not earning interest on my £9k advise please

The.Far.Tall.Knight

Dear Experts of the MSE forum.

I came into some money recently and currently have £9300 sitting a secondary Lloyd's TSB classic Vantage account not earning very much interest at all (probably next to nothing), any advice so that I can tie it up for a couple of years and get the maximum amount of interest, any ideas on a savings account or an ISA? serious suggestions please

Derivative

Need more info.
What rate of Income Tax are you paying?

There aren't any decent fixed rate savings accounts that I'm aware of at the moment as interest rates are likely to rise this year.

If you're paying nil rate you can get 4% on £7k with Vantage (have a search on the forums for details)

Otherwise the best ISA is 3.3% (Santander, 3.5% if your current account is with them).

For two years your only real option is cash as investments can be volatile over the short term and you might have to accept a loss.

jimjames

If you act quickly you'll be able to get all that into an ISA by using your allowance for this tax year and then on 6 April next tax year allowance too.

It is then protected from tax and all interest is paid tax free.

noh

The.Far.Tall.Knight wrote: »

Dear Experts of the MSE forum.

I came into some money recently and currently have £9300 sitting a secondary Lloyd's TSB classic Vantage account not earning very much interest at all (probably next to nothing), any advice so that I can tie it up for a couple of years and get the maximum amount of interest, any ideas on a savings account or an ISA? serious suggestions please

If it is in a Lloyds Classic Vantage account, as you say, £7000 of it is earning 4%.
http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp
Open another and put £5000 + in each and it all will all be earning 4%. Which is as good as you can get for an instant access account.

manhattan

noh wrote: »

If it is in a Lloyds Classic Vantage account, as you say, £7000 of it is earning 4%.
http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp
Open another and put £5000 + in each and it all will all be earning 4%. Which is as good as you can get for an instant access account.

Hey noh,
A quick question.

I have 30k that is in premium bonds, but i am looking to put them back into a savings account in April.

Can i open 6 accounts of 5k? Then is it a case of transferring 1k per month around the accounts?

Thanks

_s79

manhattan wrote: »

Hey noh,
A quick question.

I have 30k that is in premium bonds, but i am looking to put them back into a savings account in April.

Can i open 6 accounts of 5k? Then is it a case of transferring 1k per month around the accounts?

Thanks

There is a limit of 3 accounts per customer

soulsaver

manhattan wrote: »

Hey noh,
A quick question.

I have 30k that is in premium bonds, but i am looking to put them back into a savings account in April.

Can i open 6 accounts of 5k? Then is it a case of transferring 1k per month around the accounts?

Thanks

These things are discussed in detail in the LTSB Vantage account threads that abound - where you may find a better answer than the one you got when hijacking this thread:)

manhattan

soulsaver wrote: »

These things are discussed in detail in the LTSB Vantage account threads that abound - why hijack this thread?

Get a life! :T

manhattan

Too late to change the tone of your post, as your original reply is now quoted in my post!

:T

soulsaver

manhattan wrote: »

Too late to change the tone of your post, as your original reply is now quoted in my post!

:T

I hadn't seen your reply so that didn't make me change my tone, I changed 'cos once I'd posted I thought it came across differently than I intended.
Nowt more. Sorry if it caused offence:)

The.Far.Tall.Knight

ok people ta I have now sorted it, decided on an ISA £5'100 from tax year 2010/2011 and then £4'200 from this tax year allowance