3 different savings accounts

elantan

Hi,

Wonder if anyone can offer any advice, I'm looking to open 3 different types of savings account, one short term for holidays etc where I just fire money in if I earn overtime etc so no set amount each month but with easy access

1 where I can pay 100-150 in a month for home improvements new car etc one with may 30 days notice or something

1 where I can pay 250-300 a month for retirement one that doesn't give me easy access

I'm not looking to make huge amounts of Interest just enough to cover inflation any tax due and say 2% profit

Can anyone recommend any ?

Thanks

xylophone

1 where I can pay 250-300 a month for retirement one that doesn't give me easy access

A pension?

elantan

I have one if them .. I pay quite a bit into it each month, I'm looking to slowly build up 3 years worth of money so that should the pension not be performing well I have a buffer ... if that makes sense ?

TheShape

Why not earn the best interest?

Your holiday/home improvement fund would be well catered for (for now) with a Nationwide FlexDirect and Flexclusive Regular Saver.

What sort of savings and investments do you already have and what sort of amounts are in them?

More info on this and the pension will help someone to give you better suggestions.

elantan

Thanks for the replies

I have already had the national wide accounts so taken advantage of the 5% interest there

My pension has approx 50k in it and I am paying 700 a month into it so quite happy there

I have some funds in an isa but that only has approx 1.5k in it

I am waiting for my 5% 250 a month from TSB to mature next month so looking for something to do with this for the longer term

We have an endowment due to mature in 2018 we should get approx 16k from that .. 10 k for the pension and 6k for the house /car fund is the plan for that one

Not really got any other savings as such as when oh finds we have money it seems to burn a hole in his pocket hence the wanting to tie it away and the reason for 3 accounts ... the every day savings /holiday one we can access when he feels the need to splurge the other two I want some thought out into before spending

Primrose

I would certainly use a stocks & shares/ uNit trust ISA for your long term retirement savings rather than a savings account. If you allow dividends to be reinvested and bulld up over time you should have a much bigger savings pot than you get with a cash savings account.

if you OH is not good with money perhaps you should consider putting all your long term savings in an ISA in your name rather than his. As it says on the tin, it is an INDIVIDUAL savings account so they cannot be held jointly and this prevent him spending or accessing the money without your agreement. Alternatively you could both open up Stocks and Shares ISAs dividing your monthly savings between them so whilst he could nibble away at his money, at least your savings would be safe.

Stubod

..a savings account to match inflation AND make 2% on top.....please let me know when you find one one of those....unlikely unless you go down the S&S route..

elantan

Stubod wrote: »

..a savings account to match inflation AND make 2% on top.....please let me know when you find one one of those....unlikely unless you go down the S&S route..

I know probably hoping for too much in this day and age ... but u gotta try

Stubod

....just find the best account you can and use a spreadsheet to monitor and allocate your money accordingly

G_M

Timescale for the pension?

Are you 25, 35, 45, 55 or older?

jimjames

Stubod wrote: »

..a savings account to match inflation AND make 2% on top.....please let me know when you find one one of those....unlikely unless you go down the S&S route..

Plenty of options at the moment, reducing down from January but still some there that pay 5%