£5000-£7000 in which current account do you think?

buel

Hi, my mum has between £5000 and £7000 to invest/put in a current account, currently it is in a TSB account ('internet saver' i think) and earns a pathetic amount of interest, please can anyone advise me of what account to choose to get the best amount interest? Or even advise me where to look?
Ps- Tsb do an account called 'Vantage' which pays 4% gross and she is already with TSB so that is a possibility?

D1zzy

buel wrote: »

Hi, my mum has between £5000 and £7000 to invest/put in a current account, currently it is in a TSB account ('internet saver' i think) and earns a pathetic amount of interest, please can anyone advise me of what account to choose to get the best amount interest? Or even advise me where to look?
Ps- Tsb do an account called 'Vantage' which pays 4% gross and she is already with TSB so that is a possibility?

If she has a tsb current account she just has to upgrade it to "with vantage" she will get 4% if she maintains a balance between 5K and 7K - anything over 7K earns a pittance.
Its possible to have 3 vantage accounts - so if in total she has more then 7K it might be worth splitting into 2 accounts (say 5k in each)

She needs to put £1000 through (in and imediately out is OK) each month, and if she has more than 1 account it can simply be a transfer between the 2 accounts and back.

buel

Brilliant advice, thank you!!
Do you think that that Tsb account is one of the best out there for that amount of money?

D1zzy

buel wrote: »

Brilliant advice, thank you!!
Do you think that that Tsb account is one of the best out there for that amount of money?

Nowhere else will give you 4% with instant access (or even 4% with a 1 year fix). Its not fixed though so could change at some point - but make hay whilst you can.

G_M

For the monthly transfer in/out she could set up standing orders, especially if she has 2 Vantage accounts - just move the £1K between them on the same day each month without having to think about it!

buel

Thanks for that, unfortunately she just has the one amount of between £5000 and £7000 so i guess one account will do her! Many thanks for the advice regarding the £1000 in and out though!!:money: