Best options for savings

katie0105

I need to save a reasonable amount of money by around this time next year. I already have some to start off with but I'm not sure whether some sort of ISA or a normal savings account would be the best option in terms of what I would get the most interest from. Any suggestions if I'm hoping to put away anywhere between £300 and £500 per month?

SaverRate

For the £300-£500 a month set up Regular Savings Account(s) 
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Archi_Bald

Most comprehensive and up-to-date collection of the best Regular Savers: https://forums.moneysavingexpert.com/discussion/6106986/regular-savings-accounts-the-best-currently-available-list


There are a couple that take £1,000 a month.

Archi_Bald

@katie0105 all interest rates are in the doldrums. ISAs are almost certainly useless, as it's hard to get over £1,000 interest each year now. £1,000 is the Personal Savings Allowance for a basic rate taxpayer, i.e. the amount of savings interest you can earn tax free outside an ISA. ISA interest rates are typically much lower than rates on non-ISA accounts. The very best you can hope for if saving 12 x £500 is £89 interest, from the top paying Regular Savings accounts which you may or may not be able to get. See the link in my earlier post.

grumiofoundation

If you are saving to buy a property a Lifetime ISA may be best.

https://www.moneysavingexpert.com/savings/lifetime-isas/

Archi_Bald

grumiofoundation said:

If you are saving to buy a property a Lifetime ISA may be best.

https://www.moneysavingexpert.com/savings/lifetime-isas/

True, if you are eligible for a LISA, £4K should go in there. 

george4064

Without knowing what the money is intended for and with the information you have provided it tend to agree with previous posters that Regular Savers would be a good option for you.