Best savings option for my £2-3K? - Corsa Sport - for Vauxhall and Opel Corsa B, Corsa C and Corsa D

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stubbsy05

Member

Registered: 23rd Oct 02
User status: Offline

9th Jan 09 at 12:57

Got 2k sitting in my debit account. Where can I put this risk free and earn the best interest?

Min Cash ISA?

Thanks

James

Member

Registered: 1st Jun 02
Location: Surrey
User status: Offline

9th Jan 09 at 13:07

ISA but you will earn fuck all.

Average is about 2.5% at the moment.

Colin

Member

Registered: 4th Apr 02
User status: Offline

9th Jan 09 at 13:10

Isa set to drop again with the latest interest rate drop aswell.

Ive been thinking about taking my savings & just using it to pay off a bit of the mortgage with it.

If thats not an option then:

Premium bonds
Lotto/scratch cards
106 GTi
Pub

AndyKent

Member

Registered: 3rd Sep 05
User status: Offline

9th Jan 09 at 13:15

Premium bonds are rubbish at the moments too - they are affected by interest rates and the chances of winning have plummetted in the last few months.

Cash ISA would be the best risk-free choice, but don't do anything silly like going for a fixed rate

VegasPhil

Premium Member

Registered: 16th Jan 05
Location: Fareham, Hants Drives: Octavia VRS
User status: Offline

9th Jan 09 at 13:27

Matress

Corsa 2.0 16v Vegas - Sold

deano87

Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline

9th Jan 09 at 13:40

Interest on any savings is on its arse at the moment.

ISA is the safest bet.

Colin

Member

Registered: 4th Apr 02
User status: Offline

9th Jan 09 at 13:55

Pay off any depts you have!?

Like ive just went to the bank & paid them back 2700 quid to settle a loan I had on my car (seemed a good idea at the time when I was getting 6% on my savings). Now the rates 2% & likely to fall to 1.5% I might aswell level the ground while im not making much from saving!

stubbsy05

Member

Registered: 23rd Oct 02
User status: Offline

9th Jan 09 at 14:16

Yeah its not my money but my mums. She is wanted to save it somewhere.

I have debts I'm paying off in the meantime but they are on 0% credit card deals.

webbo_23

Member

Registered: 2nd Dec 08
Location: Nottingham
User status: Offline

13th Jan 09 at 12:09

need an isa mate - most secure at the min.

M2RTY

Member

Registered: 25th May 01
User status: Offline

14th Jan 09 at 07:43

thing is, earn less then the rate of inflation and you end up with less face value as time goes on

dannymccann

Member

Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline

14th Jan 09 at 08:11

quote:
Originally posted by M2RTY
thing is, earn less then the rate of inflation and you end up with less face value as time goes on

What this man said, and atm arent most ISAs going at a rate of 2/2.5% whereas inflation is still over 4%??

AndyKent

Member

Registered: 3rd Sep 05
User status: Offline

14th Jan 09 at 08:46

quote:
Originally posted by dannymccann

quote:
Originally posted by M2RTY
thing is, earn less then the rate of inflation and you end up with less face value as time goes on

What this man said, and atm arent most ISAs going at a rate of 2/2.5% whereas inflation is still over 4%??

You try finding any sort of savings that'll get as high as 4% risk free with the amount of money mentioned.......

dannymccann

Member

Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline

14th Jan 09 at 08:49

I got 6.5% ISA

James

Member

Registered: 1st Jun 02
Location: Surrey
User status: Offline

14th Jan 09 at 09:52

quote:
Originally posted by dannymccann
I got 6.5% ISA

Are you sure it's currently 6.5%? Mine was about 6% when I opened it, currently 2.3% though.

If so, who is it with as I need it

[Edited on 14-01-2009 by James]

dannymccann

Member

Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline

14th Jan 09 at 10:26

Yea it was fixed at Barclays or something when I opened it for the first year (up to April), once the year is up it reverts back to 0.1% over the base rate

dannymccann

Member

Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline

14th Jan 09 at 10:27

Thinking about it I might check to see if it is still at 6.5% fixed, I cant actually remember the terms of it all right now, i just maxxed it out, so if its not even covering inflation im taking it all out now and keeping it under my bed

Hammer

Member

Registered: 11th Feb 04
User status: Offline

14th Jan 09 at 23:35

Change it into Euro's and keep it under your pillow.

ash_corsa

Member

Registered: 15th Apr 04
Location: Shrewsbury
User status: Offline

14th Jan 09 at 23:39

My £5.5k is sitting in my savings account with NatWest, not an ISA
I earn about £15 a month for it sitting there, better than under your mattress!

ShEp

Member

Registered: 9th Aug 05
Location: Dingwall, Highland
User status: Offline

14th Jan 09 at 23:42

Art

Spend it on Art, it will increase in price

dannymccann

Member

Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline

15th Jan 09 at 10:51

Yea dont think that rate was fixed at 6.5%

I had 3000 in there, got £14 interest, when it had 3600 in it only got £12.50 a couple of months later

Balls

mwg

Member

Registered: 19th Feb 04
Location: South Lakes
User status: Offline

15th Jan 09 at 11:34

I've got about £5,500 so far for my house deposit fund that I will be looking into saving somewhere new soon.

Currently about 1.5k is in an ISA and the rest is in some sort of account that I cant draw out of for 3 years to get a higher interest rate but the 3 years is coming to an end soon so that will be getting reviewed.

Not sure where to put it next?! Any sensible recommendations?

dannymccann

Member

Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline

15th Jan 09 at 12:21

Same position as Matty tbh for me. In a couple of years time, if I havent spunked it on bricks and mortar, Ill have over 10k to put somewhere

atz_49

Member

Registered: 17th May 05
Location: Midlands Drives: 350Z
User status: Offline

18th Jan 09 at 14:48

Why are ISA's the safest bet like may are saying? The rates have dropped just like any other savings account, and could do so again.

The safest bet is a high interest deposit bond (HIDB). Here, the rate you open with is fixed for the term of the bond - at HSBC you can open one with £2000 and have it for 3, 6, 12,24 or 36 month terms. Currently around 3.25% gross I believe.

Marc

Member

Registered: 11th Aug 02
Location: York
User status: Offline

18th Jan 09 at 19:48

I've been looking at my savings lately too,

Had Premium Bonds for almost 10 years, never won anything. God Knows what I've lost in interest in 7-8 years!

Sods law states that my numbers will come up should I ever cash in though, on the plus side they were bought for me so I see them as money I don't actually have if you get me!

I've looked at my ISA, stocks & shares and savings accounts too, the current interest rate is depressing!

deano87

Member

Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline

19th Jan 09 at 09:10