Best thing to do with savings?

FeFiDoh

FeFiDoh

FeFiDoh

Soldato
Joined
17 Aug 2005
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Location
Swindon
I know this comes up every so often but it seems things change quite a bit so it seems always worth asking.

Currently I have money in a Virgin ISA and the introductory offer has ended and I should really move it to make the most of it. Kind of stuck on what is the best bet for it though. The interest rate is little over 1% currently, I know Santander offer 3% on their current account, First Direct do a 6% savings account (but no withdrawal's and maximum of £300p/m compared to £20k on Santander). Most ISAs seem kind of garbage so not really looking at that currently. Not sure if the interest free on an ISA is better than having 3% on the Santander. I am more than happy with First Direct as a bank and they have been awesome, which I hear Santander are not?
 
I do pay tax, just the basic rate. How much I will be adding to savings I am unsure but I know how much I have in my ISA currently, so its a lump with idea of adding to it. Just shy of £15k
 
With less than 50K in savings you can fill up current accounts, like Santander, and make use of the switch incentives at the same time.

Lloyds Club account gets 4% on £5k and use their 4% regular saver (£400/month).

TSB Classic Plus 5% on £2k + £250/month regular saver @ 5%.

Nationwide 5% on £2.5k.

Tesco Current Account 3% on £6k.

Alternatively look at a stocks and shares ISA which promises better returns, but with an element of risk.

Edit: If you can open a HSBC Advance account for the £120 switch incentive, the £120 save together scheme, and the 6% regular saver.
 
Well I would like to be able to have access to some of it for sure. For any emergency car repairs or the likes.
 
tsb 2k no direct debits needed, £7 a month interest ish
Lloyds 5k 2 dd's needed, think its about £12 a month in interest

that's taken care of 7k

as above I was beaten, BUT youll need a lot of direct debits as only TSB DOESNT require dd's
 
Recently switched.

I have my current account with Santander. Was getting £60 a year with Halifax, now it's around £400 after tax with Santander.

I put the max allowable cash in to an ISA and the rest in to a bond.
 
Just looked at them on MSE and they don't look great for me personally. I will probably swap to Santander, it seems the best option with the interest and cashback as well.
 
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