Savings account?

Pink2014

Hi there, I have approx £10,000 in a LBS saver account at 2% interest. I save around £400 a month. I am certain that I can get a better deal on my savings to maximise my money and interest but when I start to research I end up feeling very overwhelmed with all of the options. I am not very financially savvy. Is anyone here able to advise based on their knowledge please? I have looked at savings accounts and ISAa. Thank you. 

friolento

Assuming you want to continue to have easy access to your savings, you can get roughly double that rate at quite a few places. Though rates do change continuously, and probably in a downwards direction in the foreseeable future. Start here:  https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

redpete

Assuming LBS is Leeds Building Society, simplest is probably open an Online Access Cash ISA with LBS and transfer the £10,00 into that. Currently paying 4.35% so instant doubling of the interest you will earn.
Then you could open an LBS Regular Saver account and pay in £250 a month from your £400 a month that you save and put the remaining £150 a month it the ISA.

A bit more work and you could open a regular saver elsewhere and earn more interest.

MEM62

A list of the accounts offering the best interest rates is available on this forum. All you need to do is decide whether you want to tie you money up for a period of time or if you want instant access. With respect to the ISA are your considering a cash ISA (in which case the considerations are exactly the same) or a share ISA? 

How is your pension provision?   

jimjames

If you are saving £400 a month then a regular saver or two paying up to 10% would seem to be the best rate you can get as you build your balance up. Then move to an ISA with the best rate

Pink2014

Hi all, thank you for the comments. I should have said in my post that I need to have access to the savings.

Middle_of_the_Road

jimjames said:

If you are saving £400 a month then a regular saver or two paying up to 10% would seem to be the best rate you can get as you build your balance up. Then move to an ISA with the best rate

There are no regular saver accounts currently paying 10% that are available to open. The only one at that level was offered briefly by Virgin money. 

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Bridlington1

Middle_of_the_Road said:

jimjames said:

If you are saving £400 a month then a regular saver or two paying up to 10% would seem to be the best rate you can get as you build your balance up. Then move to an ISA with the best rate

There are no regular saver accounts currently paying 10% that are available to open. The only one at that level was offered briefly by Virgin money. 

https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

And if anyone wishes to discuss/ask questions about regular savers you are more than welcome to use this thread:

https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread/p1

The first page contains a list of the top regular savers on offer, which is updated daily.

Pink2014

redpete said:

Assuming LBS is Leeds Building Society, simplest is probably open an Online Access Cash ISA with LBS and transfer the £10,00 into that. Currently paying 4.35% so instant doubling of the interest you will earn.
Then you could open an LBS Regular Saver account and pay in £250 a month from your £400 a month that you save and put the remaining £150 a month it the ISA.

A bit more work and you could open a regular saver elsewhere and earn more interest.

Hi, can I ask why you have suggested splitting the £400 this way? Thank you

Dazed_and_C0nfused

Pink2014 said:

redpete said:

Assuming LBS is Leeds Building Society, simplest is probably open an Online Access Cash ISA with LBS and transfer the £10,00 into that. Currently paying 4.35% so instant doubling of the interest you will earn.
Then you could open an LBS Regular Saver account and pay in £250 a month from your £400 a month that you save and put the remaining £150 a month it the ISA.

A bit more work and you could open a regular saver elsewhere and earn more interest.

Hi, can I ask why you have suggested splitting the £400 this way? Thank you

It will almost certainly be because the Regular Saver has the highest interest rate but £250 is the maximum monthly deposit.

So to think of it another it's putting the maximum you can into that account and the balance of your £400 into the ISA.

Bigwheels1111

Keep an eye on the regular savers thread on here, new one’s are posted very frequently.
I have 17 or 19 regular savers, a couple are full and due to pay next month.
Plus next Monday I plan to open Principality reg saver issue 3 at 7.5%.
£200 a month for 6 months at 7.5%, open on the 31st, then pay another £200 on the 1st, max out the interest.
Make 4 more payments on the 1st.
I’m maxed out at the moment as it’s costing me over 4k a month to fund them.