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Kier

Kier

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Hey, just wondering if someone can help me.

I'm trying to save up for a new car, and if the money is in my bank, I will spend it.

So, I was thinking, set up another bank account, then once a month, when I get paid, transfer some money over (I'm hoping £500 each time), and give the debt card to my mum (without the PIN :LOL:), so I cant spend it, apart from for car related stuff (insurance, repairs etc).

Does anyone know of any good banks? That offer good interest? Never really taken notice of interest before, and dont have a clue where to start. I dont really want one where I have to pay X amount in each month, just incase I cant for some reason.

Thanks :)
 
Open up a higher rate interest savings account that you can't withdraw from for a period of time without forfeiting the higher interest/ tax free interest rates. They used to be called TESSA's but I think they are now called ISA's, and I don't think they come with a debit card.

This link might help:

http://www.bankaccountadvice.co.uk/tessa-pep-or-isa.html
 
ChrisUK said:
screw that I get 6.0% on my HSBC current plus account. not even a savings account.
Click to expand...
Sure? :confused:
HSBC's website is showing it as having 2% interest up to £1000, then 0% over that, plus a cost of £12.95 per month.
 
hmallett said:
Sure? :confused:
HSBC's website is showing it as having 2% interest up to £1000, then 0% over that, plus a cost of £12.95 per month.
Click to expand...

In that case they've changed it without telling me :bang:. Either that or they've sent a private message on the internet banking which I ignore :rolleyes:. But I swear to god it used to be 6% although that was probably before the markets crashed :eek:.

You can however get 10% on their regular saver ;). I'm thinking about doing the same don't trust the missus so it will be my dad probably lol.
 
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ChrisUK said:
But I swear to god it used to be 6% although that was probably before the markets crashed :eek:.
Click to expand...
It probably was. There were a few doing 4-6% interest. Now some are doing 0.1%.
If you're paying in over £1000 per month, the Halifax reward account might be a good one for you - £5 (net!) credit each month, instead of interest. If you play it right, it works out as equivalent to a very healthy interest rate.
 
Get an account where you don't get a debit card, a savings/ISA with pay in book/giro book will be higher in interest (even if only slightly). Don't get a savings with internet access because it's too easy just to log in and transfer money to a regular account.

I set up a direct debit into an ISA with a building society in town - and when it comes to taking money out it's an effort to go into town, find a parking space etc etc... makes me much less likely to spend it cause i'm too lazy to go get it :rolleyes:
 
Odd thing about banks. 4 years ago when I was looking to buy the Panda, the
base rate was about 4%. You could borrow money for something iro 5.5% and
you could get 4-6% on your savings.

Now, the base rate is 0.5% yet you have to pay 10% to borrow money and only receive 1-2% on your savings.

We're still being taken for a ride.

Whatever kind of savings you choose, just make sure it's a straight forward deposit account not any kind of Unit Linked scheme. Just make sure that if it all goes tits up again, at least what you put in is still safe.
 
What about your mum setting up a savings account and you set up a direct debit for that amount each month? Will prevent you from transferring the money manually so less likely to spend it and being in your mums account if you need any of it she can transfer it back across.

Its mad my car loan interest was 5% three and a half years ago, I wasnt even working the minimum amount of hours now they wouldnt even look at me or even charge me that!
 
Last edited:
Sorry to bump a old thread, but thought it would be better than making a new thread.

Does anyone have a ISA and if so, who with? I'm still not 100% sure I understand it.

I want to save around £3,000 to £4,000 for my new car, however, I cant put a set amount in each month, and also need access to it incase I need to to repair my current car.

Anyone able to help.
 
Kier said:
Sorry to bump a old thread, but thought it would be better than making a new thread.

Does anyone have a ISA and if so, who with? I'm still not 100% sure I understand it.

I want to save around £3,000 to £4,000 for my new car, however, I cant put a set amount in each month, and also need access to it incase I need to to repair my current car.

Anyone able to help.
Click to expand...

I've got one with HSBC.

Current annual rate (per tax year) that you can put in is around £3600-£3800 iirc. Can basically only put that much in per year. Put in say 3k and then remove it, you can still only put £600-£800 (depending upon rate) back in until the end of the tax year.

My HSBC one is great, can get instant acess to my money if need it for the car etc (y)

I just transfer money in when I wat, no need to do a set amount a month.

Jon.
 
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