Best way to save monthly

3 Posts

Hi all,
I have found myself in a position where for the next 2/3 years I am able to save around 2k per month.
I'm starting from zero, so I was hoping for some advice on how best to save these funds. Was thinking of using a high interest regular saver account for the first year than transferring to a cash ISA year 2 onwards?
Other than a mortgage, I have no debts.
Cheers
I have found myself in a position where for the next 2/3 years I am able to save around 2k per month.
I'm starting from zero, so I was hoping for some advice on how best to save these funds. Was thinking of using a high interest regular saver account for the first year than transferring to a cash ISA year 2 onwards?
Other than a mortgage, I have no debts.
Cheers
0
Latest MSE News and Guides
Replies
Or as suggested overpaying the mortgage is another option. Often it is a good idea to do a bit of everything.
The dream would be to invest in something that gives me passive income, but for next 2/3 it would just be a case of saving (working abroad).
You might do best looking into offshore accounts. All the larger UK banks offer them, and Skipton Building Society have some nice offshore accounts, too.
You need to also look into the tax rules of your country of residence. Even if you have an existing ISA, they might tax you on it