Best place for short term savings?

The_Bloodster

Hi

I was reading up on Martin's articles about the savings but a lot seem to be for at least a year.

I was looking at saving for a holiday I'm going on August next year. Mainly I just wondered if I save a bit before I have to pay for it I could actually earn a little interest I know it won't be much.

I was looking at putting £450 in now and then maybe save £50 a month until around the end of May next year.

What would people suggest and I think the best would be one that pays monthly as I think i'd benefit more

Thanks

xylophone

Do you have a Virgin store nearby?

You might pay in £250 as soon as possible and then £250 in September - as much as you can afford monthly up to £250 until you have to take it out.

https://uk.virginmoney.com/savings/products/regular_saver_issue_18/

Terry_Towelling

Who do you currently bank with? Do they offer a regular saver account?

DiggerUK

£450 in premium bonds now, with standing order or online payments. Who knows you may be able to charter your own plane..._

iglad

Check out Marcus by Goldman Sachs and it pays a very decent rate of monthly interest.

LobsterMemory

OakNorth 120 day Notice account pays 1.79%

Min balance £1
Unlimited deposits

https://www.oaknorth.com/savings/personal-savings/notice-accounts/

The_Bloodster

Thanks all I will have a look into them. I bank with Nat West and will have a look what they offer too.

eskbanker

The_Bloodster wrote: »

Thanks all I will have a look into them. I bank with Nat West and will have a look what they offer too.

Not to put too fine a point on it, it's probably not worth spending a vast amount of time and energy researching this when you're only likely to be looking at about a tenner in interest!

NatWest's savings products aren't competitive but if you don't already use their Rewards cashback scheme then this might be beneficial (for good, not just before your holiday) and can be adopted at the same time as putting your savings elsewhere....

The_Bloodster

eskbanker wrote: »

Not to put too fine a point on it, it's probably not worth spending a vast amount of time and energy researching this when you're only likely to be looking at about a tenner in interest!

NatWest's savings products aren't competitive but if you don't already use their Rewards cashback scheme then this might be beneficial (for good, not just before your holiday) and can be adopted at the same time as putting your savings elsewhere....

Yes I do use their rewards scheme and I have £41 already so quite happy with that so far as I only started with them in January. Yes I agree it's not worth spending too much time on it due to lack of returns

Terry_Towelling

NatWest do offer a Savings Builder account paying 1.5% on balances up to £10K subject to you increasing your balance by at least £50 per month. It's easy/instant access too.

Not sure about the Premium Bonds suggestion with such a low 'investment' amount but, you never know...

MovingForwards

Terry_Towelling wrote: »

NatWest do offer a Savings Builder account paying 1.5% on balances up to £10K subject to you increasing your balance by at least £50 per month. It's easy/instant access too.
..

Thanks for reminding me about that one! I completely forgot :rotfl:

The Bloodster, it takes seconds to open!