Where to save £400-500 a month

pw007

I’m currently in a position where I could save £400 - £500 a month. Where would the best place to put these savings? Isa, high interest saving accounts etc
cheers

InvesterJones

Depends what you want to do with the money eventually, which determines when you'll need access to it.

For many, pension is 'best', but obviously the access timeframe is rather fixed in that case.

Mark_d

If you're on a 12 month contract and are likely to need the cash in 12 months time, then regular saver accounts are probably your best bet.

pw007

Thanks for the replies. I currently have a nhs pension so I’m sorted there as I’ve been paying in for 20 years. I’m looking for somewhere for the best interest really. I bank with Barclays and they offer the rainy day saver. I see on this website Martin says about trading 212 as a cash isa. A year or 2 ago banks were offering deals when you open accounts with them

jimjames

pw007 said:

. A year or 2 ago banks were offering deals when you open accounts with them

Banks offer deals to switch a current account to them. That's completely separate to savings accounts and can be done as well as having savings. For those sorts of amounts a regular saver or two will give best rates

pw007

Thanks. Yeah I might just stick it in the Barclays rain day saver, they are currently offering 5.2% for the first £5000

Stargunner

The interest on the rainy day saver is 5.12% AER.

You can get 6-7% in various bank regular savings accounts, although you also have to have a current acc with them.

You could open another current acc with Barclays and then switch it to First Direct (keep your main account with Barclays) who will pay you a £175 switch incentive. You can also open a First Direct Reg Saver that pays 7.0% AER and you can pay in up to a max of £300 per month over a year. 

Mark_d

It sounds like you have no plans to spend this money.  It sounds like you won't need access to the money any time soon.  I would therefore suggest you consider investing in a fund within a stocks & shares ISA.

pw007

My current account is already with Barclays so could I just open a first direct account?

What stock and share isa would you reccomend? 

kempiejon

pw007 said:

Thanks for the replies. I currently have a nhs pension so I’m sorted there as I’ve been paying in for 20 years. I’m looking for somewhere for the best interest really. I bank with Barclays and they offer the rainy day saver. I see on this website Martin says about trading 212 as a cash isa. A year or 2 ago banks were offering deals when you open accounts with them

I guess it depends how long for. I like an ISA, protects my pot from the tax man. Even when I had a government pension scheme I would add extra to my SIPP personal provision. Near to 55 and it's the bloody best place for me to stick surplus cash as I could get at it with a bonus plus investment growth.

xylophone

My current account is already with Barclays so could I just open a first direct account?

You can apply for a current account with FD without a switch.

You could consider opening an additional current account with Barclays just for the purpose of switching to get a switch incentive,

With regard to  a stocks and shares  ISA, you have a wide choice.

https://www.moneysavingexpert.com/savings/stocks-shares-isas/