scotty_boy Posted July 11, 2008 Share Posted July 11, 2008 (edited) I'm thinking of saving a grand a month for 6 - 12 months, to save up a bigger deposit for a house, but i notice most savings accounts have a cap of 500 per month. What should I do? Edited July 11, 2008 by scotty_boy Quote Link to comment Share on other sites More sharing options...
hostman Posted July 11, 2008 Share Posted July 11, 2008 I'm saving 1k a month for the same purpose, after my ISA allowance is full, it goes to an account at YBS, www.ybs.co.uk with interest received monthly. Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted July 12, 2008 Share Posted July 12, 2008 I'm thinking of saving a grand a month for 6 - 12 months, to save up a bigger deposit for a house, but i notice most savings accounts have a cap of 500 per month. What should I do? Regular Savings accounts have a cap but there's nothing to stop you opening 2 with different banks or putting the other £500 in a standard account. Quote Link to comment Share on other sites More sharing options...
MiCasaSuCasa Posted July 16, 2008 Share Posted July 16, 2008 I'm thinking of setting up a few regular saver accounts and drip feeding them. Problem is - are any of the banks safe? I'm well below the 35k at the moment, but I thought I might get 4 different accounts to split the risk up: Halifax Reg. Save Kaupthing Edge 6.3% AER IceSave 6.3% AER B.Midshires 6.33 AER What do you think? Quote Link to comment Share on other sites More sharing options...
hostman Posted July 17, 2008 Share Posted July 17, 2008 I'm thinking of setting up a few regular saver accounts and drip feedingthem. Problem is - are any of the banks safe? I'm well below the 35k at the moment, but I thought I might get 4 different accounts to split the risk up: Halifax Reg. Save Kaupthing Edge 6.3% AER IceSave 6.3% AER B.Midshires 6.33 AER What do you think? The doom and gloom surrounding Icelandic banks appears to have died down (I have an IceSave account with less than £500 in it, was going to use it for my primary deposit, but I don't like their online system). Four accounts can be a handful to maintain. Excluding my ISA which is maxed come each April, I settle for one regular account. Its below the FSA limit, but if a rumour were started about the bank I'm with then I wouldn't hesitate to withdraw it. I've worked too hard to see my money disappear into the abyss, whatever the Government says about how safe the money would be, you can't trust them. Quote Link to comment Share on other sites More sharing options...
The Mad Rapper Posted July 18, 2008 Share Posted July 18, 2008 I have an e-savers account with Nationwide which has no cap at all. I usually deposit £1K PCM there, with an additional £250 PCM to my Nationwide Regular Savers. The interest rate on the e-savers is around 5.5% IIRC, but it's been incredibly consistant, in fact, it has been a firm recommendation in The Times for years. It may be worth a look if you can live with 1% less interest... Quote Link to comment Share on other sites More sharing options...
Prof Posted July 24, 2008 Share Posted July 24, 2008 I have an e-savers account with Nationwide which has no cap at all. I usually deposit £1K PCM there, with an additional £250 PCM to my Nationwide Regular Savers.The interest rate on the e-savers is around 5.5% IIRC, but it's been incredibly consistant, in fact, it has been a firm recommendation in The Times for years. It may be worth a look if you can live with 1% less interest... Nationwide Regular Saver = 6%. Very average for a regular saver, IMO. Their regular saver used to be competitive. Looks like it`s a case of "brand new customers only". Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.