What to do with savings?

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Hi,

I currently have a Barclay's account with 3 different products as follows:

Standard Savings - where I get paid in and generally use for living costs such as social, bills, petrol, food, drink, shopping etc

High interest savings - 15k

ISA - 6k

Both the savings and ISA get me about £5 a month each but I'm wondering if I can save/invest this money more wisely?

Any advice is great fully received.

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  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
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    007jumanji wrote: »
    Hi,

    I currently have a Barclay's account with 3 different products as follows:

    Standard Savings - where I get paid in and generally use for living costs such as social, bills, petrol, food, drink, shopping etc

    High interest savings - 15k

    ISA - 6k

    Both the savings and ISA get me about £5 a month each but I'm wondering if I can save/invest this money more wisely?

    Any advice is great fully received.
    0.5% yes you can move your money and earn a lot more.

    You could get up to 6% interest on regular savers and 5% on the feeder accounts which would be about £100 per month. Split that between you and your partner and from April it's all free of tax.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • 007jumanji
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    But that would mean that I have to switch my whole account?
  • jimjames
    jimjames Posts: 17,676 Forumite
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    007jumanji wrote: »
    But that would mean that I have to switch my whole account?
    No. You can open an account but will get more incentives if you switch too.


    As an example of how poor the rate is on your account, I get £6 interest per month on £2000. You get £5 on £15,000.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Eco_Miser
    Eco_Miser Posts: 4,708 Forumite
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    007jumanji wrote: »
    But that would mean that I have to switch my whole account?

    NO! You never have to switch your account to get a higher rate. (Maybe for the M&S Regular Saver, but you could use a donor account.)
    You only have to switch if you want the switching bonus.

    The list of high interest current and regular saver accounts details them all.

    This site will suggest the accounts to get, but it doesn't have the Nationwide FlexDirect (£2500 @ %5), nor does it cover the regular savers.
    Eco Miser
    Saving money for well over half a century
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