best place for my 10K

jumbopants

Hi All,

I have 35k in my cash isa, and used my allowance for this year, I have 6k in Lloyds shares and 10k cash in a normal HSBC account due to my redundancy a few months ago. I have a new job so I'm reluctant to use all my 50K savings to pay off my remaining 50k mortgage until I've been taken on full time and I'm happy that the job is secure, so I'm left with 10K to place somewhere.
I will need it to have instant access, I was looking at bonds, or can someone point me in a better direction ? Many Thanks in advance for any advice

FLAPJACK

I'd open 2 (you are allowed 3) Lloyds Vantage accounts.

3% gross per month for a balance of 5K....easy access too, transfer 1k from one account to the other once a month to get the interest.

Simples!

greatcrested

FLAPJACK wrote: »

I'd open 2 (you are allowed 3) Lloyds Vantage accounts.

3% gross per month for a balance of 5K....easy access too, transfer 1k from one account to the other once a month to get the interest.

Simples!

But comply with the requirements. Search the forum for threadson Lloyds Vantage.

FLAPJACK

The only requirement to comply with is to furnish each Vantage account with £1000 per month.

In the case of the OP this can be done by depositing £5000 in two Vantage accounts (£10,000 total) and on a chosen day of the month withdraw £1000 from account 1 and deposit into account 2 then withdraw £1000 from account 2 and redeposit into account 1.

Repeat monthly.

I've been doing this across 3 vantage accounts for the past two years.

Bank of Scotland has exactly the same set up too....and called Vantage accounts, at 3%.

Not bad accounts or rate considering you can't get this rate even if you get a fixed bond for 2 years...at least the Vantage accounts are easy access too which was one of the requirements of the OP.

misskool

FLAPJACK wrote: »

The only requirement to comply with is to furnish each Vantage account with £1000 per month.

In the case of the OP this can be done by depositing £5000 in two Vantage accounts (£10,000 total) and on a chosen day of the month withdraw £1000 from account 1 and deposit into account 2 then withdraw £1000 from account 2 and redeposit into account 1.

Repeat monthly.

I've been doing this across 3 vantage accounts for the past two years.

Bank of Scotland has exactly the same set up too....and called Vantage accounts, at 3%.

Not bad accounts or rate considering you can't get this rate even if you get a fixed bond for 2 years...at least the Vantage accounts are easy access too which was one of the requirements of the OP.

Sorry, am being a bit dim, can you just apply for 3x classic bank account and add vantage to them? I've never had 3 accounts at the same bank before.

JustAnotherSaver

Yes, you can. They can be opened by phone. IIRC i opened the first online & the second & third by phone.

As for the requirements - that poster may be referring to the extra %, where you needed direct debits on the account & you could have 4% on up to £6k which lasts until the end of October 2013 IIRC.

As for just the £5k, the only requirement is a £1k per month funding. You can set up a standing order from one to the other & from the other to the first all on the same date so that you don't even have to get involved - it does it automatic. Then each month on the 2nd (or a bit later depending when the dates hit), empty the accounts of your interest & put that money in a savings account.

YorkshireBoy

misskool wrote: »

Sorry, am being a bit dim, can you just apply for 3x classic bank account and add vantage to them?

Yes.

I've never had 3 accounts at the same bank before.

I have 3 LTSB Vantage
And 3 x BoS Vantage
And 3 x Nationwide FlexDirect
And 4 x Halifax Reward

And some others!

FLAPJACK

As you can see you can......when Vantage accounts (with Lloyds) were first launched you could have a maximum of 7!!.

Unfortunately I missed the boat and could only open 3...still can't be too greedy!!!

100saving

i would split it like this among current accounts as these are paying more every month than saving accounts at the moment.

to get the most interest it would be best in 2 LTSB Vantage as 5k for 1 year would earn £120 each depending on what tax you pay. the LTSB Vantage only works out best if you put the full 5k in and not use it for the year.

as you said you might need to dip into the money it best to set it up like this:

5k in 1 LTSB Vantage at 3%
2.5k in 1 LTSB Vantage at 3%
2.5k in 1 Nationwide FlexDirect at 5%

of you can apply for 1 LTSB Vantage and two Nationwide FlexDirect but you might not get 5% on both accounts as it says only on one account in the T&C but some one here say they do get it on both accounts.

then in order to get the top interest once a month transfer 1k from the LTSB Vantage to Nationwide FlexDirect to LTSB Vantage.

in one year you would get £100 from the Nationwide FlexDirect and £120 from the LTSB Vantage depending on what tax you pay.

Ologhai

FLAPJACK wrote: »

I've been doing this across 3 vantage accounts for the past two years.

Bank of Scotland has exactly the same set up too....and called Vantage accounts, at 3%.

Presumably, it's not possible to have three Lloyds TSB Vantage accounts AND three BOS ones?

FLAPJACK

Just looked at BoS T/c's.....even though Lloyds and BoS are in the Lloyds Banking Group there is no mention that you cannot hold Vantage accounts at both banks at the same time.

The only stipulation is that you have to be 18 years of age....I can't remember that far back!

The wife is nattering on the phone at the mo ....when she is finished I'll give BoS a call and get a definitive answer.

I'll report back later.......