Best Way to Save

CharlotteElle

All,


For the next couple of years, my Partner & I will be fortunate enough to be saving a substantial amount. In one account we will be saving £500 every month, and another around £2000 every month. What is the best way for the highest interest rates? Do we invest the money in something or do we save into a savings account like we currently do?


Thanks!

El_Torro

What are you saving the money for? When will you need it? If you won't need the money for 5 years or more then investing might be a better option than saving.


Current accounts and regular savers have the best interest rates, though will take some faffing around with opening multiple accounts, setting up direct debits, etc... Also with the amount you're saving you'll fill these accounts up quite quickly.

CharlotteElle

We are saving towards our Help to Buy Loan on our house.

We will need it in 3 years time.

I'm struggling to find an account that has good interest but will allow the figures we are saving every month.

If we could pay off monthly towards the HTB loan, this would be great but we can only pay 50% or 100% of the loan.

Thanks

Eco_Miser

CharlotteElle wrote: »

I'm struggling to find an account that has good interest but will allow the figures we are saving every month.

You won't find one.
Instead each of you open all the highest rate (5% downwards)Regular Savers you need, plus current accounts as applicable

colsten

Is a LSA for each of you an option for some of the money?

colsten

CharlotteElle wrote: »

If we could pay off monthly towards the HTB loan, this would be great but we can only pay 50% or 100% of the loan.

What HTB loan do you have in mind? A mortgage? If so, you can only get that when you are buying your property.

Not sure what you mean by saying you can only afford 50% or 100% of the loan. Loans always need to be paid back in full.

[Deleted User]

colsten wrote: »

What HTB loan do you have in mind? A mortgage? If so, you can only get that when you are buying your property.

Not sure what you mean by saying you can only afford 50% or 100% of the loan. Loans always need to be paid back in full.

I think the OP already has a mortgage and HTB loan and is making plans to pay off the HTB loan before they start getting charged fees.

CharlotteElle

Yes - we have the loan seperate to our mortgage so looking for the best way to save to pay it off before hitting interest rates

wjr4

Regular saver attached to current accounts e.g. First Direct / Nationwide. Santander 123 current account with some of the money maybe? Premium bonds with the hope of winning prizes? There's loads of info on this website to help.