Looking for ways to maximize my savings

MadSage

I'm currently looking for ways to maximize my savings and would appreciate some suggestions.

My current goals are to have a 50K deposit for my first house in a couple of years, and 30K spare. I've been self-employed for more than two years now, and have significantly increased my income each year, to about 3K a month. This should rise again soon, and although my business can be unreliable, things are looking pretty solid at the moment, and I'm confident I can achieve my goals.

I'm already part way there. These are approximate figures:

£14500 in Alliance & Leicester Direct Saver - the bulk of my savings

£6128 in Halifax ISA

£2500 in Sainsburys Internet Saver - to pay income tax

£400 in Halifax current account - most of my clients pay in here. I keep £450 in for cheques & NIC, but the rest is moved immediately. 25% to Sainsburys, and the remainder to A&L.

£40 in Halifax Liquid Gold - one of my clients pay in this old account, but again, I immediately move the money to my other accounts.


Although the money I have in my Sainsburys account is saved to pay my income tax bill, I've been thinking about putting some extra in there to drip feed at least one regular saver. That seemed like an easy way to increase my earnings. The problem there is choosing an RS account. I want one I can manage online, but I've not found a decent one without catches. HSBC sounded good until I realized its only available to existing customers.

The other things I've considered is changing my current account, and my ISA, but I'm not sure that would be worthwhile. It seems like a lot of hassle.

CLAPTON

Yorkshire BS regular saving a/c pays 7.1% and you can save up tp 500 per month and it doesn't finish after a year (which is a major drawback with the 'best' paying a/c) .. you can build up savings of 20k.
And you can access it online.

MadSage

Thanks for the reply. That does sound good, but are you sure the account can be managed online? I had seen the account before, but it wasn't listed as being available online.

CLAPTON

you can apply online and they send you paper documents to sign but once set up you can pay in via BACS and log in to manage the a/c.

MadSage

ok, thanks... and how can withdrawals be made when I eventually do want money out?