Savings

[Bigpinkslippers]

For the first time in 20 years I'm able to save each month, but where am I best doing this.
Currently have a few K in my current account getting minimal interest.
I keep looking, but get overwhelmed with the different options.
Ideally I'd want to transfer most of it to a better account and then add a regular monthly payment but I don't want to have to switch accounts annually to keep the interest rate.
Any hints and tips?

Do you have online banking ?
start by looking at the accounts your bank offers, and choose one of them.

the only way to get the best interest rate is to change the account annually, but it is really easy to update an on line bank account.

look for a cash isa for money that is just for saving, and a more instant access for the new fridge, boiler, shower and holidays type of savings, and a regular saver can be helpful if you really do have the money ( I have vowed to never have another regular saver as things change too much from the start of one year to the next) but they do suit some people.

I’ve split my emergency savings between a Marcus bank account and premium bonds, and the rest goes into a s&s ISA.

Check various sites for the best rates - usually broken down into instant access, access with 30 days or 30-90 days, fixed for a year. Check ISAs too with April coming up. I get over 5% with a number of my instant access accounts. Unfortunately switching each year can't really be avoided as interest rates are expected to come down towards the end of the year. I think the Daily Mail Money page is quite good for up to date rates and Moneysavingexpert. It's really easy to set up most of these accounts online and to move money if they reduce your rate. I've found Paragon consistently good.

I never keep all my eggs n one basket

look at coventry for ISA - you get a decent rate around 4.8% and can have 4 withdrawals - so great for an emergency fund

Nationwide have a regular savers paying 8% for £200 a month

Chase is easy to set up on an app at home and there saver account aligned with their current account is paying 4.1% and they don't change for foreign transactions

Atom bank was started by a former First direct bank CEO and has a good reputation, they have several sort term accounts as well as 1 and 2 year accounts paying ok rates of interest

Thanks for the tips, I'm with Lloyd's so will start there.

Go to the money saving expert site. There's step by step guides on there to help you work it out

If you have a Club Lloyds current account they have a very good regular saver account (over 6%) and another that pays 4.1% so you could put your lump sum in that and then open the regular saver.

lloyds have a regular saver - well the have 2, one is paying about 4/5% and you can put in up to £250 a month I think, you can also take out.

What age are you and what sort of access do you need to your savings.

Best currently is a LISA but you have to be under 40 and you can only use without penalty for a first house purchase or retirement. It has a limit of 4k PA but a 25% return.

Next are ISA accounts, best I have currently is a fixed term at 5.25% but I cannot touch it for a year without losing interest. That product is not available anymore.

Then there are some regular saver accounts, unless you are making over 1k in interest a year there is no tax to pay.

Go to MSE for advice and do not stay loyal to your bank if you can do better elsewhere. I have changed bank accounts many times over my lifetime. Have dealt with at least 10, DH is the same. Move your money about.

In answer to some questions. I'm early 50s, have a decent pension through work plus buy monthly shares which the company matches.
Already have joint savings with DH for hols and unexpected household costs.
This is just personal regular savings but not for anything specific so can tie some up for a year or 2.
Changed jobs 1.5 years ago which is why I now have spare personal funds which is new to me.
So I'll look at a cash isa & regular saver, is that best?

For easy access Marcus has been really good the past few years, they have been quick to raise rates regularly. May not be the best right now but you said you are not looking to move money around a lot I'd say that they give a reasonable market rate.

You can also look into a cash ISA and they come into their own really when you have enough savings to pay interest on the tax, so depends how much you are thinking you will save each month.

@MikeRafone said "look at coventry for ISA - you get a decent rate around 4.8% and can have 4 withdrawals - so great for an emergency fund

Nationwide have a regular savers paying 8% for £200 a month"

These rates are already out of date - I have the 8% Regular Saver and the rate hasn't gone down (yet), but they've withdrawn the version of that account at that rate. But you can open the new version at 6.5% variable and pay in 12 x £200 each month.

Coventry was offering an ISA at over 5% which I had my eye on but that's been withdrawn. They are still offering, I think, 4.55% annually and 4.46% at monthly interest. They also offer various other savings accounts.

I have some quite old savings - I don't have very much income but my dad gave me money to pay off my mortgage and credit card debts and a little extra, so I am reorganising what I have to get a little more interest, with higher education costs for my kids looming from next year for DS1.

Look at Martin Lewis MSE website, the section on savings. Always a go-to for this sort of thing.