Best way to save money now...........

R.O.S.S.I

R.O.S.S.I

R.O.S.S.I

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Now that I have started a proper full time job I want to start putting away some money each month into savings account. I've been having a read on Money Saving Expert about the different types of account but I can't make heads or tails of the different options available, and which would give the best return.

Cash ISA's, regular savings accounts, fixed rate saving accounts, tracker accounts. Not really up to scratch on them but as I understand you don't get taxed on the interest in an ISA however you do in a savings account, or at least that's my understanding of it.

Alls I know is that the money doesn't need to be instantly accessible so can be locked away for certain amounts of time.

Can anyone recommend anything? Any help appreciated!
 
I reckon the best way to make cash at the mo is take advantage of the recession & buy up certain items for re sale when things get better.
Obviously needs to be something that doesn't devalue through time like cars, I mean more like certain potterys/furniture etc
I've been through a recession before & you are talking around 2 & a half years cycle before the public & prices get back to normal, In the first year though people panic like **** & sell off everything. Also repossesions get Auctioned & this stuff sells for nowt.
Those with "ready cash" to spend duiring a recession can make a Mint ;)


Just what I'm thinking & subs me to thread to keep eye out for other suggestions.
Sorry I can't help with the bank side of it but that's what I am here to read about.
 
Interesting idea really. I bet you could make a mint of buying/selling particular specific items. You've just got to know whats to buy though firstly!

Personally, I'm going to try and go down the bank route, seems a bit safer for me.
 
best way to save, is, set up a savings account, and simply set up a standing order to transfer an amount each month.

dont go the way, of ill see what i have left over at the end of the month.

save first, then budget accordingly.

When you have a few K under your belt then think of ISA etc.
 
/me wonders why you read about this on the MSE forums yet decided to post the question here?!?!!

I would seriously recommend you ask this question there.
 
Put simply, open an ISA and you put in up to £3,600 this financial year. Once you've maxed that out, open a savings account and put everything else in there. Always keep your ISA maxed out at £3,600 as it will undoubtedly provide you with the best interest (compared to a regular savings account after tax). Just have a look around the account on MSE and Money Supermarket. I think Natwest do the best rate ISA at the moment.
 
MSE recommends ZEEYOUPAYUSINTERESTSPACEBANKI for all you budding newly employed savers. The new high interest, loss making account to help you through times of deflation. Why have more when the bank can guarantee you less. ;)
 
Skyfall said:
Forum, website, W/E, still best to ask there.
Click to expand...

OK, just making sure you could read properly.

I'm not a member of the MSE forums, however, I am a member on here and I know there are a lot of financially savvy people on these boards, so I didn't feel the need to sign up on there. Is that OK with you?
 
simulatorman said:
MSE recommends ZEEYOUPAYUSINTERESTSPACEBANKI for all you budding newly employed savers. The new high interest, loss making account to help you through times of deflation. Why have more when the bank can guarantee you less. ;)
Click to expand...

Still getting 5.5% on my isa for the next twelve months thanks ;) I'm having to work a lot harder to keep my money earning good rates at the minute but by being proactive and showing no loyalty what so ever to any particualr bank it is still possible. Plenty of deals available yesterday at over 5% which is above current inflation.

There are deals to be had, I would suggest opening an isa with a fixed rate and a savings account with a fixed rate and I'd do both this morning as the bank of England are probably going to slash rates again today so the deal for savers will be worse tomorrow.
 
Although there are some around - I have a feeling that it is going to be difficult to find a high interest paying account at the moment. The BoE (Bank of England) have just announced fall in the base rate to 2% (lowest since 1951!).

Getting people to spend and making borrowing cheaper appears to be the flavour of the day...
 
I too am looking at rearranging my finances. I have an ISA (5.05%) at the mo with a good amount in it and a First direct internet savings account for when I have put the full £3600 into my ISA. Now I have a few questions about the ISA, first off I have seen that Newcastle Building Society are doing an ISA for 5.80% which is very tempting but my only worry is I have never used them before and that they don't have any branches here in the south (but it can be managed on the interent). Would you feel happy using them?

Also with my ISA is there a good time to transfer one to another provider? Ie would it be better to wait till April so I get the interest paid and then move it?
 
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