Surplus Savings Optsdan

#1
Good Morning all, wondering if you could help with some advice for savings.



Currently I am saving (loosely) for a house. I am in the military so I can benefit from Forces Help to Buy and take 50% of my salary interest free over 10 years. This will massively help towards a property, although I am in no rush to acquire so would enjoy a steady stream of savings.



My current cash flow / savings is as follows:



- HSBC Current account (took the switching bonus)

- £250 per month into HSBC ADVANCE regular saver, at 5%.

- £200 per month into help to buy ISA

- Maxed out 2 x Tesco current accounts.



I should be able to save approx £750 per month at present, but rather than having this stagnate in my non-interest paying current account, I was wondering if you could provide some advice.



Many thanks in advance.

#2
First Direct and M&S run an equivalent regular saver account to your HSBC account, so that would cover all of your monthly savings. Dump some of the proceeds into another high interest current account after a year (e.g. Nationwide FlexDirect paying 5% or whatever is best at the time), then repeat. There is also a Nationwide regular saver paying 5%.



Consider P2P lending for some of the money at rates of 10-15% before bad debt, probably targeting around 8% after losses.

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