Help where should I save £10,000

MoneySaverLog

atush wrote: »

But what did you get paid for the next month/year? Sounds to me you are getting less than you think? 11 quid for one month on 10K is less than 3%?

It's because you are only paid interest on the first £5,000 so is about right taking into account tax. The other £5,000 would be better put either in another vantage account, meeting the eligibility criteria of cycling £1,000 a month through it, or moving £5,000 of the £10,000 out elsewhere.

Ultrasonic

martinsmith11 wrote: »

I only get 3% on balance of £5000 and only 1% on balance over £5000 so £11 is about right.

No, there is zero interest paid on any part of the balance exceeding £5000. See here:

http://www.lloydstsb.com/current_accounts/vantage.asp#tab3

One month's interest on £5000 at 3% is £12.33 gross (£9.87 net) by my calculation - exact figures will vary with the number of days in the month and exactly when the money was paid in. But the £11 figure seems about right for 3% on the £5000 and 0% on the balance greater than this.

Edit: actually paid monthly the interest rate is 2.96% so my figures should be £12.17 gross (£9.74 net).