The Mental Debt Struggle...

Makingabobor2

Keedie said:

Makingabobor2 said:

Keedie said:

It's very good, here's the government info @Makingabobor2, https://www.gov.uk/get-help-savings-low-income and here's the better explained MSE version, https://www.moneysavingexpert.com/savings/help-to-save/.

Think we must have cross posted there when I edited my post....

Oh yes we did, sorry! Maybe still save but find something with a good rate if you lock it away for a period of time? I don't know much at all about premium bonds, but my friend was saying that they're amazing (it was just too much words to read about it so I can't say either way).

Yes, I was only thinking last night actually about an account with high interest rate and locking a few ££ a month away for a rainy day. Might seriously look into that. 

AntoMac

Just nosing in on interest rates if that’s ok. Lloyds monthly saver offers 4.5 pa for saving up to £250 per month for 12 months. You have instant access should you need it. Coventry Building Society also offer some good rates. I’m lucky we have a Coventry branch down the road but it doesn’t matter as all can be done online. 

@Keedie is one of those cool kids that uses the Chase app I think? I couldn’t get it on my ipad

enthusiasticsaver

I would go for a monthly saver to get better rates. They don’t usually offer instant access though or if they do there are heavy interest penalties. If you think you might need to access it an easy access internet saver may be better. 

Keedie

That's a really good rate @AntoMac for Lloyds. I'll have to check it out and Coventry too if it can be done online. And yes, I'm one of those 'cool kids' (though definitely not really 😂) who uses Chase and Monzo is my main bank. They're both great, and if I could pinch features of both to make a super banking app I would 😁.

I definitely think monthly instant access savers would be ideal @enthusiasticsaver, and I don't mind locking some money away (with whatever I can spare), as I've realised that I need to definitely have savings building up and I'm taking inspiration from @shell16 and will work out my sinking funds and which ones I want to fund in priority order. And I definitely need to boost my emergency fund.

enthusiasticsaver

Why not look at the DFW challenges for 2023? There is a £1 a day one for a year (roughly £30 a month) and I am running the 1p a day challenge for 365 days (which is about £55 a month). Might help you get into the savings habit and you can then do regular savers. 

AntoMac

Halifax do the same 4.5 PC acct. I have more than one Bank account (long and uninteresting story) and you do have to have a Current account to get the savings account. Actually @enthusiasticsaver I might come and join you on the 365 day challenge, which I started on last month.

enthusiasticsaver

AntoMac said:

Halifax do the same 4.5 PC acct. I have more than one Bank account (long and uninteresting story) and you do have to have a Current account to get the savings account. Actually @enthusiasticsaver I might come and join you on the 365 day challenge, which I started on last month.

Yes please do come and join me on the 365 day challenge.

4.5% is awesome but our bank is now Starling which does not seem to offer good savings rates.  Our savings are with YBS which aren't too bad. 

beanielou

First direct have a good monthly saver @ 7%. 
Called regular saver.

Makingabobor2

beanielou said:

First direct have a good monthly saver @ 7%. 
Called regular saver.

Wow, that's a good one

Sun_Addict

Principality are doing a 5% interest regular saver. You can put up to £125 a month in there.