Savings

kenskyblueuk

I am 54 and have next to no savings what is the best accounts to try and do this

bowlhead99

Any account will do if you have next to no savings as you are in little danger of going over the limits of the account.

Go to the top of the page where it says Banking & Saving and from there you can click to https://www.moneysavingexpert.com/savings/ or https://www.moneysavingexpert.com/banking/compare-best-bank-accounts

No point having us start from scratch and all post our ideas - why not read the articles first, and come back if you have questions on them?

xylophone

Have you ever had a Nationwide Flexdirect current account?

If not, and you are eligible to open one, this, with its associated Flexclusive monthly saver could be a good place to start.

Take note of the terms and conditions - the £1000 a month required to earn the 5% interest for a year on the current account must come from an external account - it can be cycled in/out as required.

RG2015

xylophone wrote: »

Have you ever had a Nationwide Flexdirect current account?

If not, and you are eligible to open one, this, with its associated Flexclusive monthly saver could be a good place to start.

Take note of the terms and conditions - the £1000 a month required to earn the 5% interest for a year on the current account must come from an external account - it can be cycled in/out as required.

I don't think that the Nationwide Flexdirect current account is a good idea for someone with next to no savings as the 5% interest only lasts for one year. Better to use this after they have £2,500 to get the maximum interest for their year.

The 5% regular savings accounts are the best for building up capital and getting the best rate. They all require current accounts as well and of these, First Direct is the least onerous to maintain and has the highest monthly allowance of £300.

Alexland

I agree start with a regular Flex Account and then open the 5% regular Saver for up to £250 per month. Then when it matures (and you have £3,000 +interest lying around) ask to upgrade to Flex Direct (to stash £2,500) and then start a new 5% Regular Saver.

YorkshireBoy

Alexland wrote: »

I agree start with a regular Flex Account and then open the 5% regular Saver for up to £250 per month. Then when it matures (and you have £3,000 +interest lying around) ask to upgrade to Flex Direct (to stash £2,500) and then start a new 5% Regular Saver.

The FlexAccount wouldn't get you immediate access to the regular saver without jumping through one or more hoops.

Alexland

YorkshireBoy wrote: »

The FlexAccount wouldn't get you immediate access to the regular saver without jumping through one or more hoops.

Yes for the 5% regular saver on a Flex Account you would need to

- have been paying in £750+ a month for the last 3 months (excluding transfers from any Nationwide account held by you or anyone else); OR

- completed an account switch to us (from a non-Nationwide account) using our Current Account Switch Team in the last 4 months.