Jamie Walby
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Registered: 15th Nov 04
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Currently on a bit of a saving mission for a deposit and got a bit put by now but its not in a very good account.
Ideally I would like one where I get reasonable interest and cant have access to the money. Ive saved before but always ended up blowing what I have saved on things like holidays/cars so no/limited access really is a must if I am to do this properly.
I dont mind paying in X amount by direct debit each month but would also like the option to put a bit more in if I have some extra cash.
I have had a look on money supermarket and most banks websites and I am just confusing myself with all the various accounts out there.
Just looking for a bit of advice on any accounts you guys used when saving for your deposits.
Cheers
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Marc
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Registered: 11th Aug 02
Location: York
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If you are going to substantially add to it each month, Halifax Reward gives you £5 a month if you deposit £1000+ in.
Santander have 123 account which gives rewards based on money going in.
Most ISA's I have seen are 3% fro instant access and 4%+ for 2yr+.
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Jamie Walby
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Registered: 15th Nov 04
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Cheers Marc, ill look into them.
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James
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Registered: 1st Jun 02
Location: Surrey
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When are you hoping to buy?
In reality you aren't likely to see a huge return just from interest. But if you can commit to putting it somewhere for a fixed period like a year or 2 years, then a bond is probably your best bet.
Having said that, ISAs have the benefit of being tax free, but you can only invest £5640 in a cash ISA each tax year.
Regardless of the type of account, the general rule is that the longer you can commit to not withdrawing, the better rate you will get.
[Edited on 01-11-2012 by James]
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pow
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Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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You'll get fuck all these days, I've got 'quite a bit' stashed away in accounts earning fuck all, earnt about £172 this year in interest. Just go to your bank and open a non easy access account is my advise 
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Jamie Walby
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Registered: 15th Nov 04
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quote:
Originally posted by James
When are you hoping to buy?
In reality you aren't likely to see a huge return just from interest. But if you can commit to putting it somewhere for a fixed period like a year or 2 years, then a bond is probably your best bet.
Having said that, ISAs have the benefit of being tax free, but you can only invest £5640 in a cash ISA each tax year.
Regardless of the type of account, the general rule is that the longer you can commit to not withdrawing, the better rate you will get.
[Edited on 01-11-2012 by James]
Within 2 years ideally James. I have seen some bond accounts but wasnt really sure on that.
I have an ISA, gets about 2% but I keep taking money out of it which is what I want to avoid with the other money I have saved so far. Its just in my Mums possession at the moment so I cant get to it 
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James
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Registered: 1st Jun 02
Location: Surrey
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I don't think any accounts actually stop you withdrawing altogether. But a withdrawal will either trigger a penalty fee or a huge drop in the interest rate you are getting, so there will still need to be a bit of willpower involved!
A qiuck search suggests the following are best for 1 year fixed:
Santander Cash ISA - 2.6%
Allied Irish Bank Bond - 2.8%
If you can fix for 2 years, Coventry BS offer a 3.25% bond.
If you are willing to introduce some risk, there's also the possibility of investment ISAs.
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James
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Registered: 1st Jun 02
Location: Surrey
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Actually for 2 years, the State Bank of India is best with a 3.5% bond. But you need to deposit at least £1k.
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James
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Registered: 1st Jun 02
Location: Surrey
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Also there's a 3% account for 1 year fixed with FirstSave.
All of these are backed by the FSCS protection up to £85k.
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Jamie Walby
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Registered: 15th Nov 04
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I have more that £1k so that wouldnt be an issue.
All I would say about them is, I have never heard of them.
I have found this one with Santander.... Says you need a 123 account or credit card with them, which I do.
Fixed ISA
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willay
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Organiser: South East, National Events
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Registered: 10th Nov 02
Location: Roydon, Essex
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Jamie sorry if this isn't the case but don't you run your own business? You'd probably better off learning some self control and using the money to make even more money turning over stock or something (last time I read, you have a model shop?)
As David said savings accounts arent worth a wank, I use a online saver and just dump my stuff in there and take bits out as I need it.
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James
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Registered: 1st Jun 02
Location: Surrey
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That Santander one looks decent.
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Jamie Walby
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Registered: 15th Nov 04
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quote:
Originally posted by willay
Jamie sorry if this isn't the case but don't you run your own business? You'd probably better off learning some self control and using the money to make even more money turning over stock or something (last time I read, you have a model shop?)
As David said savings accounts arent worth a wank, I use a online saver and just dump my stuff in there and take bits out as I need it.
I do. There problem with stock idea willay is its fine if you sell the stock, though there's the risk you won't. The stuff I sell is pretty specialised and right now, I'd rather not risk it. Plus you end up paying a butt load of tax on it if you do it above board. If you don't, they'll come knocking asking how I paid for the house
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Daniel_Corsa
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Registered: 21st Apr 04
Location: Wigton, Cumbria
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Bedside drawer!
April '06' Corsasport Feature Car  | Aug '08' Total Vauxhall Feature Car | Spring '09' Fast Car Feature Car
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noshua
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Registered: 19th Nov 08
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Look on money saving expert, there's loads of options, some have (with strict guidelines mind) rediculous interest rates of 6-8%
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M2RTY
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Registered: 25th May 01
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Some of the higher ones you can only pay in a certain amount each month, if you had 12k @ 5% but could ot but in 1k a month, by the end of year 1 your 12k would be fully in, but you would get the 5% based on the total each month, so really it would be about a lot less than say a 3% account that lets you put in the full amount straight away
So best off butting 12k in a 3% accounr and slowly move it across to a 5% account to get most interest
Figures are made up but you get my point
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Graeme
Premium Member
Registered: 26th Jul 04
Location: Northampton
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I fill up my isa but also have a account that I can put a max of £250 a month. Minimum £20 to get the best intrest. Can open multiple accounts with various banks but its how confusing you want it to be. I have mine all with Barclays so can easily control them all.
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Paul_J
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Registered: 6th Jun 02
Location: London
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if you don't mind the risk you could lend your money out on Zopa and get better return rates than the banks.
http://uk.zopa.com/
[EDIT - says anywhere from 5.6%->7.5% returns]
(I should really do this to be honest, as any money that isn't in an ISA just sits in a 2.8% account and it's depressing to see how little you get back for your money)
[Edited on 03-11-2012 by Paul_J]
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AndyKent
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Registered: 3rd Sep 05
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I have cash in Zopa - currently getting 5% since I started a few months ago, but your money is (pretty much) locked in for 2-3 years.
Theres also the potential for losses, although they are in theory covered by the higher interest.
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