Short term savings
Discussion
I know interest rates are on the floor and just in general crap everywhere at the moment, but looking for some advice on where best to put my savings pot short term.
Long story short - I'd like to purchase a bucket list car towards the last quarter of this year. Will be a second car/weekend toy so want to purchase outright in "cash" (digital or physical) so no finance/loans being put into the equation.
Target is 15 - 16 K. And is going to come from a combination of saving money from my salary + clearing out and selling bits & pieces on eBay.
I've got probably around a third of my target already, but this is spread between a couple of the basic savings account offered by my bank (easy to get at 24/7 but comes with probably one of the most pathetic interest rates going) as well as some being sat at home in physical cash (gaining no interest what so ever)
Any suggestions on who and what type of account I should be looking at to place the pot where it can gain the maximum few pence it's likely too in the coming months?
Long story short - I'd like to purchase a bucket list car towards the last quarter of this year. Will be a second car/weekend toy so want to purchase outright in "cash" (digital or physical) so no finance/loans being put into the equation.
Target is 15 - 16 K. And is going to come from a combination of saving money from my salary + clearing out and selling bits & pieces on eBay.
I've got probably around a third of my target already, but this is spread between a couple of the basic savings account offered by my bank (easy to get at 24/7 but comes with probably one of the most pathetic interest rates going) as well as some being sat at home in physical cash (gaining no interest what so ever)
Any suggestions on who and what type of account I should be looking at to place the pot where it can gain the maximum few pence it's likely too in the coming months?
Both Tesco and Nationwide do current accounts with 3-5% interest but on limited amounts (£3k each I think). I've got two at Tesco but not sure if you're allowed to still do that. Also, this of course won't cover near your whole amount!
Regular saving accounts are problematic as generally have a one year minimum.
Money saving expert has a nice guide
https://www.moneysavingexpert.com/savings/savings-...
Regular saving accounts are problematic as generally have a one year minimum.
Money saving expert has a nice guide
https://www.moneysavingexpert.com/savings/savings-...
Check if there are any better paying instant access accounts with the bank you are with.
Another vote for Marcus saving as well. Put your at home cash into an account. Interest will be tiny but its better than nothing and at least its protected that way.
Finally keep an eye out for £1 sell listings promo on ebay (there is one today) as that will probably gain you more than anything you do with your savings
Another vote for Marcus saving as well. Put your at home cash into an account. Interest will be tiny but its better than nothing and at least its protected that way.
Finally keep an eye out for £1 sell listings promo on ebay (there is one today) as that will probably gain you more than anything you do with your savings
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