Help and advice re savings

Little1devil

I'm.now in a position where the savings are finally starting to build back.uo I currently have 200 in a natwest cash isa at a pitiful interest rates 0.25 and then I have 2200 in an instant savers which has an equally shocking interest Rate this should go up to at least 3700 possibly 4700 by end of January due to insurance and refunds for a few things.

The help I need is where to put this money to ensure maximum interest? I can.also save a further 4-500 pcm

All my banking is currently with natwest

Aby help.advice ideas would be greatly appreciated

xylophone

You might open a TSB Plus current account and a Nationwide Flexdirect current account - this would give you access to the TSB regular saver and to the Flexclusive monthly saver.

Be sure that you read the terms and conditions for each account - remember that the regular inputs to the current accountscan be achieved by cycling money in and out.

colsten

Definitely worth starting TSB and Nationwide accounts. Natwest is not a good place for savings.

at switch deals if you can switch one or more current accounts. Nationwide Refer A Friend is brilliant, for example.

If you are a prospective first time buyer, there is also the option of a Halifax HTB ISA.

Have a look at this thread, too: https://forums.moneysavingexpert.com/discussion/5374614. All accounts mentioned in there are discussed all over on the forum.

Maximum_Saving

I suggest the TSB Classic Plus Account because it pays 5% interest per month. You must pay in £500 or more per month. TSB also has a monthly saver which you can pay in £250 per month. I was annoyed that the Nationwide Flex Direct Account only had 5% interest for the first 12 months. I like having a Halifax Reward Account. Pay in £750 per month, stay in credit and it pays a reward of £5.00 a month. Using a mixture of accounts gives the most money. Nat West have poor savings rates in my opinion.

Little1devil

Thanks everyone looking into these now

Little1devil

OK so from what I can work out do you think this is the right way to do it?

1) open nationwide flexdirect - through TopCashback for 36.00 cash back transfer current natwest account to nationwide

2) move savings ( 1600) to nationwide fir the interest - pay in wages of 2040 pcm top up "savings" amount to 2500 leave 2500 in each month plus the money coming in from wages

3) open tsb classic account am I right in thinking this doesn't need and direct debits coming out? Then put 2000 of savings into this account for the 5 percent interest and cycle 500 pcm in and out.

4) transfer hubby's Halifax account to nationwide through refer a friend for the 200

5) once tsb has 2000 in savings and nationwide has 2500 open up tsb monthly to pay in 250 pcm abd open up nationwide flexclusive to save 500 pcm

6) Hubby can then.opem.his own flexclusive to save his extra money

How does this all sound?

Thanks again

Little1devil

Please excuse typos

Eco_Miser

Little1devil wrote: »

2) move savings ( 1600) to nationwide for the interest - pay in wages of 2040 pcm top up "savings" amount to 2500 leave 2500 in each month plus the money coming in from wages

This sounds slightly wrong. Once you've got the balance to £2500 you should be disposing of all your wages, plus the interest, either by DD to pay bills, SO to the Regular Saver, or faster payment to a not-yet-full account, so for most of the month you have exactly £2500 in the account.

Apart from that, it looks OK.

NectarCollector

Little1devil wrote: »

OK so from what I can work out do you think this is the right way to do it?
2) move savings ( 1600) to nationwide fir the interest - pay in wages of 2040 pcm top up "savings" amount to 2500 leave 2500 in each month plus the money coming in from wages

anything over £2500 should be transferred to a different account, Tesco current accounts have no minimum pay in and require no DD to get 3% interest (up to £3k)

3) open tsb classic account am I right in thinking this doesn't need and direct debits coming out? Then put 2000 of savings into this account for the 5 percent interest and cycle 500 pcm in and out.

correct

4) transfer hubby's Halifax account to nationwide through refer a friend for the 200

it doesn't quite work like that, you both get £100 I dont think your hubby will want to hand over his £100!

you get £100 per friend referred through this, up to a max of £1000/year. so try and persuade 9 more people to apply and switch their accounts too!

5) once tsb has 2000 in savings and nationwide has 2500 open up tsb monthly to pay in 250 pcm abd open up nationwide flexclusive to save 500 pcm

you said you could only save 4-500 pcm, so just have the 1 TSB regular saver for 5%

bobobski

NectarCollector wrote: »

you said you could only save 4-500 pcm, so just have the 1 TSB regular saver for 5%

TSB monthly saver is up to £250 pm. I'd go Flexclusive, also at 5%.

EricDeeson

Don't know where to tell MSE about 10% tax-free interest on savings, so I hope this forum will be OK!

The scheme's suitable for people shopping in Iceland as the savings is repaid through future shopping in their shops.

For the rest of this month they add £1 to your savings account for each £10 you save. So I'll add £200 to my savings there, which becomes £220, and that'll cover shopping till about Advent when they usually have another such deal (though only 4% interest).

Best wishes, all - Eric