Savings

[Greedyfly]

I have turned 21 and am now looking to save some money. I would ideally like to save �200 a month and be able to access this money if I really need to but not have to give any notice on withdrawal.  But I would also like the best possible rate I can get. I have never had any savings before and have looked at various accounts online but most of it is cinfusing and there are so many to choose from. So which would you choose?  or do you have a simular situation and have found a good account etc... Thanks

[ianess]

Must admit to being biased but I`ve had a Nationwide Flex-Account coupled to an E- savings account for years.  I`ve had absolutely no problems and would recommend this On-line Banking service to anyone.

[stevie21]

You're 21 and you can afford to save �200 a month?! Where did I go wrong???

Anyway, look for the moneyfacts website as it tends to list the top5 accounts in a number of different categories, e.g. online savings, current accounts etc.

[Jenniec]

You could try Smile which is the online section of the co-op and has the advantage of a decent interest and knowing that the Coop only invests in ethical problems.

Alternatively have a look at www.egg.com.

Generally the internet accounts will pay a better rate of interest.

(Clearly I am in the wrong job - I'd love to know how youare managing to save �200 a month - good on you)

[Greedyfly]

Hey I am proud cos I pay rent and live with my fella and I can save money Stevie21 - B4 I lost my job I thought I was really poor but now I am earning less I can see that I was wasting my money. Thanks for the advice guys

[Didwot]

The Nationwide Instant Aceess E-savings account does pay a whopping 5% pa gross, but the tax man gets his share, and it works out as 4% net. You may therefore like to think about a cash ISA which gives tax free interest.

[auro]

ING direct offers a high interest rate and no advance warning for withdrawl.

[Crazy78]

I would also suggest the account I use, ING Direct, 5% interest, no withdrawl penalties, and the option to set up a monthly fixed amount payment, or transfer money in and out whenever you want.