savings on 2017 options?

alanturing Forumite Posts: 4 Newbie
Hi experts,

Quick question… I will not be renting next year, and had a huge raise at my current job… So I expect to have £3,000 spare per month… Counting jan 2017 to dec 2017, I will end up with £36,000 by the end of the year…

Truth is, 2017: I want to focus on savings, what should/can I do with this money?

I have 0 knowledge on best savings accounts, interest rate or anything related to finances/savings…

My only thought was that If I could get the 1% and reinvest each month, I would get £30 first month, £60.3 second month, £90.9 third month, £121.8 fourth month, and so on….

Any help will be appreciated!


  • Biggles
    Biggles Forumite Posts: 8,210 Forumite
    Usually, when an account is advertised at 1%, it means per annum, not per month.

    NB Your question would really be better posted on the 'Savings & Investments' board.
  • ThomasP
    ThomasP Forumite Posts: 51
    I've been Money Tipped!
    Yep Biggles is right - it's a per annum rate unfortunately!

    Look at options like RateSetter and LendInvest if you want to beat 1%!
This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 338.7K Banking & Borrowing
  • 248.6K Reduce Debt & Boost Income
  • 447.5K Spending & Discounts
  • 230.6K Work, Benefits & Business
  • 600.7K Mortgages, Homes & Bills
  • 171K Life & Family
  • 243.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards