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    • Red-Squirrel
    • By Red-Squirrel 5th Jan 19, 11:10 AM
    • 4,001Posts
    • 10,767Thanks
    New saver advice!
    • #1
    • 5th Jan 19, 11:10 AM
    New saver advice! 5th Jan 19 at 11:10 AM
    So for the first time since I've been a homeowner I'm in a position to save again! I'm hoping the lovely experts on this board can give me some suggestions as to the best easy access places to keep a small but hopefully growing pot of money. I have around 500 a month that I can save from my salary.

    I currently have the following pots/accounts:

    400 in a Natwest current account earning no interest as far as I know (this is a 'spare' current account, no DDs or other use apart from me paying in and out of it.

    550 in a co-op savings account earning 0.59%

    100 in Starling

    760 in Monzo

    My main current account is with the Co-op but I have just opened a HSBC one for the bonus and the switch should go through in the next week or so. I will then open the regular 5% savings account and put the full 250 in there every month.

    I'm stuck as what to do with the little bit of money I already have and the other 250 I want to save each month. I could do with easy access as it will be a mixture of emergency fund and pots for things like vet bills, holidays, home improvements etc. One pot is for travel plans that are more than a year away so I could conceivably put some in a longer term product.

    Any ideas? Thanks in advance!
    Last edited by Red-Squirrel; 05-01-2019 at 11:14 AM.
Page 3
    • fiestaman87
    • By fiestaman87 12th Jan 19, 4:32 PM
    • 44 Posts
    • 47 Thanks
    Well you could use it as a current account, but probably best not to until their IT problems are behind them.

    It is also useful to hold as a second current account (if you don't have a spare one already) in case your main bank has IT troubles at some point in the future.

    And the other benefit is having an eligible current account with TSB allows you to open a monthly saver paying 2% interest on up to 250 deposited per month for a year. Not the best interest rate, but easy to open if you already have a current account with TSB, and instant access to your money if you need to withdraw it.
    Originally posted by EachPenny

    Thanks for the tips and advice.

    I am opening a TSB Classic account but I won't be using it as a main current account for the following reasons:

    * I have an HSBC Advance current account which I switched last year (and got 150 for the trouble) and I'm expecting another 50 in a couple of months. Also this account has a 5% linked saver of which I'm paying in the max 250 per month.

    * I have 2 other current accounts besides the one above, a Starling account solely for use abroad and a Santander Zero dormant account with a small amount as I still have other products with them.

    * I have a Virgin Money Regular Saver (3%) which I'm paying in the max 250 each month.

    I will be studying with interest your posts in future (not in a creepy way though) as you do seem to know your stuff.
    Total Savings: HSBC 2000, Marcus 1001.91, Virgin Money 1000.19 - Total 4002.10
    Total Debt: Barclaycard (0% APR) 2,550.00, Santander CC (0% APR) 4,300.99, Santander Loan (3% - for car) 4,291.85, Mortgage 51,073.00 (1.5% APR) - Total 62,217.30
    • Red-Squirrel
    • By Red-Squirrel 12th Jan 19, 7:12 PM
    • 4,001 Posts
    • 10,767 Thanks
    Before you cause a stampede of people paying an extra pound into their Classic Plus account... where did you read the 1501 figure?
    Originally posted by EachPenny
    Pretty sure I saw it on one of the printouts I was given in branch, I'll have a look to be sure if there are going to be dire consequences!!
    • Red-Squirrel
    • By Red-Squirrel 12th Jan 19, 7:13 PM
    • 4,001 Posts
    • 10,767 Thanks
    Reading this thread I'm now debating opening one (or more) of these TSB Classic Plus accounts but I'm just trying to get my head round something.

    The only reason to have this would be to just have 1500 of your savings earning 5% interest (which you can then cream off and put elsewhere) and thats it. Any other savings you have over 1,500 would need to be held elsewhere.

    Am I right?
    Originally posted by fiestaman87
    Essentially! I only had a little over the 1500 to save, but 5% is not on offer in many places, you may as well have some getting that rate as none.
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