Advice on best route for savings in the next year

HarlemThorne

Hey!

As of april i'm going to have around 1000 or so to put into savings (currently I've only been saving since last august and that's been 300 a month into a first direct regular 5% saver)

I was looking at ISA's but it was slightly confusing for me, and I thought maybe for the first year with all the offers for the 5% savers I should maybe spend the first year using that route?

I was thinking:

First Direct 5% (300 max a month) already had this for 6 months
HSBC Premier 5% (250 max a month) already have a current but haven't opened this saver yet

and then open:
M&S 5% (250 max a month)
Nationwide 5% (250 max a month)

- Which would mean putting away 1050 a month which is doable for me. And then maybe look at ISA's and stuff going forward from next year.

Is this a good idea? Could anyone recommend anything better?
My only worry with this plan is that i'd have 4 current accounts, as I already have a FD and HSBC premier (one for usual work, one for online stuff) and then having 2 more might damage my credit score?

Any advice would be great!

xylophone

M&S 5% (250 max a month)

https://bank.marksandspencer.com/current-accounts/


Access to the high rate Monthly Saver when you've switched using the Current Account Switch Service and have two active Direct Debits.

4 current accounts, as I already have a FD and HSBC premier (one for usual work, one for online stuff) and then having 2 more might damage my credit score?

Only four? Small beer!:)

badger09

Have you already got Nationwide Flexdirect current account. £2500 @ 5% for 12 months?.

I wouldn't worry about 'credit score'. Don't take up any offers of overdraft, and stop applying for new current accounts several months before you apply for any major credit such as a mortgage/remortgage.

wjr4

What are your actual objectives for the money saved? House purchase? Long-term investment?