Where to put my £8000

Trueblue32

Hi all,
Just after some advice on where to invest/save my money. Currently I have £8k I don't have any debt and can save around 600-800 a month I'm looking to getting onto the property ladder ASAP and would like to get to 15000 before I do so. It's in my current account at min which has an interest rate of 0.5% . Any help and guidance would be very much appreciated.
Many thanks

jimjames

Did any of the links at the top of the page have info to help? Maybe have a read there first and then ask any questions

Eco_Miser

http://bankaccountsavings.co.uk

xylophone

Use high interest current accounts?

https://forums.moneysavingexpert.com/discussion/comment/69420940#Comment_69420940

Consider Help to Buy ISA when it becomes available?

http://www.moneysavingexpert.com/savings/help-to-buy-ISA

savings_my_hobby

open some high interest current accounts, ditch and switch the account you have now for a switching bonus.

some good accounts are;
Halifax reward
Nationwide flexdirect
TSB classic plus
Tesco bank
Santander 123
Club Lloyds
Bank of Scotland vantage

there are also plenty of high interest regular savers accounts.

do your research first and pick which ones suit you but with £8000 and some sensible decisions you could get at least £350 in interest and bonuses in the first 12 months. Not to be sniffed at

Pincher

You'll find the deals are basically sweeteners of roughly £100 that they consider as bait to get you on board. A 6% Regular Saver at £250 a month ends up as roughly £90.


If you can be bothered, do four Regular Savers, at three months intervals. Remember you DO NOT HAVE TO save the maximum every month.


So, you get one maturing every three months, and most of the money is invested, making 5~6%: not in the first nine months, of course.

planteria

Pincher wrote: »

If you can be bothered, do four Regular Savers, at three months intervals.

which four do you suggest? you can't have more than one HSBC, FD, TSB or Lloyds RegSaver, can you?

Pincher

I have First Direct and an HSBC, and will be doing a TSB. Might do a Nationwide.

Yes, it is a hassle, as you need to set up current accounts typically, which is why I said if you can be bothered. £8,000 is the kind of amount it's suitable for. I wouldn't do it for £20k, say.

colsten

Pincher wrote: »

I have First Direct and an HSBC, and will be doing a TSB. Might do a Nationwide.

Yes, it is a hassle, as you need to set up current accounts typically, which is why I said if you can be bothered. £8,000 is the kind of amount it's suitable for. I wouldn't do it for £20k, say.

Given that you can feed at least £1,450 a month (£17,400 a year) into 4/5/6% Regular Savers, I'd most definitely use them if I had £20K. In fact, I am doing precisely that, plus, as I have a bit more still, I also feed another £500 a month into a Branch-only 4% account (KRBS) and £750 a month into a 4.5% one (no longer open to new applicants).


It is, in fact, slightly easier to feed the Regular Savers the more money you have. For instance, you don't need to worry about dropping to a lower interest rate in your Club Lloyds if you can keep it topped up to between £4K and £5K all the time. And you can leave your TSB/Nationwide 5%ers topped up to the max, and just feed the monthly savers from 3%, or even lower% ones. It's also easier if you can just stick to the monthly max amounts going into the monthly savers.

It would be pretty crazy not to exploit the higher interest rates just because you have lots of funds.

Pincher wrote: »

Might do a Nationwide.

Nationwide pays 2% for their RS. There are many others that pay better.

pete-20-11

Where to put my £8000

My bank account? :-)

Futuristic

Lloyds or/and TSB would be good, they both have saver accounts you can feed in additional £250 (TSB) & £400/mo (Lloyds) along with the interest on the current account

You can open a FirstDirect bank acc and feed in £300/mo to their 6% saver account as well