Savings advice needed

Tjh1412

Looking for some advice on how to get going properly with saving etc. At the moment my saving contributions and accs are as follows
Stocks and shares ISA-£50 per month
TSB Classic Plus (used as savings acc)-£250 per month
TSB Monthly saver-£250 per month
Stakeholder pension-£50 per month
Natwest Savings builder-£100 per month
Share purchases-£100

Both TSB accs are at 5% and savings builder is 1.5% but is instant access;looking to save an additional £200 a month but not sure where to put it;tia for any advice

savings_my_hobby

you could put it in the TSB classic account and max it out faster.

Tjh1412

It's already maxed but thanks for replying

YorkshireBoy

Tjh1412 wrote: »

It's already maxed but thanks for replying

So you've £450 a month then, not £200, since there's no room left in the Plus account?

Do you want to save or invest?

If save, then look at Nationwide's 5% current account and regular saver...will take an initial £2,500 and £500 a month going forward. No need to save at 1.5% - with conditions - at NatWest then?

On a side note, your pension contribution appears to be VERY low.

colsten

It seems you buy and hold shares outside an ISA. Any particular reason for that?

AnotherJoe

colsten wrote: »

It seems you buy and hold shares outside an ISA. Any particular reason for that?

In addition to that your pension comtributions seem relatively low compared to your other savings.

Tjh1412

You have to pay in £500 to TSB Monthly so I've got it set up that £500 goes in then my monthly saver,pension,ISA and share purchases come out of that acc. Will take a look at nationwide thanks

Buy shares outside my ISA as I paid in my bonus when opened it in april so the £50 a month is all I can add to it currently.

In regards to pensions what should I be looking to pay in? I do have a workplace pension as well which I'm paying 4% into because that's the max my employer matches so this is my 2nd pension I've kept going from my student days if that makes a difference?Also am only 24 so I'll admit to not being very up on pensions etc

sammybee

hi my partner has got the santander 123 account and can open the year savings account with them also at 5%. it says you can save £250 per month, does anybody know if he can put a lump sum of ££££ in also and get the 5%

LXdaddy

sammybee wrote: »

hi my partner has got the santander 123 account and can open the year savings account with them also at 5%. it says you can save £250 per month, does anybody know if he can put a lump sum of ££££ in also and get the 5%

Yes I do know, No you can't.


It's a Regular Saver or Monthly Saver account. You can deposit so much per month. I THINK it is £200/month.


(unless you are talking about a different type of account)

AnotherJoe

Tjh1412 wrote: »

You have to pay in £500 to TSB Monthly so I've got it set up that £500 goes in then my monthly saver,pension,ISA and share purchases come out of that acc. Will take a look at nationwide thanks

Buy shares outside my ISA as I paid in my bonus when opened it in april so the £50 a month is all I can add to it currently.

In regards to pensions what should I be looking to pay in? I do have a workplace pension as well which I'm paying 4% into because that's the max my employer matches so this is my 2nd pension I've kept going from my student days if that makes a difference?Also am only 24 so I'll admit to not being very up on pensions etc

OK well that changes things slightly unless you are a higher rate taxpayer as theres little difference between an ISA and a pension. Are you saving for a house? If so a HTB ISA would seem obvious. Yes thsoe £100 shares should be bought in in ISA so you'd be better off with all shares into the S&S ISA unless maybe its an employers share scheme?