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    savings account

    I'm looking to save between £600-£800 a month. Not a clue where to start with best returns. never really saved before.

    30 Comments

    Good luck with that, interest rates are rubbish.... probably Santander 123, were at least you can get some return on your money! Or put it towards a "buy to let" mortgage and invest in the long term!

    hey a buy top let mortgage you can only get if you already have a house mortgaged right?

    optimus_prime2

    hey a buy top let mortgage you can only get if you already have a house … hey a buy top let mortgage you can only get if you already have a house mortgaged right?



    nope

    jamstaruk1972

    nope


    i wanted one but was told . only if i have a property already . went to a mortgage broker.

    5% nationwide

    Probably an ISA although if you can afford to put away £800 a month, then the chump change interest earned isn't really anything.

    As mentioned open Bank accounts with regular saver schemes Nationwide is good also look at TSB and maybe First Direct. Also peer to peer lending such as Zopa might be worth considering.

    With this sort of savings, have a look at regular saver. Good rates often only if you have current account already. Very poor interest rates so dont expect much.

    Open yourself a current account (Flexaccount) at Nationwide . You can then open a Flex Regular Saver account that you can put up to £500 a month in which pays 5% . Only runs for a year but after the first one finishes you can start a new one ..

    googleboogle

    5% nationwide



    This is the best option. You get 5% on up to £2,500 and then you can open a regular saver which lets you save up to £500 a month at 5% for a year (interest paid at the end of the year). So I would keep saving into your main Nationwide account, transfer £500 a month into your regular saver, and once you have more than £2,500 in the main account you can start putting the excess into another account (I think Tesco still has 3% accounts) or you can invest it etc.

    optimus_prime2

    i wanted one but was told . only if i have a property already . went to a … i wanted one but was told . only if i have a property already . went to a mortgage broker.


    You went to a useless mortgage broker

    get a S&S Isa

    the miniscule interest you get from saving accts is not very good. We buy premium bonds and chance a win, we're saving for a big holiday in 2019, we can cash them in anytime. Even if we dont win, we will only miss out on a few quid interest.

    cornishscouse

    the miniscule interest you get from saving accts is not very good. We buy … the miniscule interest you get from saving accts is not very good. We buy premium bonds and chance a win, we're saving for a big holiday in 2019, we can cash them in anytime. Even if we dont win, we will only miss out on a few quid interest.


    its more than a few quid if we're talking thousands of savings

    £500 saved monthly into nationwide returns about £190 a year (plus 1.5% from the drawing account if its with santander)

    Original Poster

    chocci

    its more than a few quid if we're talking thousands of savings£500 saved … its more than a few quid if we're talking thousands of savings£500 saved monthly into nationwide returns about £190 a year (plus 1.5% from the drawing account if its with santander)



    ​Anything is better than the .48p I got this year. Thanks for the advice!

    cornishscouse

    the miniscule interest you get from saving accts is not very good. We buy … the miniscule interest you get from saving accts is not very good. We buy premium bonds and chance a win, we're saving for a big holiday in 2019, we can cash them in anytime. Even if we dont win, we will only miss out on a few quid interest.


    We are buying Premium Bonds instead of using a savings accounts and are getting 7 to 8% over the past 3 years.

    Sambat

    We are buying Premium Bonds instead of using a savings accounts and are … We are buying Premium Bonds instead of using a savings accounts and are getting 7 to 8% over the past 3 years.



    you don't get interest on Premium Bonds do you?

    joesmum

    you don't get interest on Premium Bonds do you?


    No, you win money on the monthly draw.

    Sambat

    No, you win money on the monthly draw.



    oooh, I am going to get myself some Premium Bonds

    chocci

    its more than a few quid if we're talking thousands of savings£500 saved … its more than a few quid if we're talking thousands of savings£500 saved monthly into nationwide returns about £190 a year (plus 1.5% from the drawing account if its with santander)


    Not really odds of winning £25 are one in 30,000 which is drawn each month.
    30,000/12 is 2500 so as long as you have £2500 saved you should be winning at least 1 £25 prize a year so 1% interest.
    Additionally you have other prizes which would make it far surpass the 1%. Given how poor most savings accounts are it's a decent interest rate as a base and the chance of winning up £1million each month.

    joedastudd

    Not really odds of winning £25 are one in 30,000 which is drawn each … Not really odds of winning £25 are one in 30,000 which is drawn each month.30,000/12 is 2500 so as long as you have £2500 saved you should be winning at least 1 £25 prize a year so 1% interest.Additionally you have other prizes which would make it far surpass the 1%. Given how poor most savings accounts are it's a decent interest rate as a base and the chance of winning up £1million each month.


