Finance Review

enthusiasticsaver

Is there any reason why you are only considering current accounts and regular savers? Are you saving for any particular reason? If this is long term saving you might want to look at upping your pension contribution or look at investing in a stocks and shares isa or a LISA as you are under 40?

stehouk

you could open a santander 123 lite with cash back on utilities and it has a 5% regular saver, just move £500mth to cover bills, only £1 fee

Cotta

stehouk wrote: »

you could open a santander 123 lite with cash back on utilities and it has a 5% regular saver, just move £500mth to cover bills, only £1 fee

I'm not really keen on accounts that have to be paid for.

enthusiasticsaver wrote: »

Is there any reason why you are only considering current accounts and regular savers? Are you saving for any particular reason? If this is long term saving you might want to look at upping your pension contribution or look at investing in a stocks and shares isa or a LISA as you are under 40?

Current accounts and Regular Savers are what was recommended to me here, my pension contributions are at their max, what do you advise in terms of S&Ss ISAs?

AnotherJoe

Cotta wrote: »

Current accounts and Regular Savers are what was recommended to me here, my pension contributions are at their max, what do you advise in terms of S&Ss ISAs?

You can still additionally contribute to a private pension. You contributions arent especially high.

Cotta

AnotherJoe wrote: »

You can still additionally contribute to a private pension. You contributions arent especially high.

My pension wasn't my biggest priority at this stage, I was hoping to maximise my current money more in the presentence if that makes sense?

chockydavid1983

Some banks pay a switching bonus, some offer ongoing cash, some pay good in credit interest, some pay bills cashback:
https://www.moneysavingexpert.com/banking/compare-best-bank-accounts

Cotta

I think I now know what I am going to do. I will have between £6-£7k when my regular savers mature with around an additional £500 each month going forward.

All money is going to be transferred into a Tesco Current account paying 3%.

From here three standing orders will go out each month to the following:

1. £250 to Nationwide Regular saver at 5%.

2. £250 to HSBC Regular saver at 5%, this will also come with a £150 switching bonus.

3. £250 to First Direct Regular saver a 5%.

I think this is really the best I can do with what I have got.

ColdIron

Don't forget that you'll need three direct debits coming out of your Tesco account

Cotta

ColdIron wrote: »

Don't forget that you'll need three direct debits coming out of your Tesco account

Is that a requirement to avail of the 3%?

ColdIron

Yes. It's on the first page of the Tesco Bank website for the current account which is a great resource for Tesco Bank products. There is also a monthly funding requirement but that is easily solved by recycling out and back in again or vice vesra

https://www.tescobank.com/current-accounts/