Savings help

[Mulhollandmagoo]

I'm looking for some help, we are trying to manage our finances better, we earn ok and should be able to save a few hundred pounds per month, as it stands now any savings we have (hardly any as we have just booked and paid for our holiday) are just sat in a current account.

Any tips on where to keep our savings? Good savings accounts/ISA's? We want very minimal risk, we are really risk averse people, someone at my husband's work is investing and seeing good return, but the worry that we will lose all our money would keep me up at night.

Check out money saving expert for the best rates. A linked regular saver might be best for a few hundred a month, First Direct are current offering 7% on upto £300 a month. Cash ISAs are not generally worth it unless you are earning enough interest to be over the tax allowance.

Check your savings account has FSCS protection upto £85,000 and then you can sleep easy.

I’ve always been a saver, but never could I put my money in stocks and shares, I would be constantly checking and I would rather put my money in saving bonds or cash ISA’s. I have money in Premium Bonds which I have done ok with, but some months the winnings aren’t great. To get better rates of interest you have to lock your money in for 1 year minimum.

I would look at starting a regular saver this year. We like Coventry building society and Martin Lewis regularly recommends them. Money is safe there up to £85K. It’s paying 5% at the moment for up to £500 per month.

The UK personal finance flowchart is great for setting out step by step how to get a handle on your finances.

You can find it here: ukpersonal.finance/flowchart/