Where is best for my savings.

Clarkejackson

I have £12k in a HSBC online bonus saver account. I have just opened a Halifax Help to Buy ISA, and put in £1000 and set up my direct debit. I want to move £10k into something with a better inrerest rate. I dont want to tie my money up for a long time, but i am confused about where to put it. I usually save £300 a month so with my ISA I will have £100 to put away every month. I still live at home. Any advice please.

colsten

Current accounts and Regular Savings accounts https://forums.moneysavingexpert.com/discussion/5374614

Cisco001

Since you are still living at home, I assume you don't have many direct debit?
I would say you could consider

TSB (£500 in per month). 5% interest up to £2k.(plus regular saving)
Lloyds (£1500 in per month, 2 direct debit). 4% interest for £4 - 5k (plus regular saving)
RBS (£1000 in per month) 3% interest £3 - 5k
Tesco 3% interest up to £3k

then you move the money around once a month.

Archi_Bald

Any number of DDs are easy enough to get.

When you say RBS, you mean BoS. Two totally different banks. RBS have no useful accounts for savers.

BananaRepublic

How long is not a long time? And what are your future plans for the money?

If you can stash some or all of it for five years then a stocks and shares ISA is a good bet. The markets are wobbly which is good. Otherwise fixed term bonds or a cash isa. Bonds are taxed unless you can get them in an isa, not sure. I've invested for 20 years with success.

colsten

BananaRepublic wrote: »

Otherwise fixed term bonds or a cash isa.

Can you explain why you would go for these when you can get double or more interest elsewhere?