Advice required

InvestingStudent

Hi all,

This is my 2nd post here, my first was a while ago when I decided I was going to start my passive investing road.

I'm here no, because I've decided as a student it will be an idea to match the monies I'm investing like for like into a savings account. (For every £50 invested, £50 will also gointo cash savings). But all of the savings accounts I have look at have dismal interest rates, my 1 year ISA rate was cut to 0.25% from an already low 0.5%. Now for why I'm here, where can I (as a student with income of £900pm) get the best rates on cash savings?

Thanks for your help, I really appreciate it!
SI

colsten

There has been a huge amount of ongoing discussion on this forum about best interest paying accounts for years. If you have overlooked that, you could just start with the link to Top Savings Accounts right at the top of the forum.

Apodemus

It does make me feel sorry for the current generation of students, though. When I was at that stage, interest rates were such that I could transfer cash to a 90-day account every time I got a bill or paid for something on a credit card, then pay my bills (on the red bill!) and clear my credit card each month from that account and still build up savings over the year. Would hardly be worth it now.

CLAPTON

Apodemus wrote: »

It does make me feel sorry for the current generation of students, though. When I was at that stage, interest rates were such that I could transfer cash to a 90-day account every time I got a bill or paid for something on a credit card, then pay my bills (on the red bill!) and clear my credit card each month from that account and still build up savings over the year. Would hardly be worth it now.

they were the good old days when inflation reduced the value of your savings by 5% each year.

Apodemus

CLAPTON wrote: »

they were the good old days when inflation reduced the value of your savings by 5% each year.

Very true! But perversely, I think it was easier to get the savings habit when you could see a return on your cash, even if that was being eroded quicker by inflation and you might have been better off with a "buy now before the price goes up" mentality.

Eco_Miser

InvestingStudent wrote: »

Now for why I'm here, where can I (as a student with income of £900pm) get the best rates on cash savings?

As a student you may not be able to get some of the best paying current accounts, but have access to student only accounts that may or may not be better.
With £900 coming in each month you can meet the funding requirement for some of the accounts directly, and for the others by paying in, withdrawing and paying in again.

Consider the Regular Saver accounts. Here is a summary of all the accounts paying good interest.