Newbie looking for savings advice please?

sho_me_da_money

Hi Guys,

I was wondering if i could learn where to stash my cash?

I want my wages to go directly into an account that maximises my returns per year?

Right now my wages is going into a bog standard Abbey bank account that gives me no interest or anything.

I was hoping to maximise my returns but have no idea which way to go forward? - should i open a new account and keep storing my wages in there that oiffers a good return on interest? or should i just transfer my funds into ISAs?

Thanks for your help in advance.

neilp

I would suggest a couple of things (depending on how much money you are looking to save):

1. Open a high interest current account, say A&L Premier Direct, which wages would be paid into.

2. Open a good cash ISA (see article on this site). Put everything you can into it up to £3000.

3. AFTER THAT go for a regular saver - Skipton BS for up to £250 per month or Yorkshire BS for up to £500 per month.

4. If there is anything left after that, go for a high interest instant access account, such as ICICI.

ukdutypaid

Can't you go for the Abbey 8% CA?
It pays up to that on a balance of 2.5k, if you pay in at least 1k per month.
Obviously you'd have to check if you as an existing Abbey customer can avail yourself of it, but there ain't a better paying C/A out there.

Additionally, you can use their auto sweep facility to take anything over 2.5 into a savings account..
Even if that don't pay the best you can ship it back to the C/A and out to a high paying one....
ISA/ICICI/ICESAVE/ are your next options... IMHO....

PBA

Bog standard Abbey current account should be paying you 2.5%. Get them to sort this out if it's not on the right product code. (Ok, still not a stunning rate, but there will always be money going through the account so you may as well get a bit of interest while it's there!)