Best place to save regular sum

Mortisha1306

I am looking for advice on best place to save approx 800 per month.  I don't need access to it as it's towards retirement. So probably be for about 5 or 6 years before access. 
 Is it best to use fixed rate savings or put into an ISA?  Advice would be welcome thank you.

colsten

Fixed rate accounts are generally fixed term and you cannot make regular deposits into a fixed term savings account. ISA rates are generally lower than non-ISA rates, and probably only of interest to HR tax payers if they earn more than £500 in interest each year. For £800/mth, you'll get nowhere near this amount for several years, unless you have other savings, too. It's therefore highly unlikely that an ISA would give you any benefit.

You can easily tuck £800/mth into a series of Regular Savers - see the first few posts of the Regular Savers thread for the best available accounts. As and when they mature, you can then decide whether to put the proceeds into new Regular Savers, or whether to put some or all of the money into a fixed term account.

xylophone

You might consider Virgin e regular saver, Coventry BS regular saver, Yorkshire BS regular saver,  - these would be easy to set up.
Had you considered saving in a pension scheme? Even if you have no relevant income, you might contribute £240 a month towards a SIPP, not invest but just regard the £60 a month tax credit as interest?
Example https://www.hl.co.uk/partners/search/sipp?theSource=PCHLS&Override=1&adg=G+HLBS+HLS&gclid=EAIaIQobChMInIzGrvLE5wIVSrTtCh0zAAbAEAAYAiAAEgI76vD_BwE

Mortisha1306

Thank you. Regular saving info sounds good. This is from a pension but I'm planning to work for a further 4 or 5 years so don't want to touch it. 

xylophone

This is from a pension but I'm planning to work for a further 4 or 5 years so don't want to touch it. 

Had you thought of using this pension as an income replacement and contributing more to your workplace/a private pension?

Mortisha1306

Thank you. I can't add to my pension as I reach pensionable age (for my pension( this year.

bowlhead99

Mortisha1306 said:

Thank you. I can't add to my pension as I reach pensionable age (for my pension( this year.

Well, there are no rules to say you are only allowed one pension. You can contribute to a pension until age 75. If the purpose of this savings is 'towards retirement' it would make sense to open a private pension to take advantage of all the tax relief that you can.

xylophone

How old are you? I am assuming 60/65. It is possible to contribute to a pension and obtain tax relief up to age 75.
You say that you are continuing to work after you take this pension. Will this be a DB pension?
 Is the job with the same employer? Is no other pension arrangement offered for those in this situation?
If not for the same employer, does the new employer not offer a pension scheme?
Even if not, you  could open a pension of your own and contribute as much as possible from earned income, using the pension to live on?