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I have £1,000 to invest at a higher interest rate, perhaps for a fixed term but I would like to deposit approx £50...

by dbaxi, 3 months ago•Open Question

Personal Finance•Money•Savings Accounts

... each month through DD. is that possible?

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Answers (1)

Hi dbaxi and welcome to the money.co.uk community,

Yes this should be possible, one option you might want to consider looking into is using one of the various regular saving accounts on the market.

http://www.money.co.uk/savings-accounts/regular-savings.htm

Another option would be to save into a Cash ISA if you are yet to use your ISA allowance for this year, you can save up to ?5,340 a year at present, so ?50 a month would be well below this level and all the interest you earn would be tax free! http://www.money.co.uk/savings-accounts/cash-isas.htm

Expert disclaimer: This is not financial advice, any suggestions should be taken as general guidance only.

by Martin from money.co.uk, 3 months ago

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Posts within the money.co.uk community represent the views, experiences and opinions of members only. They should not be taken as financial advice and should not be followed without further research.

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