Best savings rates

7
Found 6th Mar
Hi, I wondered where people decided to put their savings?

Let's say for example i have £10,000.

Premium bonds will give me a chance of some prizes but at best, i might get £100 across the year.

Interest i have found is around 1% which is pretty poor.

Where do people save/invest?
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You might not get the £100 though look at the current odds, MSE has a page on how much you can expect for your investment.

Might be be worth to look at the comparison sites rather than a shopping site for advice.
eslick3 m ago

You might not get the £100 though look at the current odds, MSE has a page …You might not get the £100 though look at the current odds, MSE has a page on how much you can expect for your investment. Might be be worth to look at the comparison sites rather than a shopping site for advice.



I wouldn't say that HUKD is a shopping site. It's a place for great deals which i would think includes good interest rates on accounts etc.

I've checked out all of the MSE pages including the premium bond ones. My savings are currently in bonds and i've had £75 since January which sounds good but that could be the lot for the rest of the year.

I was simply looking for advice or an experience of something else.
Stocks and cash ISA, saving accounts are for mugs who like to play ultra safe but not really get anywhere.

You can pick and choose different funds, you can also compare tons of different funds to see which are performing better.

I use Hargreaves Lansdown for my ISA, there are lots of different isa providers to choose from though.
Bigfootpete5 m ago

Stocks and cash ISA, saving accounts are for mugs who like to play ultra …Stocks and cash ISA, saving accounts are for mugs who like to play ultra safe but not really get anywhere.You can pick and choose different funds, you can also compare tons of different funds to see which are performing better.I use Hargreaves Lansdown for my ISA, there are lots of different isa providers to choose from though.


Brill, thanks for the advice.
What kind of return have you been getting, and can i ask what type of term you have locked in to? cheers
No term, it's just a tax free investment vehicle, you can only invest up to £20k tax free anything over that and you pay tax.
You can put money in or take it out whenever you like, although it's not instant, usually takes a few days for them to process the transaction.

I'm not sure of returns as I keep taking money out to pay off my mortgage

The HL multi-manager UK growth fund I've currently got £975 invested and that's up £180 It was a lot higher before I cashed some of it in, currently shows up 22%

*edit - currently just started investing in a new fund - £197 invested - and it's up £43 already.
Edited by: "Bigfootpete" 6th Mar
Premium Bonds are good as a part of an overall savings strategy . The current "rate " is 1.4% and once you have say £10K or more it tends to average out (about £140 a year per £10K ) . Of course you are always in the draw for the £1 million but over the years ,although I have plenty of £25 wins I've never had more than £100 in one go .

Bank current accounts are also a place to consider , most require an inflow of £500 a month and/or 2 or 3 outgoing DDs to access the interest (I have 2 TSB accounts which pay 3% on balances up to £1500 and access to a regular saver 2% on £250 a month) . I also have a Nationwide flexaccount which gives me access to the Flex regular saver ( paying 5% on savings up to £250 a month)

Maybe you can mess around a bit more with current accounts to get switch incentives, one year bonuses etc but what I have is fine for me .

Then there is the ISA , you have an allowance of £20K a year which you can split between a Cash ISA and a Stocks and Shares ISA . Stocks and Shares are best for over average growth over the long term (10 years plus) , I've averaged over 5% over the last 20 years or so on a mix of funds with Fidelity (Hargreaves Lansdown are a similar " funds supermarket" but their management fees are slightly higher than Fidelity) .

I also pay part of my £20K allowance into a Cash ISA with Nationwide ( 1.4 %) , been doing that for 20 odd years so, though not a great rate , it gradually builds into a sizeable sum that is forever exempt of any tax on the total or the interest .

The best way to invest (depending on your age/ salary ) is in a pension , either a SIPP or a workplace additional voluntary contribution scheme . Why is it best ? because your contribution is nett of tax - therefore for every £100 you pay in £120 gets invested in your scheme , £140 if you earn over circa £45K per annum , so a good upfront uplift .

That's a few examples , a mix of the options is probably best - or you could chuck it in Bitcoin - or slightly less risky on a bet on the Grand National
6 months pay in cash easy access for whatever the best instant access interest rate is at the moment. That's the emergency money. Some in alternative investments like Zopa, gives around 4% but is more difficult to access if you need it. The rest in a combination of Stock ISA and Sipp. Stock ISA is easy to turn into cash if you need it, SIPP money is locked in til 55 years old, then a quarter is available back tax free. This has been an easy ride since 2010, but the good times may be coming to an end, so proceed with advice and caution. But, in the long run, its the only way to make real returns. I tried property, but I didn't like the hassle with tenants.
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