Invest £70000?

pbouk

atush wrote: »

because mostly they aren't savings, but special current accts?

yes i had a look and notices that it was an add on to the current account.
but how can people open 3 of these accounts at the same time?

Michael_Nottingham

You shouldn't find a problem opening 3 at the same time

It's in their T&Cs, I did my 3rd Lloyds one in branch and they didn't blink

You should be able to open them online if you prefer

NB there are some T&C for each including (from memory) paying in a certain amount of money each month (but transfers between accounts count towards this at Lloyds - so I just cycle £1k through them in one online session)

innovate

Customers are limited to a total of 3 Vantage Accounts.

Source: "How to apply tab" on http://www.lloydstsb.co.uk/current_accounts/vantage.asp

RP2X

vvmt wrote: »

I have £70000 in a Santander Esaver, I currently earn £114 a month interest.

I currently rent, this money will be a deposit on a house or flat.
Investment or savings has to be no risk and easy access.

Is this the best thing to do with £70000.

How on earth did you get such good interest rate on your esaver account ?

I was just discussing this with my cousin the other day and she put 85k in a brand new opened santander account with a new esaver account and they said its on the highest interest rate instore, she only pulls in £45-50 per month interest while you get 114 quid and with less money then her ?!

westy22

I was just discussing this with my cousin the other day and she put 85k in a brand new opened santander account with a new esaver account and they said its on the highest interest rate instore, she only pulls in £45-50 per month interest while you get 114 quid and with less money then her ?!

I think you need to check that out as £50 per month interest on £85k would only be 0.7% per annum!

RP2X

I still see no e-savers with 2% interest rates which is what the original poster would need to be getting around £114 each month.

Max seems 1.5 for new esaver account openers....

Really baffeling, but yeah I need to get my cousin to check she is actually on the right interest rate, sounds like she is not.

innovate

RP2X wrote: »

I still see no e-savers with 2% interest rates which is what the original poster would need to be getting around £114 each month.
.

Seems you aren't looking hard enough. 2% can easily be found, even on instant access. Try http://www.money.co.uk/savings-accounts/instant-access-savings.htm

If you try a bit harder and think a bit out of the box (or even just spend an hour on MSE reading what's already been said), you can even find instant access accounts that offer 3% and are open to new applications.

Apart from that, the OP probably has an earlier version of the Santander esaver, e.g. like mine, which pays 3.2% presently. Of course this rate won't last much longer.

BugsyBrowne

Alex92 wrote: »

What the above guy said.

Investments will never be 0% risk. There will always be some sort of risk.

If it was me and I wanted zero risk, i'd put the max into santander 123 account (3% interest on upto, 22k i believe?)

Dump £15K into 3 separate lloyds tsb classic vantage accounts, each generating 3%.

Dump another £15K into Bank of Scotland into 3 separate accounts generating 3% each.

Then fill up an ISA for this year (if you havent already), then come April, transfer another £5,640. This will give you £11280 and will probably be +3.5% but tax free.

Brings total to £63,280.

Would then find somewhere else to store the remaining 6,720 or better yet, invest it if you wanted to take a slight risk.

Anyway, all this will give you roughly £158.20 a month. Not really a great difference to what you have at the moment, but better than nothing. It's not a good time to be a saver, and if you take into account inflation, you actually end up losing money. Personally, id just buy a property now.

£158 a month is a very little sum back for a 70k investment especially when you can double this quote easily by purchasing a 70k property possibly an end terrace and rent a rooms out individually.

If savers carry on sticking savings in their low pathetic low interest savings or current accounts then the banks get richer while you the saver gets pennies in return.

innovate

BugsyBrowne wrote: »

£158 a month is a very little sum back for a 70k investment especially when you can double this quote easily by purchasing a 70k property possibly an end terrace and rent a rooms out individually.

This sounds quite a rash conclusion and ignores the fact that there are costs and risk involved in physical property.

The OP also said "Investment or savings has to be no risk and easy access" Your suggestion doesn't meet these requirements.

BugsyBrowne

innovate wrote: »

This sounds quite a rash conclusion and ignores the fact that there are costs and risk involved in physical property.

The OP also said "Investment or savings has to be no risk and easy access" Your suggestion doesn't meet these requirements.

Depends what sort of Risk you are talking about? my old man rents his flats out to people who get housing benefit so there's no chance his tennants losing their job and not being able to pay the rent.

At the end of the day he's getting 10 times more money back renting out property then any bank would pay him in interest so if you believe this is a bad investment or bad idea then its entirely upto you.

All I'm saying is why give all your savings to a bank for very little returns.