Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • FunLovinCriminal
    • By FunLovinCriminal 5th Feb 18, 9:37 AM
    • 366Posts
    • 407Thanks
    Best Place for Redundancy Payment
    • #1
    • 5th Feb 18, 9:37 AM
    Best Place for Redundancy Payment 5th Feb 18 at 9:37 AM
    OH is going to be made redundant in 35 days, and is being given £16000 as a settlement figure.
    I have a TSB account, and Natwest Rewards account in my name, and the qualifying DD's come out of those accounts.
    OH is going to go to college and retrain to do HNC in Childcare
    So we need access to the £16,000 - cannot lock it away, but also want to make it work the best possible way while she is not earning.
    What are your suggestions?
    Mortgage: 01/02/14 - £108k
    Mortgage: Current - £97k
    Mission: MF by 50
Page 1
    • MallyGirl
    • By MallyGirl 5th Feb 18, 10:28 AM
    • 2,550 Posts
    • 7,534 Thanks
    • #2
    • 5th Feb 18, 10:28 AM
    • #2
    • 5th Feb 18, 10:28 AM
    take a look here:

    bank accounts which offer interest are likely to be the best option
    • xylophone
    • By xylophone 5th Feb 18, 1:56 PM
    • 24,796 Posts
    • 14,557 Thanks
    • #3
    • 5th Feb 18, 1:56 PM
    • #3
    • 5th Feb 18, 1:56 PM
    Assuming that you are eligible and have not had Nationwide Flexdirect accounts before
    a sole in each name and a joint - £2500 in each.

    You will need to cycle £1000 from an outside account into each every month.

    You could also use the Flexclusive monthly saver.

    You might open a sole each and a joint TSB plus current account - £1500 in each - cycle in/out £500 a month each.

    Assuming that you can each scrape up three DDs, open a Tesco current account each - cycle in/out £750 a month.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,582Posts Today

7,160Users online

Martin's Twitter