# Savings



## John757 (Jun 11, 2009)

Hello All, 

Was just wondering what you would do in my situation. I save 500 pounds per month. How would you go about saving this money i.e what type of account etc...


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## -ROM- (Feb 23, 2007)

Get a "monthly saver" from one of the high street banks. For example halifax do a one where you can save between £50-£500 a month and get 5% AER. It's a 12 month account so after a year it will probably be converted to a instant access account or the money and interest transferred to your current account.


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## Blazebro (May 18, 2007)

Save it into the highest interest savings account possible. The every so often transfer some into the highest interest Isa available (the limits being increased early next year). 

Depending on your outlook you could invest in an investment fund dependant upon what risk you want, or you could look at investing some of your money directly in shares, again this would be your view on what type of risk. Banks are still regarded as low risk. Always remember with shares that your capital is at risk so it's dependant on how much in the way of savings your prepared to potentially loose.


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## buckas (Jun 13, 2008)

my barclays one is 6.25%

halifax was good 08-09, had mine in a 8% regular saver one but that's finished now so transferred it last june


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## 80skid (Nov 9, 2009)

An ISA maybe? seeing as they are tax free


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## jamest (Apr 8, 2008)

If you have a mortgage, do £500 overpayments. Normally penalty free up to £500 and it lowers your monthly mortgage and you can take it out and use it anytime you want.


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## The Cueball (Feb 8, 2007)

I split my savings:

pension (i.e. stock market)

gold

my own stock market trades...

:thumb:


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## freon warrior (May 31, 2006)

The Cueball said:


> I split my savings:
> 
> pension (i.e. stock market)
> 
> ...


Same here:thumb:


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## Shredder (Oct 10, 2009)

Look at a regular saver account:

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts


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## markcoznottz (Nov 13, 2005)

Or just spend it  This is a labour government remember, they dont like people having savings, they will take your savings away, most likely by inflation, which will start in a big way soon.


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## goste (Dec 11, 2009)

John757 said:


> Hello All,
> 
> Was just wondering what you would do in my situation. I save 500 pounds per month. How would you go about saving this money i.e what type of account etc...


Get a mortgage, buy a(nother) property & rent it out - better return than a bank!

G.


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## John757 (Jun 11, 2009)

Bit of an old thread this one...

However I'm after a bit of info on Stocks/Shares ISA's. I've been looking at Legal&General and the different funds that they do. Can anybody advise what I would be best going with in regards to active vs passive management. I want to place a lump sum of 1000 in to a fund and top it up with 500 per month. However I get the feeling this will leave me with all my eggs in one basket? I know 1000 isn't a lot, but I'll be able to fill the 10k S&S ISA limit in under 2 years.

Also what kind of rates would I see compared to normal savings accounts, I know S&S are variable and risky and I can lose money, but if I can get 3% on a normal regular saver and say 5 or 6% on a S&S ISA i'll take the risk. However if the gains are small i.e. only 4% I won't bother. 

Hope that makes sense what I'm asking?


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## robj20 (Jan 20, 2009)

-ROM- said:


> Get a "monthly saver" from one of the high street banks. For example halifax do a one where you can save between £50-£500 a month and get 5% AER. It's a 12 month account so after a year it will probably be converted to a instant access account or the money and interest transferred to your current account.


There actually not that great don't forget your only getting the 5% on your first payment then it goes down each month.

Fill an ISA then put the rest in a decent guarantee reserve account.


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## John757 (Jun 11, 2009)

robj20 said:


> There actually not that great don't forget your only getting the 5% on your first payment then it goes down each month.
> 
> Fill an ISA then put the rest in a decent guarantee reserve account.


A cash ISA or S&S ISA?

For the S&S ISA would would I be best with a FTSE 100 tracker...seeing as it would be spread across more of the market sectors, thus being slightly less risky?


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## robj20 (Jan 20, 2009)

Iv not looked recently i didnt mine last year at a fixed rate glad i did as things have dropped a fair bit, not sure what i will do come april.


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## ivor (Sep 24, 2008)

I've recently taken out a s&s with RBS for the first 2years you run at a loss then 3rd break even the next two it should turn into a nice little earner, the reason i've done this is i have a fixed cash figure I want to achieve also IIRC the S&S isa is safe guarded upto 60k whereas normal saving is 30k but i may be wrong


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