savings, isa or ?

Are we talking a substantial amount? - not to be nosey, but if you're saving more than 85k then you need to consider the FSCS protection rules.

Are you lumping it all in at the start, or drip feeding over 10 years?

Also how much risk do you want to take with the savings?
 
Semple said:
Are we talking a substantial amount? - not to be nosey, but if you're saving more than 85k then you need to consider the FSCS protection rules.

Are you lumping it all in at the start, or drip feeding over 10 years?

Also how much risk do you want to take with the savings?
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very good questions.
looking to trickle around £400 a month, just looking for the best return.
 
Jimmy Saville said:
just looking for the best return.
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That doesn't answer the question, you need to know what level of risk you'd accept.
The "best" return (the biggest potential growth) is also likely to be the highest risk and also has the potential for the greatest loss.
 
Lifetime ISA for 25% bonus, just be aware you can't take it out without penalty before you're 60.

Obviously, if you're paying 40% tax it's probably better to pay more into your pension first.
 
Jimmy Saville said:
very good questions.
looking to trickle around £400 a month, just looking for the best return.
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Have a check here for some of the best rates: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

Personally, as you're starting with 0, i wouldn't really look at anything more than 2/3 years fixed. Interest rates are low at the moment, and you'll be kicking yourself if you fixed for a while and rates shot up.

For 2/3 years you're looking around 2.3/2.4% returns.

The other option as you're starting from 0 is a regular saver. Club lloyds allow you to pay in £400 a month and they're offering 2.5% on 12 months.

The RS will only net you about £65 interest on the first year, but if interest rates go up, you may have slightly better returns investing that in a 2 year fixed term next year with your lump sum, as opposed to going with a 3 year fixed now. Hence my original question about how much risk you want to take, and how much work you want to put in to moving money around/opening new accounts.
 
Open up a HSBC and First-direct accounts, they will pay 5% for the first year, max each month is £250, so if you can stretch to £500 savings a month gives you a nice 6.3k saving maybe ?
 
SPG said:
Open up a HSBC and First-direct accounts, they will pay 5% for the first year, max each month is £250, so if you can stretch to £500 savings a month gives you a nice 6.3k saving maybe ?
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Remember that interest is calculated on the balance in the account each month. So in month 1, you're only getting 5% of £250 in each account. The only time you get the 5% on the full £6000 balance is in the final month. So total at the end will be closer to 6150 than 6300
 
SPG said:
Open up a HSBC and First-direct accounts, they will pay 5% for the first year, max each month is £250, so if you can stretch to £500 savings a month gives you a nice 6.3k saving maybe ?
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If you where look at doing the above

You'd be better off opening a Nationwide current account first, 5% on 2.5k for a year and access to a similar savings account as those offered by HSBC and First Direct
 
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