savings

[carlos999]

I have a �1000 lump sum to open a savings account then want to make a monthly payment each month of �50. What savings accounts do you recommend to earn high intrest??

[WendyS]

If you bank with Barclays they offer a regular saver account into which you can deposit up to �250 per month for a year which pays about 10% interest. I believe certain other banks offer similar deals. If you're a taxpayer I'd stick the �1000 in the best cash ISA you can find on the internet, (most currently offer around 5%), take advantage of the regular saver account for a year and then when the account matures at the end of the year, add the money to your cash ISA. Alternatively, for the small amount of interest you would lose, if you don't want that kind of hassle, drip feed your �50 into the same cash ISA as you invested your �1,000. You can contribute up to �3,000 in any tax year and you will get the interest free of tax. Be sure to check before opening it that there's no penalty for transferring it to another provider if you find one which is offering a better rate of interest. If you Google "Best savings rates for ISAs", you'll get plenty of suggestions regarding accounts.
ICICI offer about

[legend1751]

Lloyds TSB have a 2 year monthly saver account at 8%. max �500 deposit then you can do a monthly payment of between �25-250. You can take money out at any time unlike the barclays, hsbc and halifax savings account. Your not tied in at all its not a regulated savings account no fees etc. Its been very popular and is only ment to be running for a couple of months but they did talk about extending it. ISA are also very good or you could look into leaving your money in your current account and get a high interest one like LTSB, halifax etc good luck