The "Save 12k in 2016" Thread!

[Deleted User]

Opened a new savings account today that my savings will go into. 5% regular saving at Nationwide. First £100 added in to open the account.

Twiggy_34

Eco_Miser wrote: »

Why? A low interest account that is - why not a high (5%) interest account? And I hope your ISA is S&S.

Only because this is an account that I already have open and which doesn't have any penalties for making withdrawals (as it's only a temporary holding ground, I usually move it within a week to at most 4 weeks, either to pop a bit back into my current account, or to transfer to my ISA at the end of the month).

I don't have a S&S ISA, mostly because my knowledge is limited and I'm not sure this is the right move for me, at least not at this moment in time.

However, as we approach the end of the financial year I intend to open a new regular saver account which I will put my long term savings into. [STRIKE]I can put up to £3k in this account over a 12 month term and get 4% interest, which is quite a bit better than my current ISA offers.[/STRIKE]** When I reach the end of the 12 month term I'll transfer it into my ISA before the 2016-17 term ends and start afresh with the regular saver. I've spent a long time looking at other accounts offering 5% etc, but often don't meet the criteria or I find other reasons for not wanting to switch. This regular saver seems to be a good compromise given the relatively low amount of savings I'm anticipating for this year.

**It just occurred to me to check out what's available with our soon to be mortgage provider, seeing as we had to open up an account with them as part of the remortgaging process. Looks like they have a better regular saver available offering 6% on savings up to £3.6k a year. I never reach my ISA limit each year, so I might even transfer money out of my ISA to max out the allowance/interest gained.

XSpender

£400 in to the regular saver and £100 in to the ISA today. That will probably be it for me this month as any other bits and bobs I earn/save overpay the mortgage and I am not counting the savings to the holiday spending money fund as this will be spent in March.

Domayne

Thank you for the # slowly fading! Signature updated, Now to wait until the 29th until I can actually save anything!

FlacosFloozie

I'd love to sign up for this challenge again. I'll be aiming for £5,000 this year but will increase if Mr F starts working again. Good luck everyone.

tmsbry

#051

£300 saved this month,

nat21luv

Not part of my savings just yet but will be soon; I've been searching away all day to find the cheapest deals for my utility bills and to inspire you to swap (because it doesnt pay to be loyal)

£175pa saved on gas/elec
£150pa saved on broadband/line rental + £74 CB + £50 M&S voucher
£11pa saved on Cat insurance + £51 CB + 4000 Te$co points
£7pa saved on Life Insurance + £63 CB + Free Brian Toy (which I'll sell)

I cant decide whether to swap banks, its the hassle of changing details online every time I shop which is bothering me, trivial I know, but I do love my bank and its hard to swap when they are so good. Thoughts?

Quite a profitable day in all and all the CB will be put into savings once paid

black_taxi_2

just noticed MSE has a new tag,how many years been on

7 year MSEversary

black_taxi_2

and number of posts 1k

enthusiasticsaver

Dird wrote: »

#96 my mortgage company agreed to increase my term from 9 to 30 years. Please increase my savings target to £20k...catching you up boglehead

Do you have a very low interest rate for your mortgage as that can be the only reason I can think of for increasing your mortgage term so drastically when obviously you don't need to for affordability reasons?