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  • FIRST POST
    • Kez2511
    • By Kez2511 9th Apr 18, 10:18 PM
    • 6Posts
    • 11Thanks
    Kez2511
    Best savings account to put inheritance in?
    • #1
    • 9th Apr 18, 10:18 PM
    Best savings account to put inheritance in? 9th Apr 18 at 10:18 PM
    My Nan died just before Christmas. She left me 2000, I'm not good at saving I want to lock it away as soon as I can. Otherwise it will get wasted.

    What's the best account?
    12k challenge #93- 3000
Page 1
    • xylophone
    • By xylophone 9th Apr 18, 10:31 PM
    • 25,371 Posts
    • 14,967 Thanks
    xylophone
    • #2
    • 9th Apr 18, 10:31 PM
    • #2
    • 9th Apr 18, 10:31 PM
    http://www.thisismoney.co.uk/money/article-1621507/Best-savings-rates-Fixed-rate-accounts.html
    • ValiantSon
    • By ValiantSon 9th Apr 18, 10:32 PM
    • 1,846 Posts
    • 1,713 Thanks
    ValiantSon
    • #3
    • 9th Apr 18, 10:32 PM
    • #3
    • 9th Apr 18, 10:32 PM
    How long do you want to lock it away for?

    Have a look at the fixed rate savings bonds in the links at the top of this page.
    • Kez2511
    • By Kez2511 9th Apr 18, 11:07 PM
    • 6 Posts
    • 11 Thanks
    Kez2511
    • #4
    • 9th Apr 18, 11:07 PM
    • #4
    • 9th Apr 18, 11:07 PM
    I am in no rush to spend the money.

    Just been looking at this account with nationwide. I might lock it away for five years. What do you think. Then deposit 250 a month if I can. The account has 2.00%
    12k challenge #93- 3000
    • MalMonroe
    • By MalMonroe 10th Apr 18, 12:38 AM
    • 68 Posts
    • 60 Thanks
    MalMonroe
    • #5
    • 10th Apr 18, 12:38 AM
    • #5
    • 10th Apr 18, 12:38 AM
    I am saving with Nationwide and so far I'm happy. They recommend putting cash into ISAs. There are different kinds of ISAs and if you can leave your money for longer, you get higher interest rates. Unfortunately, interest rates everywhere are a bit rubbish right now, but see this link, from our own Martin Lewis money saving expert site : https://www.moneysavingexpert.com/savings/which-saving-account
    • ValiantSon
    • By ValiantSon 10th Apr 18, 1:28 AM
    • 1,846 Posts
    • 1,713 Thanks
    ValiantSon
    • #6
    • 10th Apr 18, 1:28 AM
    • #6
    • 10th Apr 18, 1:28 AM
    I am in no rush to spend the money.

    Just been looking at this account with nationwide. I might lock it away for five years. What do you think. Then deposit 250 a month if I can. The account has 2.00%
    Originally posted by Kez2511
    I wouldn't lock it away for that long because rates are pretty low right now, and there is a fair chance that they will rise within the next five years, but you won't be able to benefit because your money will be locked away. I'd suggest a one year fix at present, and then do the same again in a year's time. You can review it every 12 months.

    2% is a dreadful rate for a five year fix. You can get 1.83% on a one year fix with Secure Trust Bank. https://www.moneysavingexpert.com/savings/savings-accounts-best-interest#fixedsavings

    I am saving with Nationwide and so far I'm happy. They recommend putting cash into ISAs. There are different kinds of ISAs and if you can leave your money for longer, you get higher interest rates. Unfortunately, interest rates everywhere are a bit rubbish right now, but see this link, from our own Martin Lewis money saving expert site : https://www.moneysavingexpert.com/savings/which-saving-account
    Originally posted by MalMonroe
    There is no point putting cash into an ISA unless you are going to earn more interest than your personal savings allowance, which is 1,000 for a basic rate tax payer (i.e. you pay no tax on interest earned, up to 1,000 each year). As ISA rates are less good than non-ISA rates there is no advantage to putting the money into an ISA.
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