How should I save my money?

Question

I now find myself in a position where I am able to save about £200 per month. What is the best way to save this money? I want to be able to access my money with little notice with the best possible return. Any ideas?

Answer 1

Put half of it in a savings account, such as a "Variable Rate Halifax Websaver" account (4.75% AER interest with a withdrawal card, 5% AER without)
http://www.halifax.co.uk/savings/variablewebsaver.asp
Or one of the Best Buys listed here on The Motley Fool:
http://www.fool.co.uk/savings/compare-savings-accounts.aspx

With the other half, use it to invest on the UK Stock Exchange via a Halifax Sharebuilder account (£1.50 commission fee to purchase shares, £5 to sell, alot cheaper than other brokers).
http://www.halifax.co.uk/sharedealing/sharebuilder.asp

This Motley Fool article "How to Profit from Shares" should help point you in the right direction if you're unfamiliar with shares....
http://www.fool.co.uk/school/2006/sch060130.htm
if you're lucky you'll make more on it than you ever will in any savings account, though it can just as easily bite you.

The online fantasy stockmarket game at http://www.bullbearings.co.uk will also help you "learn the ropes" if you do decide to go down this route.

Answer 2

placed funds right into a controlled fund, $4 hundred funds a month. They look ahead to the fee, so which you're compelled to maintain it. each time is a solid time to start up reason it rather is a protracted term investment (so normally over the years you may double it each and every say around 7 years) and it compounds. so so you might get a 30% return in say 4-6 months, if u %. a solid one. $a hundred each and every week=$4 hundred a month =$4800 a 300 and sixty 5 days =$24000 over 5 years and double this by compound following the rule =$40 8,000 no longer undesirable for a hundred greenbacks each and every week. Theres continuously an excuse it rather is going to pass down or won't artwork yet a minimum of youll have 24 grand. cyber web bills are solid additionally 5% activity and cant get at on weekends, until Monday morning. merely dont ask for a card. Get a timer on your oil heater- i became living in a chilly climate (Orange) final 300 and sixty 5 days and the timer decreased the invoice by like $500 greenbacks for the quarter. From 900 to 3 hundred and it became nonetheless snowing in November. Dont purchase books on investment, you're transforming into invested the funds. If u do sell it on ebay while finished. sell something u dont want on ebay. Its low value to sell and somebody else reward from something you dont want. in case you have funds pay you credits card off, it rather is the worst debt you've got.

Answer 3

Some money saved is better than none.
Go to an Financial planner for good returns.
You can save money you will not touch in
an IRA with the best percent.Like, you put in $50.00
they match that.Check Credit Unions.
You are penalized and must pay taxes on money withdrawn.

Answer 4

I keep mine in a savings account, but you can only take out money a certain amount of times. What I do then is keep an extra 500 hidden in my room. I only allow myself a certain amount to spend a month. that way I can spend and continue to save without being charged for it.

Answer 5

ING direct is quite good - you get about 4.75% and can save directly into it from your bank account and get it out within a couple of days

You could also consider a cash ISA - look them up on moneysupermarket.com. the advantage is the interest you earn is tax free. you will have to compare different ones for interest rates and how quickly you can access your money though

Answer 6

Open up a savings account and ask your employer to do automatic deposits from your pay so you don't notice it. That's the easiest way to save.

Answer 7

try t get with your bank to put your money into a CD( certificate of deposit) that way you can get more interest on the mony versus the regular savings account at the bank

Answer 8

Start investing it into a CD. GMAC online has good rates. Just deposit that money into the CD every month.

Answer 9

Capitol One.

Answer 10

Invest in growth oppurtunities companies....or allocate your fund inshare market.but before investing you should study the market very carefully...