Best place for my savings

Sniper123

Sniper123

Sniper123

Associate
Joined
29 Nov 2006
Posts
470
Location
The Mo0n
Hi

I have £4251.26 in my flex saver account with HSBC. This month I got 29p interest on it.

Till now, I've not really paid attention to the interest I'm getting on my savings. Could anyone advise me where the best place to put this money with a good interest rate please?


Thanks
 
Sniper123 said:
Hi

I have £4251.26 in my flex saver account with HSBC. This month I got 29p interest on it.

Till now, I've not really paid attention to the interest I'm getting on my savings. Could anyone advise me where the best place to put this money with a good interest rate please?


Thanks
Click to expand...

ISA
 
I get 0.25% on my ISA, which would be £10 a year in interest.

The best place to put it depends on your situation.

Do you need instant access to the money, how about 30 days, or 60, or 90, or even 365 with a year long fixed bond.

Are you willing to "gamble" e.g. a stocks and shares ISA vs cash isa. Maybe Premium bonds.

I'm afraid the current climate is not geared to savers.

Buy that Mondeo ;)
 
Sniper123 said:
Hi

I have £4251.26 in my flex saver account with HSBC. This month I got 29p interest on it.

Till now, I've not really paid attention to the interest I'm getting on my savings. Could anyone advise me where the best place to put this money with a good interest rate please?


Thanks
Click to expand...

NatWest are currently doing an E-ISA (Cash) which is paying 3.5% APR which is one of the better interest rates.
However you would only be able to put £3600 into that account (your yearly ISA allowance for 2009/2010).
 
there are some ok deals around if you look at ones with bonuses and shop around, I just got a cash isa and investment isa at abbey this week and get a bonus on the cash isa taking it to 5.5% by taking the investment isa out at the same time (i have to keep money in both for a year to get the bonus so could losemore on the investment than I gain) their normal high interest cash isa is 3.5%.
 
stoofa said:
NatWest are currently doing an E-ISA (Cash) which is paying 3.5% APR which is one of the better interest rates.
However you would only be able to put £3600 into that account (your yearly ISA allowance for 2009/2010).
Click to expand...

you could put the rest in an investment isa and have a bit of a punt - £3600 allowance there too (or 7,200 if you don't do the cash one)
 
With interest rates the way they are now, I'd say Premium Bonds look like a decent bet. When the best interest rates were double what they are now, before the "banking crisis' kicked off, it was generally regarded as being better to use high interest savings accounts, once your ISA quota was used up. I'm not so sure now, using an ISA is still a good idea, I'd put anything left into Premium Bonds though I think.
 
stoofa said:
NatWest are currently doing an E-ISA (Cash) which is paying 3.5% APR which is one of the better interest rates.
However you would only be able to put £3600 into that account (your yearly ISA allowance for 2009/2010).
Click to expand...
Just transferred to an E-ISA myself, a very good rate.
 
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