We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Best for accessible savings

Hi, I want to save £1000 a month. I only have current accounts, as the money that I transfer to what I use as a saver I still want to be able to access for home improvements as and when. What is best for me to do/ where should I put my savings. Should I split the money between an easy access pot and a high rate saver? I have no idea how this works!

Comments

  • Albermarle
    Albermarle Posts: 32,780
    Eighth Anniversary 10,000 Posts Name Dropper
    Forumite
  • Cisco001
    Cisco001 Posts: 4,372
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Forumite

    Flexible Easy Access Cash isa

    Multiple regular saver account that allow withdraw.

  • Newbie_John
    Newbie_John Posts: 1,926
    1,000 Posts Fourth Anniversary Name Dropper
    Forumite

    Any idea when you would need money? 1,3,5.. years? Do you earn more than £50k?

    Each has pros and cons, nornal saving accounts, regular savers - linits and potential tax if you go over your allowed amount.

    Cash ISAs, all the best names offering 4.5% actually offer something like 3% + 1.5% bonus for a year so you need switching every year..

    I would open free trading platofrm S&S ISA like Barclays Smart Investor and buy £1000 of Royal London Short Term Money Market Accumulative, returns roughly 4% and easy access, tax free, no "bonuses" just always close to best rate out there.

★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 355.8K Banking & Borrowing
  • 254.9K Reduce Debt & Boost Income
  • 456.2K Spending & Discounts
  • 248.3K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 179K Life & Family
  • 263.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.7K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.