Savings advice
chattymum
Posts: 8 Forumite
My daughter who is 19 years old has 1200 to put into a savings account. Im trying to find the best 1 for her. She currently banks with Santander but the savings account im.looking for needs to not neeed regular deposits as the lump sum she has is a 1 off nest egg.
I need somewhere that will gain best interest for her. Also need to gain access to it if she needs to withdrawl
Thank you
Christine
I need somewhere that will gain best interest for her. Also need to gain access to it if she needs to withdrawl
Thank you
Christine
0
Comments
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A current account with Tesco might suit.
Or she might open a current Plus account with TSB, set for paperless, transfer £500 to Santander and back again each month to comply with the pay in conditions?0 -
Highest interest rate is nationwide flex direct current account but it requires £1000 pay in every month although she can withdraw it straightaway so she could do transfer between Santander and nationwide on same day when she gets paid assuming she works. That pays 5% so over one year it would be £60 but the rate drops then
Alternatively Tesco current account pays 3% with no need to do a monthly transfer and it does not drop after one year but only £36 for a year assuming rate does not drop.
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look at Tesco's current accounts
TSB is dropping its rates0 -
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Open the 5% account with nationwide and once a month take £1000 out then put it back in.0
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