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    • gazza85
    • By gazza85 12th Jan 18, 9:11 PM
    • 12Posts
    • 0Thanks
    gazza85
    Where to save next?
    • #1
    • 12th Jan 18, 9:11 PM
    Where to save next? 12th Jan 18 at 9:11 PM
    Hi,
    I've been busy saving all year...

    £2500 in nationwide flex direct
    £500 transferred into nationwide reg saver from previous savings (£5500 + interest)

    £1500 tsb (now all in my nationwide reg saver)

    £300 a month into first direct reg saver (£3600 + interest)

    £200 into help to buy Halifax isa (£6400)

    Nationwide 5% coming to and end as well as regular savers maturing..

    Stuck for best option to put the lump sum of savings before feeding them back into regular savers.. Am I able to re-open a regular saver with nationwide & first direct?

    Struggling to figure out my best options for the next year to maximise interest.. I will continue to save £200 into Halifax Help to buy isa and £300 into first direct reg saver (if I can open a new one)

    Any suggestions much appreciated

    Thank you
Page 1
    • fiisch
    • By fiisch 12th Jan 18, 10:41 PM
    • 285 Posts
    • 162 Thanks
    fiisch
    • #2
    • 12th Jan 18, 10:41 PM
    • #2
    • 12th Jan 18, 10:41 PM
    What are you saving for? Over what period of time are we talking?

    Easy answer is Atom Bank which allows to fix around 2%, or Bank of Cyprus Post Office for easy access around 1.4% if memory serves.

    If looking at a much longer term (5+ years minimum), you may wish to consider S&S ISA and looking at investing in a managed fund (Vanguard is a popular choice on these forums; other funds are available!).
    Save £6k in 2018: £1651.19 / £6000
    • badger09
    • By badger09 13th Jan 18, 11:55 AM
    • 6,005 Posts
    • 5,363 Thanks
    badger09
    • #3
    • 13th Jan 18, 11:55 AM
    • #3
    • 13th Jan 18, 11:55 AM
    Hi,
    I've been busy saving all year...

    £2500 in nationwide flex direct
    £500 transferred into nationwide reg saver from previous savings (£5500 + interest)

    £1500 tsb (now all in my nationwide reg saver)

    £300 a month into first direct reg saver (£3600 + interest)

    £200 into help to buy Halifax isa (£6400)

    Nationwide 5% coming to and end as well as regular savers maturing..

    Stuck for best option to put the lump sum of savings before feeding them back into regular savers.. Am I able to re-open a regular saver with nationwide & first direct?

    Struggling to figure out my best options for the next year to maximise interest.. I will continue to save £200 into Halifax Help to buy isa and £300 into first direct reg saver (if I can open a new one)

    Any suggestions much appreciated

    Thank you
    Originally posted by gazza85
    How big is your 'lump sum'?

    Yes, you can open new regular savers with both Nationwide & First Direct when the existing ones have matured, providing you continue to meet their current account requirements. Nationwide is now only £250 pm though.

    You mention TSB - why not fill that with £1500?

    Then perhaps look at Tesco current accounts?

    What are you saving for?
    • christiem94
    • By christiem94 14th Jan 18, 5:07 PM
    • 18 Posts
    • 34 Thanks
    christiem94
    • #4
    • 14th Jan 18, 5:07 PM
    • #4
    • 14th Jan 18, 5:07 PM
    I was in a similar position to you at the end of last year (FlexDirect account open for a year, reg savers maturing etc.) I've put £1500 in TSB and opened up a Tesco bank account to keep another £3000 at 3%. I re-opened reg savers with Nationwide and opened up a Santander 123 lite to get access to their 5% reg saver as well.

    Not sure if you're also saving for a house (Help to Buy?) but I've just put in an ISA transfer request to move the balance from my H2B into a LISA. The interest rate isn't brilliant but if you're aiming to buy a house in the house few years, it may be one to consider due to the larger amount you can put in each year.
    • gazza85
    • By gazza85 14th Jan 18, 8:27 PM
    • 12 Posts
    • 0 Thanks
    gazza85
    • #5
    • 14th Jan 18, 8:27 PM
    • #5
    • 14th Jan 18, 8:27 PM
    Hi Thanks for the advice..

    I will put 1500 back into the TSB account.. I'm not sure how much longer I'll get the interest and also the 2 X £5 rewards for direct debits and card payments..

    I'llkeep the nationwide and reopen the reg saver at £250 a month (filtered in from savings) plus I have a couple of friends I can refer for £100 reward

    I'll reopen the first direct reg saver and pay in £300 a month from wages

    I'm thinking of keeping my Halifax H2B currently paying 3.5% on £6500 and continue to increase by£200 direct from wages each month

    I considered switching my first direct account to natwest for £125 but doesn't give me much more than the first direct reg saver.

