Keeping it simple 22 January at 11:16AM in Budgeting & bank accounts 5 replies 313 views

FunLovinCriminal

Hi all. Need your collective brains please.
Before kids I was all over the finances. But two kids later, and no spare time, I have let things slip. Want to try and get back on top of things though. Our savings are hardly working for us. So looking for a simple process.
Currently £3k in a virgin isa paying 0.2% interest monthly - less than £1 per month
£900 in a BoS account paying 0.5% annually
£750 in a BoS regular saver paying 4.5% annually
I am paying the max, £250 per month from the BoS account into the regular saver.
But think I should be emptying the isa first, as it is lower interest, but its Monthly?
Or is there another account, preferably virgin or BoS that I can put the isa and saving account into, esrning better rate, monthly?
Help?

Katiehound

Sorry don't know the answer to your question! but as you have BoS I assume you might have access to Halifax? (my BoS a/c s appear  on my Halifax internet banking)
 Could you have a basic Halifax a/c with access to their RS also paying 4.5%.
I'm not even sure that you need a H. c/a- maybe not... clear as mud!

Looks like the BoS cash isa is paying 2.9%-  
Also easy access Virgin isa paying 3%
The first article in this week's email is all about cash isa 

ColdIron

Duplicate post https://forums.moneysavingexpert.com/discussion/6419223/keep-it-simple-stoopid#p1

eskbanker

Thread is also (correctly) posted on savings board:

https://forums.moneysavingexpert.com/discussion/6419223/keep-it-simple-stoopid

grumbler

Although the same Virgin offer a 3% flexible ISA, with such small amount of savings it makes little sense to have ISA as you can earn £1K interest p.a. tax-free.

With £20K annual ISA allowance you can easily build up your ISA later.

If you want easy access to you savings, open YBS 3.35%* Rainy Day Account Issue 2 (2 withdrawals p.a. or closure) and direct as much as you can to regular savings accounts.

* You can get 5% on £5K at Barclays, but will have to jump through some hoops.

pridehappy

Have a look at Virgin Money M Plus & Saver, great interest rate on the whole amount and fully flexible! Wouldn’t recommend Bank of Scotland for higher rates. Virgin also offer some other great high interest savers and ISA’s too.