Savings Advise.

andyhicks88

Hi all

So i've been extremely bad for pretty much all my life at saving, and I don't mean in a never having any spare money way, I mean literally never using a savings account and just keeping everything in a no interest current account for years, which of course has meant losing out on so much interest over the years I really dread to think.  Anyway so I'm trying to rectify it now but feel a little overwhelmed trying to figure out the best options and accounts and ways to maximize how much my money will work for me,  so would like some advise.

Say I had about 30,000 currently to put away for savings, without having 10 different accounts because I would like to keep it fairly simply and limited to only 2 or 3 savers max, and say I wanted to keep probably a 1/3rd of that easy at hand and also continue to save each month as well, what would you guys suggest I do and which accounts/banks would you recommend? 

MX5huggy

All of it in Premium Bonds and keep adding to it here until one or more of the following:-

Hit the £50k limit, do you have a partner? they also have the same limit.

You decide investing is a good idea then you Get a Stock and Shares ISA. 

You look at your pension and 💡 moment you pay more into this.

I presume you have no expensive debt (pay it off if you do) but if you have a mortgage you review overpayment.

Interest rates rise on easy access savings, but premium bonds don’t.

eskbanker

MX5huggy said:

Interest rates rise on easy access savings, but premium bonds don’t.

A variation on this one that's arguably more likely given NS&I's 2021/22 net financing target: the headline interest rate on premium bonds is reduced again (below market-leading savings accounts)....

Brie

check out regular savings accounts where you can drip amounts each month into accounts with a slightly higher rate.  Generally these are instant access though you would lose the interest. You could have one with a number of different banks, set up a standing order to each for the max amount they will allow and then not need to think about it for a year while you get yourself more info on how to improve on the increased amount.

Albermarle

 never using a savings account and just keeping everything in a no interest current account for years, which of course has meant losing out on so much interest over the years I really dread to think

You should be careful saying such things on a MSE savings and investments forum , you might give someone heart failure with the shock 

For savings accounts ( means safe but not paying that much interest ) you can look at this comparison site . Although Premium Bonds are not included as they are not strictly a savings account.

https://moneyfacts.co.uk/savings-accounts/

If you think you can invest some for the longer term and take some investment risk , you could look at a Stocks & shares ISA or probably better still, as already mentioned, increase contributions to your pension .

jimjames

You could always open an interest paying current account or two - some are paying better rates than most savings accounts at the moment.