Savings account.... never had 1 before.

[ybt1982]

Hi folks

I'm sure this question has been asked lots of times before but I can't seem to find an answer.

After 6 months of settling in and sorting myself out I have figured out that, after everything including fun stuff, I have around £200 a month to stash away. Question is, where do I put it? I've never had a savings account or ISA etc.

Cheers

Edit to add, I could maybe stretch to £1000 as an initial amount to open the account.

Edited by ybt1982 on Wednesday 4th July 19:25

[e8_pack]

If its 200, then a first direct regular saver gives 8%, but a max of 300 can be saved a month. Even after capital gains tax, the isa won't compare, plus you can carry it over to each month, so you can get that grand in their before the years out.

[ybt1982]

Thanks for that, but it looks like you have to have a Current Account with them, I don't and don't want to open 1.

I do have accounts with Nationwide and Barclays though....

[ybt1982]

Anyone else?

What about a Pension, I'm coming up to 30 and don't have 1 yet, was kind of relying on my rental property to sort my old age out for me...

[0000]

e8_pack said:

If its 200, then a first direct regular saver gives 8%, but a max of 300 can be saved a month. Even after capital gains tax, the isa won't compare, plus you can carry it over to each month, so you can get that grand in their before the years out.

Capital gains tax, surely not?

[peatmoor]

Yeah CGT does not apply to cash savings accounts, just income tax.

For pensions, I highly recommend Hargreaves Lansdowne www.hl.com

Easy to set-up and easy to use. Investing might be scary but HL have lots of helpful guides and even a "model portfolio" for you to copy if need be. So if you don;t mind reading some, its a good start. And you can start one with nothing and put as little at £50 in each month.

Hope that helps