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macz

Savings accounts

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been meaning to change mine for a while now..currently with Santander but they're sh*t with very low interest.

who you with? any recommendations?

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Firstly; check moneysavingexpert.

They have a section on savings accounts/ISAs and the best deals you can get at the moment.

Secondly; Do you want easily accessible cash or can you put it away for a long time?

ISAs are always a good first start but the interest you get is always as good as how long you aren't allowed to touch it and how risky it is.

Also, make sure you're continually moving your cash around, Banks will always have a sick introductory offer to lure you in, but most people either forget to check what the interest is next year or can't be bothered to move it.

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yeh ISAs prob not the best because I'm not sure when I'm gonna need it as I wanna move out...is there a risk factor with ISAs?

I'll check out moneysavingexpert..safe

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How long u looking to leave the money for fam?

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yeh ISAs prob not the best because I'm not sure when I'm gonna need it as I wanna move out...is there a risk factor with ISAs?

Risk depends on whether it is a CASH ISA or a STOCKS/SHARES ISA

A Cash ISA is like a savings account, except you pay no tax and its capped on how much you get this tax break for per year.

A Stocks/Shares ISA is like playing the market, you can get a better return, but it is medium to longer term investment/risk, hence why they can be up to 5 years; not good if you want your cash easily.

Remember, you can have loads of ISA accounts, but the total tax free you can have is capped every year.

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How long u looking to leave the money for fam?

not too sure man, but to be realistic at least a year

yeh ISAs prob not the best because I'm not sure when I'm gonna need it as I wanna move out...is there a risk factor with ISAs?

Risk depends on whether it is a CASH ISA or a STOCKS/SHARES ISA

A Cash ISA is like a savings account, except you pay no tax and its capped on how much you get this tax break for per year.

A Stocks/Shares ISA is like playing the market, you can get a better return, but it is medium to longer term investment/risk, hence why they can be up to 5 years; not good if you want your cash easily.

Remember, you can have loads of ISA accounts, but the total tax free you can have is capped every year.

props, i'll look into it

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If you are looking to earn interest on an amount larger than the £5750* ISA allowance go for a Savings bond. They dont permit access to your money for the term, there are 1, 2, 3,4 and 5year bonds. There are both savings and investment bonds which have respective principles to those SNSTR mentioned. You get only a few desposits and a couple of withdrawls within the term. If you know you have a nice stack that you aren't likely to touch for a year or two you can bung what you have in there and start a separate ordinary savings account on the side. Helpful if you are saving towards a mortgage deposit or something of that scale.

ISA's are good ways to get saving started but the deposit threshold is a pain.

As far as regular saving accounts go use moneysaving expert. Barclays e-Savings Reward account has a decent interest rate. Unless you're saving over 5k interest makes little difference imo. The rate you see has to be extrapulated down because they are Annual rates, but are applied monthly, so you'll only ever see the advertised percentage after 12 months of interest applied to itself.

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