How and where do you save money?

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jon86 said:
For those who want/have regular savers, First Direct is still (after several years) offering 8% regular saver accounts if you have a FD current account. £300 /mo. max deposit.
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I got one of the last tranches of this before it was withdrawn. After a couple of weeks with no regular saver they've just relaunched it, now paying 6%.

The AER is far lower than 6% but it is still one of the best accounts around if you want to save into cash over 12 months.
 
nick.lidgett said:
If i took my £5k and put it in this guys ISA i would get £112.50 in interest so when i drew it out 12 months later to pay mortgage and go on my jollies id have an extra £112.50 to spend, i can see how this is good for long term savers but its not enough for me to risk the lot if the worst was to happen in business terms. These are dark times we are living in and im just trying to ride the storm.
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I can understand not wanting to trust savings institutions but I truly believe that, unless you physically need large amounts of cash in notes, this isn't the right approach.

Amounts under £85,000 per individual per banking licence are protected by the FSCS, and that scheme now pays out quickly. If someone robs your bank or it burns down, there's no impact on you. If someone robs you or your house burns down though...

Are you insured for the cash you keep at home? How quickly would it pay out? What are the restrictions? At least with a cash deposit account you get insurance built in and easy access.

Repaying debts, no matter how you build up the cash, is a no brainer though. The best risk-free saving you can make.
 
interest rates have really gone to the dogs haven't they
i'll be looking to move everything in april (savings and ISA) but most instant access are barely getting over 1%
 
nick.lidgett said:
I started doing this a few years back now, when RBS cut the rate on the "HIGH" interest online saver. I dont like the thought of having my money tied up in a bank for short, mid or long term so ISAs are out of the question for me. Im also in business for myself, so if i was to go bust and owe the tax man, the vat man, a couple of suppliers and some joe bloggs from down the road, where is the first place the insolvency people going to look? the bank, so whats the first thing they are going to do??? sieze all my cash and pay who i owe as much as they can.
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So you aren't willing to put cash in the bank because they're evil and you don't trust them, but you keep it out of the bank so in the event of insolvency you would be better placed to defraud your creditors. Fantastic.
 
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