    I'll be left with roughly £9900 to find a home for while I feed that into the nationwide reg saver + any others I can find (gutted it's now only £250 a month!)

    I don't have enough direct debits to satisfy a tesco account as I need two for the TSB account.

    I have flirted with the idea of ratesetter but really don't know..

    Reason for saving is to eventually buy a home in 2019/2020.
    • Liffy99
    • By Liffy99 14th Jan 18, 8:49 PM
    • 49 Posts
    • 23 Thanks
    Liffy99
    • #6
    • 14th Jan 18, 8:49 PM
    • #6
    • 14th Jan 18, 8:49 PM
    Well, I guess itís all about your attitude to risk. Iíve placed about 20% of my savings in several P2P accounts and all have produced positive returns in excess of normal savings accounts. From about 2% to nearly 10% gross over the past 10 months.
    Thatís after charges and the rare bad debt, but before tax.
    I really like BondMason for its consistency and simplicity but am pulling out of Moneything as it is so difficult to actually get your money invested ( offers only happen at set times of the day and if you are not around . . . )
    • gazza85
    • By gazza85 14th Jan 18, 10:31 PM
    • 12 Posts
    • 0 Thanks
    gazza85
    • #7
    • 14th Jan 18, 10:31 PM
    • #7
    • 14th Jan 18, 10:31 PM
    Having a look around online I think I've stumbled across an option..

    Open a club lloyds account with £5000 earning 2% interest
    Plus I'd get 6 free cinema tickets..

    Then I can pay in £400 a month from my remaining savings into their reg saver earning 3%
    • YorkshireBoy
    • By YorkshireBoy 14th Jan 18, 10:38 PM
    • 30,157 Posts
    • 18,015 Thanks
    YorkshireBoy
    • #8
    • 14th Jan 18, 10:38 PM
    • #8
    • 14th Jan 18, 10:38 PM
    Having a look around online I think I've stumbled across an option..

    Open a club lloyds account with £5000 earning 2% interest
    Plus I'd get 6 free cinema tickets..

    Then I can pay in £400 a month from my remaining savings into their reg saver earning 3%
    Originally posted by gazza85
    Requires 2 direct debits to be paid each month though. Can you meet that requirement?
    • YorkshireBoy
    • By YorkshireBoy 14th Jan 18, 10:42 PM
    • 30,157 Posts
    • 18,015 Thanks
    YorkshireBoy
    • #9
    • 14th Jan 18, 10:42 PM
    • #9
    • 14th Jan 18, 10:42 PM
    I will put 1500 back into the TSB account.. I'm not sure how much longer I'll get the interest and also the 2 X £5 rewards for direct debits and card payments..
    Originally posted by gazza85
    Probably only another 5.5 months if you had the account last year, but check on their website. Dates are on the first "Plus" account features screen.
    • gazza85
    • By gazza85 14th Jan 18, 11:00 PM
    • 12 Posts
    • 0 Thanks
    gazza85
    Yes I have 2 DD I can transfer over to Lloyds and still have two from the TSB account.

    The cash back rewards end 30th June, but think the 3% interest is ongoing on the 1500..
    If I go down this route I may just switch this account to anyone offering a decent amount in July.
    • YorkshireBoy
    • By YorkshireBoy 14th Jan 18, 11:03 PM
    • 30,157 Posts
    • 18,015 Thanks
    YorkshireBoy
    If I go down this route I may just switch this account to anyone offering a decent amount in July.
    Originally posted by gazza85
    Another option - open a TSB Classic account and switch that instead of the Plus. Best of both worlds...ongoing 3% AND a switching incentive.
    • gazza85
    • By gazza85 14th Jan 18, 11:07 PM
    • 12 Posts
    • 0 Thanks
    gazza85
    How long do you need an account to be open before they'll class it as switching?
    • phillw
    • By phillw 14th Jan 18, 11:18 PM
    • 1,269 Posts
    • 822 Thanks
    phillw
    How long do you need an account to be open before they'll class it as switching?
    Originally posted by gazza85
    Long enough to get your debit card.
    • Eco Miser
    • By Eco Miser 15th Jan 18, 3:00 AM
    • 3,444 Posts
    • 3,234 Thanks
    Eco Miser
    I will put 1500 back into the TSB account.. I'm not sure how much longer I'll get the interest and also the 2 X £5 rewards for direct debits and card payments..
    Originally posted by gazza85
    The rewards end after a fixed time, but the interest continues until TSB change it for everyone.


    Having a look around online I think I've stumbled across an option..
    Originally posted by gazza85
    Have you read the quick links at the top of every page on this board? It's easier than stumbling around.
    Last edited by Eco Miser; 15-01-2018 at 3:04 AM.
    Eco Miser
    Saving money for well over half a century
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