Where to Save My Money? (First Time Buyer)
Discussion
After a bit of help in how to set my finances up as Im sure thing
Current set up:
Currently living at home and bring in just over £2k pcm
---£200 pcm into Help to Buy ISA
---£2k sitting in a TSB current account earning interest each month on up to £2k with 500 in and out each month.
---£250 pcm into TSB Month Saver
---£1k sitting in old M&S which earning average interest which I dont add to.
---Santander 123 current account which my wage goes into and earn interest on which exceeds the £5 monthly fee and I use for all my spending.
Issues:
---Old cash ISA sitting which I believe I can't add to while addinng my Mortgage ISA.
---Don't like having a large amount of money available to me on my current account card.
Possible Solutions:
---Link mortgage ISA and cash ISA to same provider which will allow me to add to both albeit with lower interest rates.
--- Stop using Santander 123 as a daily account and treat it as a savings account, withdrawing a budget from it at the beginning of each month to cover spending but still use it to pay direct debits etc while using TSB current account as a daily account and doing a manual transaction before the end of each month to ensure I meet the criteria for the interest on the account.
Any one got any advice or been in a similar situation?
Looking to save for another year or two roughly.
ETA
Title sorted.
Current set up:
Currently living at home and bring in just over £2k pcm
---£200 pcm into Help to Buy ISA
---£2k sitting in a TSB current account earning interest each month on up to £2k with 500 in and out each month.
---£250 pcm into TSB Month Saver
---£1k sitting in old M&S which earning average interest which I dont add to.
---Santander 123 current account which my wage goes into and earn interest on which exceeds the £5 monthly fee and I use for all my spending.
Issues:
---Old cash ISA sitting which I believe I can't add to while addinng my Mortgage ISA.
---Don't like having a large amount of money available to me on my current account card.
Possible Solutions:
---Link mortgage ISA and cash ISA to same provider which will allow me to add to both albeit with lower interest rates.
--- Stop using Santander 123 as a daily account and treat it as a savings account, withdrawing a budget from it at the beginning of each month to cover spending but still use it to pay direct debits etc while using TSB current account as a daily account and doing a manual transaction before the end of each month to ensure I meet the criteria for the interest on the account.
Any one got any advice or been in a similar situation?
Looking to save for another year or two roughly.
ETA
Title sorted.
Edited by Big Al. on Tuesday 13th December 17:26
I'm in a similar position and have this set-up:
£200 pm in HTB ISA
£200 pm in HL SIPP
£500 pm in AXA Selfinvestor ISA
£200 pm in Funding Circle
£100 pm into car account - doesn't need to be much because I do 5-800 miles a week and get 45p per mile expenses, 15p per mile on fuel
The rest I sit in my current account until I'm paid again and put whatever excess there was into the AXA one
£200 pm in HTB ISA
£200 pm in HL SIPP
£500 pm in AXA Selfinvestor ISA
£200 pm in Funding Circle
£100 pm into car account - doesn't need to be much because I do 5-800 miles a week and get 45p per mile expenses, 15p per mile on fuel
The rest I sit in my current account until I'm paid again and put whatever excess there was into the AXA one
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