Savings help

Jackdaniels94

Hey guys,

I currently have 8k sitting in a paragon bank savings account which I’m hoping to continue to build up over the years. I want to keep this money safe and don’t particularly want to take risks.

However I’m looking at other ways/platforms I can use to increase my savings. Me and my partner both have enough in our banks to cover 1.5 months wages (incase of rainy days etc) ideally between us we could save the bare minimum of £450pcm

What’s options are out there and what experiences do people have?

Ideally I’d want to build my personal isa up to 12k and lock that away and start a fresh with my savings.

Thanks for your time :j

kidmugsy

If you have a monthly surplus the appealing answer is the monthly savers that pay 5% AER. But it would mean opening the current accounts that give access to them. Maybe Nationwide would be the simplest way to go: their relevant current accounts don't demand that you have a number of Direct Debits on the account.

If you opened a FlexDirect current account you could also move in £2,500 from Paragon and get 5% AER on that too. Check the T&Cs and decide whether the idea appeals.

Vet

If you're not a homeowner - perhaps you should open up a LISA? up to £4k per year with £1k bonus + interest.

kidmugsy

Vet wrote: »

If you're not a homeowner - perhaps you should open up a LISA? up to £4k per year with £1k bonus + interest.

Good point.

@OP, there is only one Cash LISA at the moment (Skipton BS) but the Nottingham BS have said that they are going to offer one.