how best to save

SCO

I'm planning to hopefully save 250 a month thinking easy access monthly saver better for this as can get 2.25%, however I have about 1k in an isa getting 0.5 % what best to do with that?

Neil_Jones

You can do better than 0.5% outside of the ISA. Such as Nationwide, 5% on up to £2,500 and Tesco 3% on up to 3k for example.

Nationwide, HSBC, First Direct and Santander have regular savers at 5% if you have a current account with them which is more than double the Virgin rate but of course if you don't have those accounts you can't have those regular savers.

SCO

Neil_Jones wrote: »

You can do better than 0.5% outside of the ISA. Such as Nationwide, 5% on up to £2,500 and Tesco 3% on up to 3k for example.

Nationwide, HSBC, First Direct and Santander have regular savers at 5% if you have a current account with them which is more than double the Virgin rate but of course if you don't have those accounts you can't have those regular savers.

dont bank with any of them

Neil_Jones

So who do you bank with?

jimjames

SCO wrote: »

dont bank with any of them

Why not? Open an account to get the saver?

SCO

Neil_Jones wrote: »

So who do you bank with?

LLyods banking group

SCO

jimjames wrote: »

Why not? Open an account to get the saver?

hassle of changing accounts

YorkshireBoy

SCO wrote: »

hassle of changing accounts

"Changing"? You're looking for somewhere for savings. The new account(s) would therefore be in addition to that which you have with Lloyds.

But if you really don't want the "hassle", then stick with the 2-3% accounts that Lloyds already offer.

binaryuniverse

SCO wrote: »

hassle of changing accounts

You don't need to change accounts. You just need to open a new one.
In these internet times it's as pain free as it can be. Apply online. Get everything sent to you. Manage it online.

I've got 6 current accounts, for various reasons. Soon to be 7.

SCO

would i be better off with an isa at 1% putting 1k in and then monthly instalments rather than and account capped at 250 per month as I'm only earning higher intrest rate on smaller amount?


seen ford money has an isa

Neil_Jones

Why?

The regular saver at 2.25% if you feed it £250 a month would ultimately give you just under £50.

Say you start your 1% ISA with £1k and add say £250 a month to that, after a year that's still only £26. To beat the regular saver you'd have to feed it closer to £600 a month for the next year.