where you I put £1500?

spaceboy

I'm sick of all this inflation, I currently have over £2000 in my bank account all the time which is just sitting there not getting much interest. What should I do with it?

DannyWhoWorks

Go to the savings section, they will be able to help

COOLTRIKERCHICK

i would use this to open 2 Halifax rewards accounts...and just make a standing order/direct debit for 1k to to go to one account and then back again each month.. this will then qualify you for hteir £5 a month reward on each account.... so 'earning' you £10 per month, =£120 per year.... this is way better than any interest you would get in any type of savings account...

and well done on having some money to put into some sort of savings:T and by opening 2 Halifax reward accounts you will be able to save some more money

edit..... I also have Lloyds adavantage accounts which offer you 4% interest on balances between 5 - 7k which will be another higher interest option for you, without tieing your money up for a year or two in the future

opinions4u

Do you pay tax?

Have you used up your ISA allowance?

Can you tie the money up for several years?

Here's some options to consider, but there are hundreds of alternative accounts out there.

1) A cash ISA. Tax free interest. If you want access take a look at Barclays or Halifax. If you can tie the money up a fixed rate ISA may pay you a little more.

2) An easy acess savings account. Interest subject to tax if you are a taxpayer. Your own bank may have something that is easy and convenient to use alongside your current account. Alternatively accounts like Halifax Web Saver Reward paying 2.8%-3.0% are an option.

3) A term deposit. Usually pays a higher fixed rate than option (2) but with no access for an agreed period of time.

4) An inflation proofed account. Take a look at Birmingham Midshires or Yorkshire Building Society. These things usually tie you money up for several years but give a return that beats inflation (unless the tax deducted does for you).

Sites like www.moneyfacts.co.uk can help you compare rates by different prociders.

I also have Lloyds adavantage accounts which offer you 4% interest on balances between 5 - 7k which will be another higher interest option for you, without tieing your money up for a year or two in the future

In June the top tier will be capped at £5k and the top rate at 3%.

zzzLazyDaisy

COOLTRIKERCHICK wrote: »

I also have Lloyds adavantage accounts which offer you 4% interest on balances between 5 - 7k which will be another higher interest option for you, without tieing your money up for a year or two in the future

But note, from June this drops to 3%, and the upper limit will be £5k, so the top £2k will need to be moved to a new home if you want to maximise the interest.

Edit: SNAP! :-)

jen245

COOLTRIKERCHICK wrote: »

i would use this to open 2 Halifax rewards accounts...and just make a standing order/direct debit for 1k to to go to one account and then back again each month.. this will then qualify you for hteir £5 a month reward on each account.... so 'earning' you £10 per month, =£120 per year.... this is way better than any interest you would get in any type of savings account...

and well done on having some money to put into some sort of savings:T and by opening 2 Halifax reward accounts you will be able to save some more money

edit..... I also have Lloyds adavantage accounts which offer you 4% interest on balances between 5 - 7k which will be another higher interest option for you, without tieing your money up for a year or two in the future

You are only allowed one single Reward account and one joint Reward account now.

Evilm

Well at minimum find a decent ISA account and put it in there.

[Deleted User]

Nationwide and Halifax ISA's are good