The best Current "Savings" Accounts

td_007

Thought I would list out the Current accounts with interest rates higher than what is given by any Savings accounts today. All Current Accounts have minimum criteria which are relative easy to meet and provides the possibility to get reasonable return for upto £52500...

3x Lloyds Vantage Current Accounts (3%): £5000x3 = £15000
3x Bank of Scotland Vantage Curr Accounts (3%): £5000x3=£15000
Santander 123 Current Account (3%): £20000
Nationwide FlexDirect (5%): £2500

This assumes that ISAs have been used up and the cash in these accounts needs to accesible quickly.

YorkshireBoy

Just a small point (made because a poster earlier today thought you would), but you're not going to get the benefit of compounding (ie achieve the AER) if you max them all out, so in your examples you'd get 2.96% on 3 of them and 4.89% on the other.

td_007

Indeed...Nationwide is just for one year, Santander not clear how long it will continue to be this generous, while Vantage has been pretty consistent for a while...

innovate

You forgot the 3% AER FlexPlus. Yes it costs a tenner a month but to some people that tenner is value for money anyway. And you didn't mention the Santander 123 costs £2 a month.....and that to some people is value for money anyway. And the Halifax fivers isn't mentioned.

Plus, you forgot to mention the limits and pre-reqs for the interest rates you quoted. I would suggest that if you want this thread to be useful for the uninitiated(*), you should be creating a matrix that actually lists everything necessary. There was some great chart floating about some time ago, visualising the then latest offers. That was pre-FlexPlus, though.

(*)The initiated ones will of course already have the accounts that are useful to them

td_007

innovate wrote: »

You forgot the 3% AER FlexPlus. Yes it costs a tenner a month but to some people that tenner is value for money anyway. And you didn't mention the Santander 123 costs £2 a month.....and that to some people is value for money anyway. And the Halifax fivers isn't mentioned.

Plus, you forgot to mention the limits and pre-reqs for the interest rates you quoted. I would suggest that if you want this thread to be useful for the uninitiated, you should be creating a matrix that actually lists everything necessary. There was some great chart floating about some time ago, visualising the then latest offers. That was pre-FlexPlus, though.

Point taken - this was not meant to a guide but just a pointer. Hence, my opening statement on the min requirement for the accounts.

tipsychick

You can actually have 2 x Santander 123 current a/cs, so that's another £20K taken care of!