Where to put my savings?

janesssssy

janesssssy

janesssssy

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Joined
6 Feb 2004
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Wiltshire
Ive got enough ££ (8000) to put in to a saving account. And I want it to earn me the most, these times suck for interest rates as we all know.

Im with Nationwide for everything - E savings, ISA and Mortgage. My 6 month bond has matured but wondering what to do now. Rates are lame like 2.2 %.

Any ideas? Has anyone tried the e-savings plus account, As I like the idea of accessing the money in an amergency but treating the money as a long term investment. And i have to assume that rates will improve, this is the advantage of not going with a fixed bond.

tbh I know absolutly nothing about all this so would like some opinions.
 
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I use e-savings. It pretty much is what it says on the tin. The great thing is if you transfer funds in or our they clear into each account immediately.

...though this might not help you if you are trying to spend, and not save.
 
i'm with ING direct (ISA and savings)
the rate is carp atm like most places but was good previously

it appealed to me most because there are no ties. get your money whenever you want

probably don't stress about it too much. put the money in an account and forget about it until rates pick up. you could make a big effort looking around only to gain a few extra pennies
then again you could make a fortune :p
 
Im the same as Cruiser above ^^

ING are good if you want to be able to take your money out when you want, i joined them when they were offering about 5.1%...just over a year ago. I just have a direct debit set up putting a certain amount in a month the interest did go down to about 2% however i think its at about 2.9% or there abouts.
 
premium bonds aren't actually as good anymore - the prizes are far less common.

Consider an ISA? Mine is fixed at 2.8 for a year with the norwich and peterborough, but that was done a while ago.
But I also have a fixed websaver with the halifax thats at 3.4%.
Best bet is just to shop around for decent interest rates.
 
Put £6000 aside into a high interest current acount. Set up an Online Regular Savings Account and standing order £500 into the Regular Savings account from the current account every month. Around £500 is the max allowable standing order every month but this does vary from bank to bank. The rates on a Regular Savings Account tend to be more than an ISA. So whilst you transfer your money in the regular savings account the rest of the £6000 will still earn interest in the high interest current account. I've got a rate of 8% fixed for the year. I did open this last year mind so rates may have changed by then.

With the rest of the £2000 I'd risk it. I'd put it on shares. Bargains are to be had. You will not find prices you see today in 2 - 3 years time when the markets mature again. RBS and Lloyds are good bets. The only risk you run with RBS is it has potential to be broken up into smaller companies and being sold on. The Tory Party want to do this and have stated this intention that they want to break RBS in smaller chunks and sell bits off. That's assuming the next government is Tory, which is likely. Hopefully before the next election the government will sell their B shares in RBS back to shareholders reducing the 70% state owned share.
 
NS&I Premium Bonds, and wait and see if you're lucky. Averages out at the same as current low interest accounts, some folks do better some do worse. Depends how quickly you need to access the cash afterwards.
 
Premium bonds dont gain interest so are a gamble rather than a savings vehicle. If you havent used your full isa allowance for this year shove it into there.
 
uvarvu said:
.............................

http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings#paying
Click to expand...

Putting money in to the mortgage would be the ideal thing to do. However reading that article which is very interesting - I have decided to open a E savings Plus account. And an ISA which I already had, already with the max for the year.

I will use these savings untill I have enough for atleast 6 months Pay (Just in case funds)
Then start to over pay the mortgage.

The advice on here is good, Keep it coming as im sure there are more people here that will benifit from this thread. :):)
 
The general order i would advise clients is max out isa allowance first then scope out the best savings account/fixed interest/fixed term accounts they can find. Thats if they want to keep their savings relatively low risk. If you think you have anything more than low risk speak to professionals.
 
Sash said:
The general order i would advise clients is max out isa allowance first then scope out the best savings account/fixed interest/fixed term accounts they can find. Thats if they want to keep their savings relatively low risk. If you think you have anything more than low risk speak to professionals.
Click to expand...

Even if the e savings plus is Gross p.a.% 2.0 Net 1.6
And the ISA is: Net / Gross 0.25

Ive relised i could put more in to my ISA, But shall i put it in my E-Savings or ISA.?
 
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