The "Save 12k in 2016" Thread!

Eco_Miser

Twiggy_34 wrote: »

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.

Fair enough, S&S is for long term investment, but cash ISAs are right for hardly anyone these days, except Help To Buy.

Twiggy_34 wrote: »

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.

That's a good start, but you can do better.

Twiggy_34 wrote: »

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.

No need to switch, you can have multiple current accounts, and you almost certainly can meet the actual criteria.

Twiggy_34 wrote: »

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.

This thread lists all the worthwhile current and regular saver accounts: https://forums.moneysavingexpert.com/discussion/5374614

See http://www.moneysavingexpert.com/savings/savings-loophole and numerous threads on this board for how to maximise your interest.

GTR_King

I would like to join this year my aim is to save £4,000 by the end of the year (Unless I buy car of mum or get new one) but will save more if I can afford it....

I have
5% TSB Classic plus £2,000
5% TSB savings account already saved £1,000 (£250 a month since about September) so far 5% ends in September (I think) wanna have about £4,000 in that account or another 5% one when that runs out...
5% Nationwide Flex-direct (Ends in October) got about £2,400 in it

Bryando

Aim to get £5000

frasersmum123

Thanks Nat - I need to shop around for pet insurance for our rabbits so might spend some time doing that today.

Am moving in April so once I am moved I am excited about setting up all the new insurances/utilities and the cashback on offer

nat21luv

I'm moving this year too

frasersmum123

Just got myself a new pet insurance policy saving £16 a month, and £19.50 cashback from TCB

Dird

enthusiasticsaver wrote: »

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?

Yeah 1.54% currently (fixed until July 2017)

Twiggy_34

Eco_Miser wrote: »

Fair enough, S&S is for long term investment, but cash ISAs are right for hardly anyone these days, except Help To Buy.

Thanks, because we're anticipating an opportunity to make a BTL purchase in 2017 I'm thinking that S&S probably isn't right for us just now, as the money I have in my ISA at present will be covering part of the deposit and associated purchase costs (and yes, part of that decision is down to sheer laziness! ).

Eco_Miser wrote: »

This thread lists all the worthwhile current and regular saver accounts: https://forums.moneysavingexpert.com/discussion/5374614

That list was handy, thank you. The 6% rate I mentioned previously is the FD one mentioned in the thread, the one I was considering prior to finding this was the HSBC one, so looks like I'm on the right tracks. I'll do some additional research when I'm ready to set up the account and include some additional research on the other points you've raised.

e4rly

Hi all, I'd love to join for 2016 with a target of £4k (I also intend to increase my mortgage payments, hence why its a bit lower than £12k).

I joined in 2015 but dropped out as I had a number of home improvements. These should be reduced in 2016, so I will try my best to make it.

Thanks for starting the thread again SlowlyFading!

slowlyfading

Spreadsheet and front page updated

Please can you make a note of your challenge number (they go up to 142 so far) and put it in your sig? That'd be very helpful


Good to see so many people joining in