Savings

pepp77

pepp77

pepp77

Soldato
Joined
13 Oct 2008
Posts
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Location
SE London Born and Bred
I am being given my inheritance early from my Mum, so am paying off my mortgage this month. The plan is I will then put the £500 I paid for the mortgage each month into a savings account. This account will be in my name, but will be there in case something bad happens and my Mum needs some money back. Does anybody have any recommendations of the best place for me to put that £500 each month. Most Regular savers seem to be a maximum of £250 a month and I didn't really want to have to open 2. Can I open an ISA with £500 and then add to it each month? Any specific products anyone is using?

Thanks
 
pepp77 said:
I am being given my inheritance early from my Mum, so am paying off my mortgage this month. The plan is I will then put the £500 I paid for the mortgage each month into a savings account. This account will be in my name, but will be there in case something bad happens and my Mum needs some money back. Does anybody have any recommendations of the best place for me to put that £500 each month. Most Regular savers seem to be a maximum of £250 a month and I didn't really want to have to open 2. Can I open an ISA with £500 and then add to it each month? Any specific products anyone is using?

Thanks
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Just find the best savings account and set up a SO to move the £500 each month. This may be an ISA or not depending on the saving rates and your tax rate. It's a relatively small monthly amount so pretty much every account that isn't a set fixed saver would be fine. Money Saving Expert will probably point you in the right direction and it's then just a case of opening the account and setting up the SO.
 
There's a big thread in GD. Unless you earn over 1k in interest or 500 quid if a higher rate payer then an ISA may not be required initially. Your best bet if drip feeding is two regular savers, and then consolidate them at the end of the period. It pays to put a bit of effort in, as it really isn't that complicated or difficult.
 
Might be worth investigating a stocks and shares ISA if this is going to be a long term thing. You don't need to buy individual shares you can buy funds etc which spread the risk a bit more. Returns (generally) should be a bit more than just savings. Of course the markets could crash and you loose everything, values of investments may fall as well as rise, do your own research etc etc
 
EH75 said:
Might be worth investigating a stocks and shares ISA if this is going to be a long term thing. You don't need to buy individual shares you can buy funds etc which spread the risk a bit more. Returns (generally) should be a bit more than just savings. Of course the markets could crash and you loose everything, values of investments may fall as well as rise, do your own research etc etc
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I have tried with stocks and shares ISA's before and never had much luck with return, so will probably stick to a standard case ISA
 
You can put it in a S&S ISA money market fund that tracks the SONIA rate. CSH2 is the one I use with a 0.07% fee.
 
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