Savings Account??

Question

I need to save £3000 - £4000 in a year & a half , (when I get a job ) but was wondering whats the best bank account to open a savings account with and estimated how much to save a week (my estimate pay when I get a job is £200 per week) , I herd Alliance and leister was good x

Answer 1

Hi...

I work for a financial advisor and I'd just like to suggest a mini cash ISA...The Egg online one is good..Got good rate of interest...They're tax-free too! Can save up to £5k a year in them...

The only down side with the Egg one is that you'd have to open a savings account first and then the ISA..but you could transfer the entirety of the account... But otherwise, you could try which ever bank you hold your current account with and they'd open an ISA for you..

ISA's are the best way to save in my opinion!!

Here check out this link too;

http://www.principality.co.uk/default.aspx?page=124

Answer 2

Most of the current "high interest" accounts are up to a certain balance (0.1% above that balance) and only if you pay in £1000 a month. This is true of Alliance & Leicester as well as The Halifax.

A fair few do online savings accounts which will pay you an interest rate higher than 0.1% but lower than the high interest current accounts but they will pay this on any balance and it does change when you have more in savings. ie <£ 1000 = 1%, £1001 > £2000 = 2.5% and so on up to whatever the account pays.

Answer 3

Well being in India, I can't tell you about which bank you should prefer but you will need to set aside about 55 - 60 pounds a week to make it about 4000 pounds in an year and a half, i.e. 78 weeks.

Answer 4

Nationwide Building society have high interest accounts