i'd be able to maybe have £1000 sent to the account from my dad or something to hit the total and then send it back?
It's all so confusing sorry

All the high interest current accounts need a monthly payment in. Doesn't have to be in one lump. Simply move your salary and/or savings between the various accounts by standing order or faster payment to meet the conditions.
There are threads on here and the Banking board about each of these accounts, and discussions of how best to meet all the conditions.