    5% > 1% oO

    chocci

    5% > 1% oO


    5% is extremely rare these days.
    The Nationwide one is limited to £2500 and a 1 year term, it's also taxable and you have to deposit £1000 every month into the account.
    To get the 4.89% you need to deposit £1000 every month but also keep it at the £2500 mark as anything over £2500 gets 0% interest.
    That means after you have £2500 in there you have to add then remove £1000 every month as the £1000 doesn't get any interest.
    Lots of messing around and £1000 floating around not getting interest which drops the rate down to about 3.5% on £3500 max

    Sure it's still better on the base ~1%, but a lot of people like the idea they could get one of the larger prizes and once they are in there you just let them ride with no messing about.

    joedastudd

    5% is extremely rare these days.The Nationwide one is limited to £2500 … 5% is extremely rare these days.The Nationwide one is limited to £2500 and a 1 year term, it's also taxable and you have to deposit £1000 every month into the account.To get the 4.89% you need to deposit £1000 every month but also keep it at the £2500 mark as anything over £2500 gets 0% interest.That means after you have £2500 in there you have to add then remove £1000 every month as the £1000 doesn't get any interest.Lots of messing around and £1000 floating around not getting interest which drops the rate down to about 3.5% on £3500 maxSure it's still better on the base ~1%, but a lot of people like the idea they could get one of the larger prizes and once they are in there you just let them ride with no messing about.


    That's not correct about the £1000, I don't have to deposit that every month with the account I am in

    joedastudd

    5% is extremely rare these days.The Nationwide one is limited to £2500 … 5% is extremely rare these days.The Nationwide one is limited to £2500 and a 1 year term, it's also taxable and you have to deposit £1000 every month into the account.To get the 4.89% you need to deposit £1000 every month but also keep it at the £2500 mark as anything over £2500 gets 0% interest.That means after you have £2500 in there you have to add then remove £1000 every month as the £1000 doesn't get any interest.Lots of messing around and £1000 floating around not getting interest which drops the rate down to about 3.5% on £3500 maxSure it's still better on the base ~1%, but a lot of people like the idea they could get one of the larger prizes and once they are in there you just let them ride with no messing about.


    its not taxable and you dont need to pay in £1000 a month

    telegraph.co.uk/inv…ds/

    ISA - I use Hargeaves Landsdown only save £250 a month, although I haven't worked out exactly how much I get in returns, it's easily higher than any interest accumulating account I've had.

    joedastudd

    5% is extremely rare these days.The Nationwide one is limited to £2500 … 5% is extremely rare these days.The Nationwide one is limited to £2500 and a 1 year term, it's also taxable and you have to deposit £1000 every month into the account.To get the 4.89% you need to deposit £1000 every month but also keep it at the £2500 mark as anything over £2500 gets 0% interest.That means after you have £2500 in there you have to add then remove £1000 every month as the £1000 doesn't get any interest.Lots of messing around and £1000 floating around not getting interest which drops the rate down to about 3.5% on £3500 maxSure it's still better on the base ~1%, but a lot of people like the idea they could get one of the larger prizes and once they are in there you just let them ride with no messing about.




    nationwide.co.uk/pro…its

    Maximum pay in £500 a month for 12 months,5%



    www1.firstdirect.com/1/2…ngs

    And 5% up to £300 a month for 12 months here
    Edited by: "tomdavidrichards" 9th Jan

    ISA - I use Hargeaves Landsdown only save £250 a month, although I haven't worked out exactly how much I get in returns, it's easily higher than any interest accumulating account I've had.

    joesmum

    oooh, I am going to get myself some Premium Bonds



    He should have said 'may' win money, there are no guarantees that you get anything...

    tomdavidrichards

    http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefitsMaximum pay in £500 a month for 12 months,5%



    What would the estimated balance be at the end of the 12 months based on … What would the estimated balance be at the end of the 12 months based on 12 monthly deposits of £500 totalling £6,000?The balance on 12 monthly deposits of £500 paid on the first day of each calendar month with an interest rate of 5.00% gross p.a./AER (variable) would be £6,162.50.


    Works out at 2.7% not bad, but far from the 5% they promote it with.
    The current account has a better rate without your saving £4500 or more.

    Original Poster

    Bigfootpete

    ISA - I use Hargeaves Landsdown only save £250 a month, although I … ISA - I use Hargeaves Landsdown only save £250 a month, although I haven't worked out exactly how much I get in returns, it's easily higher than any interest accumulating account I've had.



    ​What is the best way to engage this company? I like the look of a bit of a gamble without huge losses. What package do you invest in?

    joedastudd

    Works out at 2.7% not bad, but far from the 5% they promote it with.The … Works out at 2.7% not bad, but far from the 5% they promote it with.The current account has a better rate without your saving £4500 or more.


    Its 5%, end of. The balance doesnt start the year at £6000
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