savings on 2017 options?

alanturing

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

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

Yep Biggles is right - it's a per annum rate unfortunately!

Look at options like RateSetter and LendInvest if you want to beat 1%!