24 yr old attempting to boost savings

B

branne2003

Guest
As the title suggests, Im 24 with a savings account in the Credit Union. Can anyone advise as to whether I would be best of to save my money elsewhere and keep my Credit Union account open? How best could I invest my money?
 
Well im no pro but i do know R*bo offer a mich higher interest rate than any credit union so unless you are keeping the money in the Credit union for a reason ( i.e ease of obtaining a loan) at the very least i would move the whole lot to a rabo saver account. You get mugh higher interest yet still have access to it if you need it"
 
When it comes to interest rates Rabo are well off the pace at this stage - they only pay 4.3% :D
OP, I'd be looking elsewhere with your lump sum.
For example:

Anglo 5.3% on balances up to 20K
First Active 5.22% on balances up to 15K
Halifax 5.15% on balances up to 10K
Northern Rock 5% on balances up to 3M - minimum lodgement 1K

All these are demand accounts, just make sure you keep your balance below the ceilings to get the best rate.

For even better results, stick your money in these, open a regular saver account paying 7-8% interest and drip feed the money into the regular saver each month.
 
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