What to do for saving money?

ThatLondonFella

Hello MS Experts,

I am looking to really put my money to good use by saving it but don't really know where to start, so I am posing these question to this forum.

I started a new job in London around a year ago (salary of about £24k/annum) and decided that because I have a lot of money left over each month after bills/rent that I should put it away. I setup a regular saver with HSBC around 12 months ago paying in £150/month that has just finished but seeing that I am not really accumulating a lot from it. I see a vast amount of different savings accounts but there are so many that I'm a little bit lost deciding what to do with the £300 that I have left each month.
P
-What would you do with £300 a month if you were to save it?
-What would be the best way to save money (savings account, investing etc)?

Any advice would be very much appreciated.

Regards,

TLF

xylophone

Do you have the best current account for your circumstances?

Have you had a look at Santander 123 for example?

Are you hoping to buy a property and needing to save for a deposit?

You already have an emergency fund?

You have a pension scheme?

eskbanker

Open more regular savers, the top-paying accounts are ideal for someone in your position.

Also worth reading this article to familiarise yourself with the various options and their pros and cons....

colsten

Which of the HSBC Regular Savers were you on - the 4% or the 6% one? The 6% one is obviously better, and 6% is by a mile the best you can hope to get in a Regular Saver.

There are a couple other 6% ones - M&S and FD.

Then there is the 5% TSB one, before you get to the 4% Lloyds (and HSBC) one.

To drip-feed regular savers, current accounts such as the TSB Plus or Tesco are of good use.

There is a huge amount of info about all these accounts on the forum.