Which bank account

Deadlifter

Hello this is my first post, and as usual it is a question so here goes.

I have inherited and soon will have a cheque for £60.000, my first thing to do is put the full £5700 entitlement into my partners cash isa and start one myself. Then I need to find a bank account to put the rest in which will fund a extension on the house, so will only be in the account for approx twelve months or more and then more than likely become dormant.:think: ..........idea`s

apt

Post 46 in this thread gives you details about the best current account interest rates and the balances on which they apply. https://forums.moneysavingexpert.com/discussion/4815847

Funding cash ISAs isn't necessarily the best option if you are not a higher rate taxpayer and intend to use the money within a couple of years.

bigadaj

Read the savings section on the main site which will list the best current options.

Current accounts offer better retrurns than savings accounts and cash isas bizarrely. There are conditions such as regular deposits and direct debits but its nor too much hassle to sort out.

Nationwide offer 5% but on only 2.5k, the easiest for larger sums is santanders 123 account, which gives 3% on up to 20k. You can have two per person, so can put in 80k between two people.

Deadlifter

Thanks, I have had a look at the Santander 123 and do not think that is the one as they require you to put in a £1000 a month and once the money I have is in there will be no more deposits.
I will check the link you have left me, thankyou

bigadaj

Deadlifter wrote: »

Thanks, I have had a look at the Santander 123 and do not think that is the one as they require you to put in a £1000 a month and once the money I have is in there will be no more deposits.
I will check the link you have left me, thankyou

You can just cycle the money from another account, it can be in there for less than a day. It does need to be an external account though, so you can't transfer between two 123 accounts, but if you had a flex direct account fro example then you can transfer between these two to achieve the funding requirements of each.

apt

Any interest/reward paying current account requires monthly funding. Some, like Lloyds, TSB, BoS, allow you to do it by internal transfer. Otherwise, it is easy to transfer the sum to an external account and back by faster payment or standing order.