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Best rate for redundancy lump sum that allows frequent withdrawals

Brian_H_2
Posts: 8 Forumite
Hi,
I am losing my job in a few months. I will receive a 5 figure lump sum which I will need to live off while I find another source of income. After I have used my ISA allowance I want a savings account that will allow me to make monthly transfers to my current account in order to keep my Direct Debits operational. I also want an account operated by a high street branch rather than internet. Naturally, I also want the best interest rate which I know is tricky in the current climate. Any advice will be much appreciated.
I am losing my job in a few months. I will receive a 5 figure lump sum which I will need to live off while I find another source of income. After I have used my ISA allowance I want a savings account that will allow me to make monthly transfers to my current account in order to keep my Direct Debits operational. I also want an account operated by a high street branch rather than internet. Naturally, I also want the best interest rate which I know is tricky in the current climate. Any advice will be much appreciated.
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Comments
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Alliance + Leicester's Online Saver? 3% interest and penalty free withdrawls.
http://www.moneysavingexpert.com/redir/33f5210e
I know it's an online account, but you could also open a current account as well, because the current account pays 5% interest.
Or tesco instant access savings which you can operate at any Tesco. 1.75% interest, EDIT: minimum balance 50,000 so perhaps not so good
http://www.tescofinance.com/personal/finance/savings/savingsaccounts/instantaccess/index.jsp
How about Abbey:
The Abbey* Instant Access Saver account pays 3% AER from £1,000 up to £2 million, including a 1.5% bonus that lasts for twelve months. You can apply online, but the account needs to be operated by phone or in a branch.You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.0 -
Thanks for the advice. The Abbey account sounds the best for me although I see that you cannot transfer to non-Abbey accounts which I want to do. Anymore ideas?
Thanks again0 -
I think almost all savings accounts require you to transfer to a current account with the same bank and then out. The savings accounts that don't require this are usually the ones that banks try and fob off onto less money-concious savers - the ones that pay really poor interest rates and aren't even worth a mention.
Abbey has a current account that pays 5% interest... but no faster payments.You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.0 -
Thank you for that advice. I guess I just close down my present current account and open one with Abbey for my Direct Debits and I'll get 5% on that cash while it is in there. Much appreciated NZseries1.0
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Thank you for that advice. I guess I just close down my present current account and open one with Abbey for my Direct Debits and I'll get 5% on that cash while it is in there. Much appreciated NZseries1.If you switch using our Account Transfer Service, and pay in £1,000 or more a month, you will receive 5% AER interest on balances up to £2,500 for the first 12 months.0
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Alliance + Leicester's Online Saver? 3% interest and penalty free withdrawls.
http://www.moneysavingexpert.com/redir/33f5210e
I know it's an online account, but you could also open a current account as well, because the current account pays 5% interest.
Or tesco instant access savings which you can operate at any Tesco. 1.75% interest, EDIT: minimum balance 50,000 so perhaps not so good
http://www.tescofinance.com/personal/finance/savings/savingsaccounts/instantaccess/index.jsp
How about Abbey:
The Abbey* Instant Access Saver account pays 3% AER from £1,000 up to £2 million, including a 1.5% bonus that lasts for twelve months. You can apply online, but the account needs to be operated by phone or in a branch.
Abbey instant access saver down to 2.5% today and Alliance and Leicester usually reduce on 3nd of month. About time the 3 - B & B, Abbey and A&L all choose the 1st of the month.0 -
NO - you need to transfer your account, see HERE
When I applied, they told me that if I didn't switch to them, I still got 5% on the first £1,000. If i did switch to them, it went up to 5% on the first £2,500.You're spelling is effecting me so much. Im trying not to be phased by it but your all making me loose my mind on mass!! My head is loosing it's hair. I'm going to take myself off the electoral role like I should of done ages ago and move to the Caribean. I already brought my plane ticket, all be it a refundable 1.0 -
When I applied, they told me that if I didn't switch to them, I still got 5% on the first £1,000. If i did switch to them, it went up to 5% on the first £2,500..........guess I just close down my present current account and open one with Abbey......0
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The other alternative would be a one year fixed rate bond which pays monthly interest. You can probably track these down at monehysupermarket.com and look for the Monthly Interest options.0
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