Best way to save £40k-£50k easy access

Prof_FrinkProf

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innovate

Do a bit of research on this board - - very similar questions have been asked recently.

Prof_FrinkProf

Thanks Innovate, after reading one of your other posts I think I'm going for the Bank of Scotland Vantage accounts, and open three of those. That'll take care of £15k, with the other £15k in my Lloyds TSB Vantage accounts. I can then leave £5k in the ISA, and open a new ISA in April to take care of the last £5k

miketaff1408

I am in a similar position with a large lump sum to invest but need easy access as we may need it at short notice if the right property comes up.

Have you considered opening a Santander 123 current account?

I have opened one, transferred the requisite direct debits to get cashback on. (3% on mobiles, broadband, home phone and tv, 2% on utility providers, 1% on council tax). That alone will cover the £2 monthly fee and more.

The main reason I opened it was to basically use the account as an instant access savings account. If you put £20,000 in the account, you will get 3% interest, paid monthly. You just need to fund the account with £500 per month. You don't keep any more than the 20k as no interest is payable after that.

Prof_FrinkProf

I'm a bit wary of Santandar due to their customer service. When you send "fund £500" do you actually have to leave the £500 in their? Or do you bounce it in, and back out again like the Vantage accounts?

innovate

Prof_FrinkProf wrote: »

I'm a bit wary of Santandar due to their customer service.

In my experience, their CS is no better or worse than other banks'. But they do offer me better value with their 123, their esaver and their ISA than anyone else does.

Prof_FrinkProf wrote: »

When you send "fund £500" do you actually have to leave the £500 in their? Or do you bounce it in, and back out again like the Vantage accounts?

No need to leave it in. But because of the cashback, you'd probably want to use the best part of £500, if not more, for your DDs.

miketaff1408

Prof_FrinkProf wrote: »

I'm a bit wary of Santandar due to their customer service. When you send "fund £500" do you actually have to leave the £500 in their? Or do you bounce it in, and back out again like the Vantage accounts?

As innovate says, you can transfer £500 in and back out again. I am going to monitor the account so the balance stays at £20,000 as closely as possible. If the £500 or cashback or interest takes it above £20,00, its coming straight back out. When direct debits come out, I will top up to keep to £20,000.

savetilibleed

I have three LTSB Vantage accounts, fully funded, for some years now) and now one Bank of Scotland Vantage account, yet to be properly funded. When log on to BoS and I click the one of the links on the right to apply for a current account, I get the message 'Sorry we can't offer you a secondary current account.'

I seem to remember having this problem with LTSB but for my second account I was able to do it ok online whereas the third one I recall having to phone (I think). Could it be that because I only have it partly funded (with £100 for now) that I won't get a secondary or more, account?

carly

This seems to be a standard message on BOS website , and maybe even an error... I also received it when trying to open a second account. I rang BOS and they were as baffled as I was , they could see no reason for it and opened a second account for me on the telephone. I opened a third the next day, also by telephone