I don't pay tax, how can I start saving?

RG2015

jimjames wrote: »

The advantage you have is that with only child benefit as your income you are likely to be able to get the best rates as they tend to be on small sums. Only issue might be eligibility for some accounts but it depends if you joint accounts and which banks you are currently with. You should be able to get at least 5% if you try.

Cat179 wrote: »

Now that DOES sound interesting!

The Nationwide FlexDirect current account offers 5% interest on balances up to £2,500. There is no better interest than this for current accounts at present. Sadly, it is an introductory rate and only lasts 12 months after which is drops to 1%.

Cat179

RG2015 wrote: »

The Nationwide FlexDirect current account offers 5% interest on balances up to £2,500. There is no better interest than this for current accounts at present. Sadly, it is an introductory rate and only lasts 12 months after which is drops to 1%.

Now that is what I need. People who are interested in money to advise me. I watched a whole video about investing today and it was so boring. I wish I was one of these entrepreneur types who could spot a gap in the market and know all about deals and whatnot, but I can't change my nature.

xylophone

Your TSB current account is the version which gives you 3% on up to £1500?

They do offer a regular saver but it is only at 2%.

Do you know anybody who banks with Nationwide? Their switch incentive could benefit both of you.

The Flexdirect current account would offer you 5% on up to £2500 for a year - there is also a regular saver offering (at the moment) 5%.

The regular saver remains available after the year but the interest rate on the current account drops to 1%.

Remember that the required monthly input to the current account can be cycled in and out from a current account with another provider - it could come from your spouse's account for example, provided that this account is not with Nationwide.

Cat179

Thanks Xylophone.

That is food for thought. All the advice I've read everywhere says 'to save tax, put your money in X' but I don't pay tax anymore so I thought there isn't much point in that.

John-K_3

Cat179 wrote: »

I am a stay at home mum. The only income I get is child benefit so I don't pay tax.

What is the best way for me to start saving?

That money is given to you to pay for your children’s needs now, not for you to save up to use later. It is not your income, it is no eye for your children.

Please, do not hold it back, spend it on them.

Cat179

John-K wrote: »

That money is given to you to pay for your children’s needs now, not for you to save up to use later. It is not your income, it is no eye for your children.

Please, do not hold it back, spend it on them.

I asked for savings advice, not to be told to do what I'm already doing.