variable regular savings?

baalel

This month I've just finished paying off my mortgage, 8 years early.
I will have an excess of between 500 and 1000 pounds a month to put away assuming my employment remains safe.
In a few years (say 3) I will want to do some home renovations, which will probably use up most if not all of what I will be saving.

So the question is, where to squirrel away the money in the mean time to hopefully get a bit of a return in these low interest days. I dont mind a bit of risk, but would prefer to keep the downside to within reason.

badger09

baalel wrote: »

This month I've just finished paying off my mortgage, 8 years early.
I will have an excess of between 500 and 1000 pounds a month to put away assuming my employment remains safe.
In a few years (say 3) I will want to do some home renovations, which will probably use up most if not all of what I will be saving.

So the question is, where to squirrel away the money in the mean time to hopefully get a bit of a return in these low interest days. I dont mind a bit of risk, but would prefer to keep the downside to within reason.

I think you've almost answered your own question in your thread title;)

Under 'normal' circumstances, most of us would recommend the high interest paying current accounts from TSB, Nationwide, Lloyds, BoS, Tesco etc and/or Regular Savers. However, 'normal' is a strange concept at the moment. Those rates seem to be tumbling like dominoes.

So, my suggestion would be first to look for a fixed rate regular saver. Most are linked to a current account so you'll have a few hoops to jump through:o

Have a read here, and don't be put off the date of the thread as it is constantly updated

https://forums.moneysavingexpert.com/discussion/608697

katejo

badger09 wrote: »

I think you've almost answered your own question in your thread title;)

Under 'normal' circumstances, most of us would recommend the high interest paying current accounts from TSB, Nationwide, Lloyds, BoS, Tesco etc and/or Regular Savers. However, 'normal' is a strange concept at the moment. Those rates seem to be tumbling like dominoes.

So, my suggestion would be first to look for a fixed rate regular saver. Most are linked to a current account so you'll have a few hoops to jump through:o

Have a read here, and don't be put off the date of the thread as it is constantly updated

https://forums.moneysavingexpert.com/discussion/608697

Even the regular savers restrict how much you can put away. For example First Direct only allows you to save £300 per month.

YorkshireBoy

katejo wrote: »

Even the regular savers restrict how much you can put away. For example First Direct only allows you to save £300 per month.

£800/mth @ 6% AER and £200 @ 5% AER would seem a good fit for the OP's £1K/mth. Some hoops to jump through, but you won't make a better return over the year than this...for cash anyway. Unless my maths is iffy, that's an aggregate 5.8% AER.