Saving strategy

poppin_2

Hi,

Could someone please explain and give me pointers on the technique which will maximise the amount of interest I can get from my earnings. I quickly filled up last years and this years ISA allocation in April thanks to advice from here, so I have the alliance leicster 10% ISA. But I have my salary going in to a bog standard HSBC account gaining very little interest. What is the best thing to do my salary and the £4000 I have saved in it since april.

Thanks in advance.

lr1277

Depends on your timescales, how quickly you will need the money and how much notice you are prepared to give. Lots of accounts that will meet specific needs.

If you know you are going to save regularly every month, then I would open a regular saver account. There is a thread on this on this Savings forum called Regular Savings started by Special Saver 2. Link here:
http://http://forums.moneysavingexpert.com/showthread.html?t=608697
Almost all these accounts have restrictions and you will have to find that meets your needs.

If you can't commit to saving regularly, then I would use an instant access savings account. Some details here:
http://http://forums.moneysavingexpert.com/showthread.html?t=596724

HTH

Mikeyorks

Consider a better current account (eg Halifax High Interest pays just over 5% on balances to £2500). And, as previous post, your ideal for the excess is / are Regular Saver(s). As 'new money' direct from your salary is not diluted by sitting in a lower rate feeder account - so you get the direct benefit of the 7% +.

Again - Halifax look to be bringing out a new 10% Reg Saver (allegedly max £500pm) being announced 9th June (see specific thread).

http://forums.moneysavingexpert.com/showthread.html?t=942779

Bit more on Reg Savers :

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