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  • FIRST POST
    • Giddy72
    • By Giddy72 17th Apr 18, 1:53 PM
    • 4Posts
    • 0Thanks
    Giddy72
    Saving for a car
    • #1
    • 17th Apr 18, 1:53 PM
    Saving for a car 17th Apr 18 at 1:53 PM
    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!!
Page 1
    • eskbanker
    • By eskbanker 17th Apr 18, 2:29 PM
    • 7,137 Posts
    • 7,564 Thanks
    eskbanker
    • #2
    • 17th Apr 18, 2:29 PM
    • #2
    • 17th Apr 18, 2:29 PM
    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'.
    Last edited by eskbanker; 17-04-2018 at 2:56 PM. Reason: Maximum monthly payment is 200 not 250
    • Alexland
    • By Alexland 17th Apr 18, 2:51 PM
    • 2,388 Posts
    • 1,789 Thanks
    Alexland
    • #3
    • 17th Apr 18, 2:51 PM
    • #3
    • 17th Apr 18, 2:51 PM
    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
    Originally posted by eskbanker
    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.
    Last edited by Alexland; 17-04-2018 at 2:55 PM.
    • Crystal_Pixie
    • By Crystal_Pixie 17th Apr 18, 3:40 PM
    • 72 Posts
    • 24 Thanks
    Crystal_Pixie
    • #4
    • 17th Apr 18, 3:40 PM
    • #4
    • 17th Apr 18, 3:40 PM
    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.
    • kidmugsy
    • By kidmugsy 17th Apr 18, 4:44 PM
    • 10,539 Posts
    • 7,219 Thanks
    kidmugsy
    • #5
    • 17th Apr 18, 4:44 PM
    • #5
    • 17th Apr 18, 4:44 PM
    ... I bought a new car in October
    Originally posted by Giddy72
    Well that's not in the spirit of MSE. Though if there is about to be a burst of 1970s-style inflation then I suppose it's all right. Maybe.
    Free the dunston one next time too.
    • AndyPK
    • By AndyPK 17th Apr 18, 5:42 PM
    • 2,829 Posts
    • 786 Thanks
    AndyPK
    • #6
    • 17th Apr 18, 5:42 PM
    • #6
    • 17th Apr 18, 5:42 PM
    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-10K
    • Giddy72
    • By Giddy72 23rd Apr 18, 11:16 AM
    • 4 Posts
    • 0 Thanks
    Giddy72
    • #7
    • 23rd Apr 18, 11:16 AM
    • #7
    • 23rd Apr 18, 11:16 AM
    Well that's not in the spirit of MSE. Though if there is about to be a burst of 1970s-style inflation then I suppose it's all right. Maybe.
    Originally posted by kidmugsy
    I know!! What am I like??!!

    It's lovely though
    • Giddy72
    • By Giddy72 23rd Apr 18, 11:17 AM
    • 4 Posts
    • 0 Thanks
    Giddy72
    • #8
    • 23rd Apr 18, 11:17 AM
    • #8
    • 23rd Apr 18, 11:17 AM
    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-10K
    Originally posted by AndyPK
    That's a poor return though?

    Is there nothing that will beat inflation?
    • Giddy72
    • By Giddy72 23rd Apr 18, 11:18 AM
    • 4 Posts
    • 0 Thanks
    Giddy72
    • #9
    • 23rd Apr 18, 11:18 AM
    • #9
    • 23rd Apr 18, 11:18 AM
    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'.
    Originally posted by eskbanker
    I have one of there, but there is a maximum of 200 a month and no lump sum at the beginning
    • ValiantSon
    • By ValiantSon 23rd Apr 18, 12:13 PM
    • 1,866 Posts
    • 1,719 Thanks
    ValiantSon
    That's a poor return though?

    Is there nothing that will beat inflation?
    Originally posted by Giddy72
    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).
    • eskbanker
    • By eskbanker 23rd Apr 18, 12:24 PM
    • 7,137 Posts
    • 7,564 Thanks
    eskbanker
    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'.
    Originally posted by eskbanker
    I have one of there, but there is a maximum of 200 a month and no lump sum at the beginning
    Originally posted by Giddy72
    Good that you have a Santander regular saver, but it obviously would have been better to mention it in the first place when you were stating that your monthly savings were still in your current account and that you were looking for somewhere separate for them:
    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.
    Originally posted by Giddy72
    • DrEskimo
    • By DrEskimo 23rd Apr 18, 12:52 PM
    • 49 Posts
    • 35 Thanks
    DrEskimo
    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
    Originally posted by Giddy72
    Is this a new car you have bought on a Personal Contract Plan (PCP)?

    I.e. did you put down an upfront payment, pay a fixed amount per month, then will be left with a balloon payment of around 8k at the end?
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