Hi there, quick quesi

keysi

Hi guys just wondering if any of you would happen to know which would work out best for me.

I was reading the 'what's the highest interest rate you can get' thread and worked out I could manage the first three options, all bringing in around 300-350ish interest a year.

I'd probably go with this one- 5% on... £2,000 lump sum plus £750 per month (£341.93 interest)... TSB Classic Plus current account (£2,000 lump sum, earns £100 per year) with linked TSB Monthly Saver (£250 per month, earns £80.64 per year), Nationwide Flexclusive Regular Saver account (£500 per month, earns £161.29 per year). You could also use the Nationwide FlexDirect account to get 5% on £2,500 lump sum but that only lasts for the first 12 months, so I have not counted it here

But tbh any of the first few.

Or would I be better off just putting everything I can save into an ISA considering those are tax free? Possibly the new Help to Buy ISA?

Sorry if these are dumb questions but I've never really learned or researhed this stuff, I plan to remedy that!

Thanks in advance and if more info is needed on my financial situation i'll add that. Cheers.

Robbieh

Hi, I was in the same situation as you a few months ago. Read everything you can on this forum. The people are so helpful and answer the same thing over and over. I would say, take your time and re-read threads again and again till you understand it. Anyway, I have opened the 5% acc.s first, at the moment just the ones that don't require DD's. Nationwide Flexdirect ( for 1 year) TSB x 2, ones my wife's. BOS x 3( 3%) Tesco x 2 (3%) using these to drip feed into Flexclusive Regular saver. When my Tesco ones empty, I can use these as donors to get the switch.payment and set up DD's.

HTH, Rob

PS, don't forget from April, interest is tax free for the first £1000 ( basic taxpayer)

colsten

keysi wrote: »

Or would I be better off just putting everything I can save into an ISA considering those are tax free? Possibly the new Help to Buy ISA?

The HTB ISA at Halifax (4%) seems a no-brainer if you are a First Time Buyer. All other cash ISAs are rubbish as they wouldn't pay you even half of the interest you can get in the best non-ISA accounts.

You shouldn't discard the FlexDirect just because it pays the 5% for only 12 months. You need it to get immediate access to the FlexClusive Saver. After the 12 months are up, you can revisit your options - e.g. downgrade the FlexPlus to a FlexAccount to maintain your access to the FlexClusive RS, and after 12 months, upgrade it again so you get 5% again, subject to the offer still existing at the time.

Note that both, the TSB Plus Monthly Saver and the FlexClusive RS are also 12-month accounts. You can start new ones when they have matured.

keysi

Cool thanks for the replies and sorry it took me a while to get back.

I'll do quite a bit more reading around here tonight.

polarization

keysi wrote: »

Hi guys just wondering if any of you would happen to know which would work out best for me.

I was reading the 'what's the highest interest rate you can get' thread and worked out I could manage the first three options, all bringing in around 300-350ish interest a year.

I'd probably go with this one- 5% on... £2,000 lump sum plus £750 per month (£341.93 interest)... TSB Classic Plus current account (£2,000 lump sum, earns £100 per year) with linked TSB Monthly Saver (£250 per month, earns £80.64 per year), Nationwide Flexclusive Regular Saver account (£500 per month, earns £161.29 per year). You could also use the Nationwide FlexDirect account to get 5% on £2,500 lump sum but that only lasts for the first 12 months, so I have not counted it here

But tbh any of the first few.

Or would I be better off just putting everything I can save into an ISA considering those are tax free? Possibly the new Help to Buy ISA?

Sorry if these are dumb questions but I've never really learned or researhed this stuff, I plan to remedy that!

Thanks in advance and if more info is needed on my financial situation i'll add that. Cheers.

Don't forget the Halifax rewards account. As long as you transfer £750 into your Halifax account each month (you can transfer the money out straight after it reach your Halifax account), you will get £5. Remember you will also need 2 direct debit to be qualified for this. Also, if you switch from another current account, they will pay you £100 switch incentive.