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Savings advice

gerrard88
gerrard88 Posts: 152 Forumite
Eighth Anniversary 100 Posts Combo Breaker
in Savings & investments
Hi i am saving around 400-500 a month.. currently have 1k.

What is the best savings for interest?

ISA or normal savings?

I am with santander for my bank account

thanks

Comments

  • xylophone
    xylophone Posts: 45,908 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You have a regular monthly saver with Santander?

    You might consider a Flexdirect current account with Nationwide if eligible and if you have not had one before - cycle in £1000 a month from your Santander- leave in what you can afford until £2500 reached - open Flexclusive monthly saver after that.

    Continue to cycle in/out the £1000 a month to the current account.
  • badger09
    badger09 Posts: 11,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    gerrard88 wrote: »
    Hi i am saving around 400-500 a month.. currently have 1k.

    What is the best savings for interest?

    ISA or normal savings?

    I am with santander for my bank account

    thanks

    Have you read this?

    https://www.moneysavingexpert.com/savings/which-saving-account
  • tibbles209
    tibbles209 Posts: 169 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    What are you saving for? When will you need to use the money?
    Are you a basic or higher rate taxpayer?
    Is the £1k the only cash savings you have at the moment?
  • gerrard88
    gerrard88 Posts: 152 Forumite
    Eighth Anniversary 100 Posts Combo Breaker
    No i currently dont have a saving account with santander. Just a current account

    I have an instant isa with nationwide

    I dont want to put into a saver anymore than £500 a month


    I just want to have the best saving account for me for what i want
  • ValiantSon
    ValiantSon Posts: 2,586 Forumite
    You'll get the best rates using regular savers. The highest paying ones are linked to current accounts, but you can open more than one current account so that isn't necessarily a problem. Look at this page: https://www.moneysavingexpert.com/savings/best-regular-savings-accounts
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    gerrard88 wrote: »
    No i currently dont have a saving account with santander. Just a current account

    I have an instant isa with nationwide

    I dont want to put into a saver anymore than £500 a month


    I just want to have the best saving account for me for what i want
    For the next 12 months you won't be able to beat the Nationwide products given in post #2. I've assumed you don't qualify for the 5% regular saver at Santander. If you do, even better.
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