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Martin Lewis says dump premium bonds.


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Our highest savings rate

Put money aside each month and watch your balance grow with an HSBC Regular Saver. You can save up to £3,000 at a great interest rate that's fixed for 12 months - either 4% or 6% AER/gross.

It's a regular saver, you put in £250 a month, you get 6% interest rate on the balance for 1 year. Obviously the balance changes over the year, the last £250 you put in only gets interest for 1 month before the offer expires, so your average balance is £1500, you earn £90 over the year, minus tax.

 

Still better than keeping the money in the current account (0%) or the flex saver (0.15%).

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It's a regular saver, you put in £250 a month, you get 6% interest rate on the balance for 1 year. Obviously the balance changes over the year, the last £250 you put in only gets interest for 1 month before the offer expires, so your average balance is £1500, you earn £90 over the year, minus tax.

 

Still better than keeping the money in the current account (0%) or the flex saver (0.15%).

.........£90 over the year minus tax!!!.........I need a beer!
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Can I ask how many you have? Just wondering how many you need to actually have a realistic chance of getting something back.

 

I had some a while ago but got rid as I never got a single penny back. I can get 5% from my bank which for me as someone who only has a little money to save is a way better bet.

 

I think I have £40K. I did have £35,000 but inherited some more and had to sell some. I think I ended up with £40,000.

I generally average around £550/£600 in prizes each year, but last year I got £1525.:thumbsup:

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what shares did you buy, where did you get idea on what shares to buy.

i read ic and they are not that good

 

I bought shares in 'interserve'; I have bought and sold interserve before,

I bought low, then they went up, I sold, they went down, so I bought them again.

I wasnt looking to buy any shares, but when I was checking their value they were a 'strong buy', and as I had been left with the odd few shares from a dividend, I bought £1,200 worth.

 

It cost me £25 to buy them.

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.......why do you think banks are paying 5% on balances up to £2k.........when for £100k you might only get less than 1.5%

 

Most of these accounts are not worth the effort. You usually have to pay in big amounts every month, and only get interest on a tiny balance, so you have to keep drawing money out and sticking it elsewhere. At the end of a year you've got about £60 in interest and had to work jolly hard for it.

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