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By *arlomale OP Man
over a year ago
darlington |
Are they worth putting money in at the moment recently sold my car and I’m not planning on buying another and whilst the cash is in my sock drawer I’m dipping into it it’s only £1500 any advice welcome thanks  |
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By (user no longer on site)
over a year ago
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If you need access to it, try Marcus easy access account, probably the best rates on the market at the moment and no penalties if you need to dip in and use some of the funds. |
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By *arlomale OP Man
over a year ago
darlington |
"If you need access to it, try Marcus easy access account, probably the best rates on the market at the moment and no penalties if you need to dip in and use some of the funds. "
thanks I’ll check that out |
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By *eah BabyCouple
over a year ago
Cheshire, Windermere ,Cumbria |
Your not going to find any great interest rates on the high street I’m afraid, best you could hope for us about 1% so over the year you will get £15. To stop you dipping into it though your best removing it from your sock drawer lol and setting up another account separate from your current account, maybe a savings one linked to your current account to encourage you to put money in and not out. |
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By (user no longer on site)
over a year ago
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"If you need access to it, try Marcus easy access account, probably the best rates on the market at the moment and no penalties if you need to dip in and use some of the funds. "
1.05%  |
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Yeh the rates are rubbish but if you don't need the cash and put it into an account that restricts access or charges you to dip into then it will put you off dipping into it and you also get a slightly better rate for this.
Or as someone has already said just a savings account alongside your current. I have one with the same bank as my current and when I get paid I always just move some cash across. If you need it to purchase something then it's there, but I find it's a mentality thing where once you put it into the savings account you really try not to touch it.  |
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Stocks and shares ISA if you are not wanting the money for a long time. Short term you may lose a chunk or gain a chunk so it's risky.
Standard saving account or cash ISA will get you very little gain at the moment but the money is safe.
Other option, premium bonds, not guaranteed anything other than your money back when you want it, but only takes one £25 win and you have already beaten the 1% savings accounts.
Realistically premium bonds or any savings account is going to see the value of your money eroded due to inflation but wherever you stick it will be better than dipping into it in the sock drawer.
Personally I would try premium bonds in your case, money can be accessed pretty easily for if you need it and you are in with a chance of winning something for little risk.
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