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  • FIRST POST
    • patijack
    • By patijack 12th Sep 17, 9:48 AM
    • 20Posts
    • 7Thanks
    patijack
    Advice on savings/ bank accounts.
    • #1
    • 12th Sep 17, 9:48 AM
    Advice on savings/ bank accounts. 12th Sep 17 at 9:48 AM
    Hi,
    i am looking for advice on the best & simplest way to get £30,000 earning a bit of interest, i don't want an account where i need D/debits as they are fine where my housekeeping account is & i want it to be simple but better than sat doing nothing. I also have 800 a month to save from end of September.I don't have debts & only a very tiny mortgage, kept to keep credit rating good.
    Any advice welcome please, i find it all very confusing.
Page 1
    • surreysaver
    • By surreysaver 12th Sep 17, 10:16 AM
    • 2,247 Posts
    • 1,272 Thanks
    surreysaver
    • #2
    • 12th Sep 17, 10:16 AM
    • #2
    • 12th Sep 17, 10:16 AM
    Depends what you mean by 'best'. The more interest you want, the more complicated it has to be! If you want a higher return on your money, you'll need to muck about with direct debits.
    What account do you have as your 'housekeeping' account? The Santander 123 might be the best, as it'll earn you 1.5% on up to £20k, and you get cashback on direct debits.
    I consider myself to be a male feminist. Is that allowed?
    • binaryuniverse
    • By binaryuniverse 12th Sep 17, 10:44 AM
    • 368 Posts
    • 170 Thanks
    binaryuniverse
    • #3
    • 12th Sep 17, 10:44 AM
    • #3
    • 12th Sep 17, 10:44 AM
    Yes, unfortunately, your requirements of 'best' and 'simplest' are at odds with each other, in the current climate.

    Best involves the Current account/direct debits merry go round.
    Simplest means sticking your money in a low interest paying savings account.

    Santander is okay, with its 1.5% interest rate. But that does also need a minimum pay in plus 2 direct debits.

    If you really want to avoid all that, then start reading from here:
    http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#easyaccess
    • patijack
    • By patijack 12th Sep 17, 11:16 AM
    • 20 Posts
    • 7 Thanks
    patijack
    • #4
    • 12th Sep 17, 11:16 AM
    • #4
    • 12th Sep 17, 11:16 AM
    Thank you for your reply's.
    Am i right in thinking that the pay in can be from another account and can be set up as a standing order to be paid in then back out to where it came from? As for direct debits my gas/elec & council tax & water are currently paid on d/d from my RBS account, can i just contact the providers and tell them details of any new account, these 3 debits cost around £300 per month, so i could pay in £750 (if it was Santander) to fulfill the pay in & send back £450 via S/O ?
    • xylophone
    • By xylophone 12th Sep 17, 11:38 AM
    • 22,869 Posts
    • 13,228 Thanks
    xylophone
    • #5
    • 12th Sep 17, 11:38 AM
    • #5
    • 12th Sep 17, 11:38 AM
    http://www.santander.co.uk/uk/current-accounts/123-current-account?cid=ppc-123currentaccounts-google-dr-search-currentaccounts-Apr17&gclid=EAIaIQobChMIwL_HkLmf1gIVCrftCh2XvgbcEA AYASAAEgJKRfD_BwE

    You can pay the required £750 in from an external account and move money out when you wish.

    You would aim at keeping the account topped up to maintain the balance of £20,000 to earn interest on that sum.

    You might also want to consider opening a Nationwide Flexdirect account and associated Flexclusive regular saver.
    • sjp999
    • By sjp999 12th Sep 17, 12:30 PM
    • 7 Posts
    • 8 Thanks
    sjp999
    • #6
    • 12th Sep 17, 12:30 PM
    • #6
    • 12th Sep 17, 12:30 PM
    Another having recently done this myself response... I switched from RBS to the NW Flexdirect and it was absolutely painless if that's a concern.

    Changing your DD's shouldn't need be any harder than a phone call to each provider but keep your RBS/new NW (if you decide to switch) ones going until you see the Santander equivalents kick in.

    Don't forget your TV subs and contract mobile phone DD's also qualify should you have such things. It is not that hard to negate, or even beat, the monthly fiver charge.

    PS It was a little hard to dump RBS (staff at the sub branch bought my kids babygro's each when they were born, they're in their 30's now) but I'd pretty much had it with the sale/nosale shenanigans of the past few years. If they'd only allowed me to move my accounts to an Edinburgh branch when it all kicked off I'd probably still be with them.
    • Audaxer
    • By Audaxer 12th Sep 17, 1:04 PM
    • 405 Posts
    • 166 Thanks
    Audaxer
    • #7
    • 12th Sep 17, 1:04 PM
    • #7
    • 12th Sep 17, 1:04 PM
    For a Santander 123 current account the amount you need to pay in monthly is only £500.
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