The Top Easy Access Savings Discussion Area

Rare_3

Hi all,
I will soon have £15k to invest and wondered where my money would earn the most.
I have looked at the ns&i 5 year inflation linked account (tax free) or just an easy access savings account from Coventry BS which acording to this site is one of the best at the moment.
I don't understant inflation linked, nor do I understand this "inc bonus"
Where is my money best kept?
Don't need access yet, but who knows... might do in the future.
Best regards,

Mr._H_2

Rare wrote: »

Hi all,
I will soon have £15k to invest and wondered where my money would earn the most.
I have looked at the ns&i 5 year inflation linked account (tax free) or just an easy access savings account from Coventry BS which acording to this site is one of the best at the moment.
I don't understant inflation linked, nor do I understand this "inc bonus"
Where is my money best kept?
Don't need access yet, but who knows... might do in the future.
Best regards,

This thread is for discussion of instant-access savings accounts. As you're not sure what you need, it would be better to start a new thread here.

Steve_xx

Rare wrote: »

Hi all,
I will soon have £15k to invest and wondered where my money would earn the most.
I have looked at the ns&i 5 year inflation linked account (tax free) or just an easy access savings account from Coventry BS which acording to this site is one of the best at the moment.
I don't understant inflation linked, nor do I understand this "inc bonus"
Where is my money best kept?
Don't need access yet, but who knows... might do in the future.
Best regards,

Out of the 15k you should first use up your ISA allowance because you don't pay tax on the interest that it generates. For the other portion you would do well to consider the Coventry Building Society Poppy account as you already mentioned. It pays 3.15% before tax is taken off and you can make 4 penalty free withdrawals per year. you would need to eatch that after your initial 12 months that they don't drop the rate.

Rare_3

Steve_xx wrote: »

Out of the 15k you should first use up your ISA allowance because you don't pay tax on the interest that it generates. For the other portion you would do well to consider the Coventry Building Society Poppy account as you already mentioned. It pays 3.15% before tax is taken off and you can make 4 penalty free withdrawals per year. you would need to eatch that after your initial 12 months that they don't drop the rate.

Many thanks Steve.
So you wouldn't recomend the ns&i then. Like I said... I don't understand the index linked stuff, so was I to take it even if I could lock it away for the full five years, the poppy accound is better?

Regards,

Mr._H_2

Rare wrote: »

Many thanks Steve.
So you wouldn't recomend the ns&i then. Like I said... I don't understand the index linked stuff, so was I to take it even if I could lock it away for the full five years, the poppy accound is better?

Regards,

As I said earlier, this thread is for discussion of instant-access accounts. If you're thinking about the NS&I stuff you should get more responses if you start a new thread.

Steve_xx

Rare wrote: »

Many thanks Steve.
So you wouldn't recomend the ns&i then. Like I said... I don't understand the index linked stuff, so was I to take it even if I could lock it away for the full five years, the poppy accound is better?

Regards,

At this point the NSI Index-linked certificates look good as they pay half of one percent plus the rate of inflation (RPI) which is currently running at around the 5% mark. The problem is that I don't have a crystal ball and so I don't know if the RPI will remain at this level for the 5 year term. The RPI could go higher in which case these certificates are a good bet, but if it falls lower then they may not look too hot. However, on the plus side you should remember that the interest on these certificates is tax-free.

The Poppy account is good if you want to make withdrawals as you can make 4 per annum without penalty. If you wanted to lock it away for 5 years then the best I can see at the moment is 5% with Leeds Building Society.

As I said. You should maximise your ISA allowance for sure.

G_M

Rare wrote: »

Hi all,
I will soon have £15k to invest and wondered where my money would earn the most. depends if you are willing to tie it up or need access etc
I have looked at the ns&i 5 year inflation linked account (tax free)fine, but penalties if you want your money within 5 years or just an easy access savings account from Coventry BS which acording to this site is one of the best at the moment. Good rate for instant access
I don't understant inflation linked, means if inflation rises, then the interest you earn automatically rises too nor do I understand this "inc bonus"many accounts have a 'bonus' in the first year so earn good interest rate. After a year, the bonus is removed and you earn much less interest
Where is my money best kept?
Don't need access yet, but who knows... might do in the future.
Best regards,

You really need to decide what kind of access you want. Might you want the money fast in, say, 6 months time?
Would you be happy if you had to give, say, 3 months notice to the bank before getting your money?
Do you want to maximise your earning but lock the money away so you can't use it?
Are you a tax-payer and have you used your ISA allowance?

Rare_3

G_M wrote: »

You really need to decide what kind of access you want. Might you want the money fast in, say, 6 months time?
Would you be happy if you had to give, say, 3 months notice to the bank before getting your money?
Do you want to maximise your earning but lock the money away so you can't use it?
Are you a tax-payer and have you used your ISA allowance?

Hi,
Thanks for all your posts.
Yes I pay tax. Employed full time.
I don't have an ISA yet as I've never had any savings for myself.
I'm getting divorced and my share of the equity is going to be paid out soon. There is £23k in total, so was going to fill up an ISA and buy myself a newer caravan. The rest would be for investment.
I don't earn bad money so the thought of locking that cash away doesn't frighten me at all.
Sadly, I used to put 100% of my wages into the joint account so only recently have I started to save.
I've been managing to save around £1k a month, but this isn't set in stone as I always take out what I need at the time.
Embarrassingly, saving at my age is a new thing.
Hope this explains a few things of how I need help with what money goes where.

Best regards,

ticket2ride

My partner and I have around £100k which is hopefully to be used for a deposit on a house.

We want to be able to access it if we need to proceed with a purchase, so need instant access with no penalties.

We do not have ISAs. We could do seperate accounts.

Any recommendations?

2010

ticket2ride wrote: »

My partner and I have around £100k which is hopefully to be used for a deposit on a house.

We want to be able to access it if we need to proceed with a purchase, so need instant access with no penalties.

We do not have ISAs. We could do seperate accounts.

Any recommendations?

http://www.coventrybuildingsociety.co.uk/savings-and-investments/Easy-Access/Poppy/Poppy.aspx?WT.ac=poppyhp