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  • FIRST POST
    • Alex_W
    • By Alex_W 11th Apr 17, 1:15 PM
    • 6Posts
    • 1Thanks
    Alex_W
    Best place for savings
    • #1
    • 11th Apr 17, 1:15 PM
    Best place for savings 11th Apr 17 at 1:15 PM
    Is it me, or is saving at the moment more complicated than ever. I have a sum I want to save and somehow I've ended up with 4 current accounts and 3 regular savers since...

    - best interest seems to come from a current account, which is normally limited on max amount that can earn it

    - obviously you can't put lump sums into regular savers to get the good interest so you have to drip it in

    - there's always a quirk like you need a minimum, maximum, direct debits, lock it away, have an attached current accounts etc.

    Then after 12 months the rates that enticed you there are gone and you have to look all over again.

    I just want to put the money together in an account with reasonable interest, and from what I can see, unless I complicate things with multiple current/reg saves, juggling direct debits and don't want to lock it away - the best bet right now is probably a cash ISA at around 1.05% vs 5% with all the hassle.

    Anyone else in the same place here?
Page 2
    • Frogletina
    • By Frogletina 20th Apr 17, 12:39 AM
    • 2,916 Posts
    • 10,630 Thanks
    Frogletina

    The drop in the Santander 123 interest rate is the driving force behind my latest round of account opening to find new 5% interest homes for the money that's been sitting in there. The regular savers largely start at different times of the year and whenever one matures the money goes into 123. If they were all running from the same start date they would eventually clean out the 123. I need to leave a float in there to cover the bill payments, so it's likely that when I move on to opening more 3% interest accounts, it may not be possible to completely fill them all year round.
    Originally posted by The Enforcer
    I need a float in my Santander as like you, they mature in different months, but each maturity is not quite enough to pay all of the next month's regular savers. Also, there are a few missing months. I've got 8 virgin regular savers at 2.25% and they require £2000 a month for a start, and that's way more than my income.

    frogletina
    Not Rachmaninov
    But Nyman
    The heart asks for pleasure first

    SPC 8 #441 £1567.31 SPC 9 #441 £1014.64 SPC 10 #441 £1164.13
    • The Enforcer
    • By The Enforcer 20th Apr 17, 8:00 PM
    • 342 Posts
    • 108 Thanks
    The Enforcer
    I need a float in my Santander as like you, they mature in different months, but each maturity is not quite enough to pay all of the next month's regular savers. Also, there are a few missing months. I've got 8 virgin regular savers at 2.25% and they require £2000 a month for a start, and that's way more than my income.
    Originally posted by Frogletina
    Aside from Santander 123, the lowest interest earners I keep a significant amount of money in are 4 TSB accounts at 3%. If I exhausted all the 3% interest options and still had money spare, I think I would chuck it in my Funding Circle P2P account rather than open anything with lower than 3% interest. P2P has been the best earner - my annualised return after bad debt after nearly 3 years is 7.8%. I have only been recycling the original £3k that I invested (this amount qualified for a cashback offer included in the 7.8%) as I don't want to tie up too much money in it in case there is a bad run of defaults or problems selling off loans quickly.
    I came, I saw, I saved.
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    • BrianJohnson15
    • By BrianJohnson15 21st Apr 17, 1:17 PM
    • 2 Posts
    • 0 Thanks
    BrianJohnson15
    Mutual funds.
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