Hit a brick wall with my savings, devoid of ideas

TheRed

Hi.

In the past 18months or so I've been saving heavily, cutting costs where I can and saving as much as possible.

I've managed to save £23,000 in that time, which I've got in a Santander 123 account. Aside from opening a TSB account to make use of the money that isn't earning interest from santander, I've completely lost momentum and inspiration with where to go from here with my savings.

I'm basically looking for ideas or inspiration if any of you have any to share?

Thanks

masonic

Start investing?

pjread

Do you need the cash or is this long term?

presume you're higher rate tax payer? If so are you sorted for pension?

Next on my list after that would be investing in an ISA.

TheRed

S&s isa?

No real need for the money right now, save for a few thousand for emergencies.

Overall plan is to save as much as possible for the initial down-payment on a house

I'm a basic rate tax payer...

xylophone

I'm basically looking for ideas or inspiration if any of you have any to share?

Have you a particular end in view?

New year, new member, new baby on the way (8th in total! ), new approach to saving.

Larger house? Daughters' weddings...?.:)

xylophone

If you want to stay in cash you can do the rounds of the other interest paying current accounts - assume you're wed so joint accounts as well as sole.....

colsten

Other interest paying current accounts, regular savings accounts ............

TheRed

xylophone wrote: »

Have you a particular end in view?



Larger house? Daughters' weddings...?.:)

Larger house is the end plan. The daughters are staying single

I think I'll have to make do with the current account roundabout for now. After all the saving its hard to look at the money as something I can risk. Its like I've worked so hard to save it that I can't help but be very possessive over it, makes me quite risk averse, if you know what I mean.

AndyPK

Bank of Scotland vantage. £5k

planteria

further to the above, playing the system of Current Accounts seems to be the answer, if you want to remain in cash...

Santander, you have. but TSB that you mention, for their 5% Current and RegSav accounts, Nationwide for their 5% Current Account, Lloyds for 4% Current and RegSav accounts, perhaps HSBC/M&S/First Direct for 4/6% RegSaver accounts?

Bear in mind that you can pick up some incentives on the way into several of the above too.... with vouchers, cash from the banks, cashback via cashback sites too..

there are plenty of threads here re. the banks concerned.

noggin1980

TheRed wrote: »

Larger house is the end plan. The daughters are staying single

I think I'll have to make do with the current account roundabout for now. After all the saving its hard to look at the money as something I can risk. Its like I've worked so hard to save it that I can't help but be very possessive over it, makes me quite risk averse, if you know what I mean.

joint account santander 123 an option?

premium bonds are safe and good fun if unrewarding on average.

p2p lending if willing to accept a little more risk