The Joshua Tree

I want to setup a savings account and i was just wondering what are the best options out there and with which banks ?

It's not a large sum, iv'e got around £10k that i want to put into some savings, i think read that some banks will offer you around £100 to switch your accounts. Is getting some premium bonds an option, do they still do those tax free savings accounts where you can put around a max of £2k into them.

Any advice would be appreciated as banking isn't my area of expertise.

riiidaa

iTrader: (2)

put it all in my account, i'll save it for ya


That's an ISA, and i think they up'd the limit a bit. Go read on HSBC's website and then compare with A N Other bank, or look on money saving expert's website

scoobypaul_temp

iTrader: (2)

Have a look on here for starters:

https://www.moneysavingexpert.com/banking/

wrx300scooby

Up to date info here, just moved my ISA and got 2.2% fixed for three years with Yorkshire bank, it was the best deal out there but they have since withdrawn the deal. MSE is a great website for info such as you are seeking.

Devildog

I had £5k in premium bonds - won more in terms of prizes than I'd ever have got in interest

Worth a thought.

ditchmyster

iTrader: (7)

10k at ish 2%... I wouldn't bother putting it in the bank... as above maybe £5k in premium bonds and £5k in gold.... even an expensive painting.

Or you could just juggle it buying and selling stuff... maybe cars, bikes or something else... if I couldn't make more than 200 quid a year juggling £10k I'd top myself.

David Lock

Note I AM NOT a financial adviser. But I raised a saving's question a while back and had this in a reply


I'd be inclined to stick £30-50/month into Vanguard Lifestrategy 80/20 through a shares ISA on the kid's behalf. Returns should be much better than 3% (think 6-8%) and its well diversified - very much an invest and forget fund.


Just a thought for the longer term with limited risk.


David

ALi-B

iTrader: (1)

If it's savings you want to keep locked away; have a look at a Prudential flexible investment plan with-profits, usually these hover above 5% return.

Legal & General do a similar with growth bond.

These have been doing very well over the past year, but of course are linked to the markets, however these are considered low risk. A good IFA would clarify.

FWIW I have a recovery fund with M&G which is considered medium-high risk and that's done no better than the low risk funds.


But miles better than some poxy high street bank ISA.

Dr Hu

Open an account at Fidelity or similar (online fund platform) - choose a couple of Funds you like sound of and put them in an ISA wrapper - do a bit of research - you should get back significantly more than a high street bank can offer you.

(Terry Smiths Fundsmith is a perennial fav - up 22% YTD or Fidelity Emerging Asia for overseas - up 30% YTD just as a couple of examples)

It all depends on how much risk you are prepared to take - i.e do you never want to potentially lose money, or are you prepared to speculate to accumulate...

Also the markets are at an all time high, and potentially close to the end of a boom cycle..... a market correction is inevitable fairly soon - some say any minute, other say another 18 months.... but trying to time the market is great with 20:20 hindsight!