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Best place to save small amounts

3 replies

2LittleCubs · 15/01/2019 16:12

Hi everyone. Im a single mother of two beautiful children. I work part-time, so I have a low enough income and also get universal credit help to cover childcare costs.
By the time I pay my monthly mortgage, car payment etc, there isn't too much money left over.
I want to set up something where I can direct £20/week to come out of my bank and into an account somewhere where I don't touch it. Ideally I'd like to use the savings to pay my car off early (I still owe about £5000 on it).
Can anyone offer advice on the best place to save where I can avoid easy access to it?

OP posts:
MumOfTwoMasterOfNone · 15/01/2019 16:23

Go to moneysavingexpert. Generally, I've found small amounts are either better in high interest current accounts, or regular saving accounts. The latter may be harder to access, especially if it is via a building society.
Good luck!

PerkingFaintly · 15/01/2019 16:55

Some banks/building societies do higher interest on regular saver accounts.

Eg Nationwide's Flex Regular Online Saver (although NB you have to have your current account with them to be eligible). www.nationwide.co.uk/products/savings/flex-regular-online-saver/features-and-benefits

Ta1kinPeace · 15/01/2019 17:01

Could you get a SAntander 123 account ?
THe interest rate is only 1.5% but with cashback on direct debits, mine is running at about 4% interest

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