Saving for a car
Giddy72
Posts: 7 Forumite
So, I bought a new car in October which means 37 months after the agreement I will have to pay them , lets call it, £8,000
I have been ring fencing £220 every month in my Santander Current Account @ 1.5% interest but I am saving for other things in this current account plus living my life and so I have decided I need to open some sort of savings account to separate it from everything else.
So, I have a lump sum of £1,540 and then I want to save £220 each month.
Any ideas as to the best way to do this? I had opened a Santander ISA with a lump sum but I wasn't able to add to it each month and so had to close it again.
It's so HARD!!!!
Any advice from you lot would be greatly received!!
I have been ring fencing £220 every month in my Santander Current Account @ 1.5% interest but I am saving for other things in this current account plus living my life and so I have decided I need to open some sort of savings account to separate it from everything else.
So, I have a lump sum of £1,540 and then I want to save £220 each month.
Any ideas as to the best way to do this? I had opened a Santander ISA with a lump sum but I wasn't able to add to it each month and so had to close it again.
It's so HARD!!!!
Any advice from you lot would be greatly received!!
0
Comments
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As a Santander 1-2-3 account holder you're entitled to 5% from their regular saver product on up to £200 per month: https://www.santander.co.uk/uk/savings/regular-esaver
Other regular savers and interest-paying current accounts offer relatively decent interest rates, check out the quick links above labelled 'top savings accounts' and 'how to start saving'.0 -
As a Santander 1-2-3 account holder you're entitled to 5% from their regular saver product on up to £250 per month: https://www.santander.co.uk/uk/savings/regular-esaver
Santander's regular saver limit is £200 per month.
But its still one of the best because like the 5% Nationwide regular saver it's easy access. Also worth considering the 5% Nationwide Flex Direct account to deposit £2500 for 12 months at 5% but sadly this is a one time only offer.
Also if you have not yet bought a property you could consider using a HTB ISA for the good rates and then simply withdraw the money to pay for the car.
Alex.0 -
When I started my car lease 3 years ago I had 2 regular savers (Lloyds and TSB) going to save up to buy another car outright.
If you can afford it this is a good way of lowering your payments. I managed to save £4k as a deposit on a nearly new car instead of just going for another lease.
A combination of current accounts and regular savers works well.0 -
I'm pondering a natwest builder saver.
I think you can dump a lump sum in and add to it every month.
need to pay in at least £50/month to get the interest 1.5% (on first £5K)
1% on £5K-10K0 -
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As a Santander 1-2-3 account holder you're entitled to 5% from their regular saver product on up to £200 per month:
Other regular savers and interest-paying current accounts offer relatively decent interest rates, check out the quick links above labelled 'top savings accounts' and 'how to start saving'.
I have one of there, but there is a maximum of £200 a month and no lump sum at the beginning0 -
That's a poor return though?
Is there nothing that will beat inflation?
Other than regular savers, no, there are no easy access accounts that will beat inflation, other than a Nationwide FlexDirect current account, which pays 5% on £2,500 in the first year. It also gives you access to the 5% regular saver (£250 per month).0 -
As a Santander 1-2-3 account holder you're entitled to 5% from their regular saver product on up to £200 per month: https://www.santander.co.uk/uk/savings/regular-esaver
Other regular savers and interest-paying current accounts offer relatively decent interest rates, check out the quick links above labelled 'top savings accounts' and 'how to start saving'.I have been ring fencing £220 every month in my Santander Current Account @ 1.5% interest but I am saving for other things in this current account plus living my life and so I have decided I need to open some sort of savings account to separate it from everything else.0
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