How to save £60k

Prof_FrinkProf

Thanks eskbanker, yes my account is the Club Lloyds Monthly Saver so will pay 4%. I guess account maturity is 12 months from account opening date?

eskbanker

Prof_FrinkProf wrote: »

I guess account maturity is 12 months from account opening date?

Same principle as above: no need to guess, this info is all published at the above link!

Prof_FrinkProf

So I thought I'd update this thread, to remind anyone reading my goal is to spread my savings across high interest rate easy access current and savings accounts to obtain the highest possible average interest rate.

I've detailed below my interest payments for last month. I've listed the balance of the account, then the months interest afterwards in bold.

Santander £16,500 - £29.19 (after £2 fee)
Halifax Reward £0 - £5.00
Halifax Vantage 1 £5,000.00 - £9.73
Halifax Vantage 2 £5,000.00 - £9.73
Halifax Vantage 3 £5,000.00 - £9.73
Club Lloyds Current Acc £5,000.00 - £9.92
TSB Plus 1 £2,000.00 - £6.44
TSB Plus 2 £2,000.00 - £6.44
RBS Vantage 1 £5,000.00 - £9.73
RBS Vantage 2 £5,000.00 - £9.73
RBS Vantage 3 £5,000.00 - £9.73
Nationwide Flex £2,500.00 - £9.73

So my total of £58,000.00 has earned me £121.92 in interest in one month :j

I then have the following in annually interest paying accounts:

Club Lloyds Saver £2,800.00 (4.00% AER)
Santander ISA £10,000.00

I'll look gradually move money out of my Santander ISA into higher paying easy access interest accounts

somethingcorporate

Thanks for updating, are you any closer to buying a house?

colsten

Prof_FrinkProf wrote: »

Halifax Vantage 1 £5,000.00 - £9.73
Halifax Vantage 2 £5,000.00 - £9.73
Halifax Vantage 3 £5,000.00 - £9.73
RBS Vantage 1 £5,000.00 - £9.73
RBS Vantage 2 £5,000.00 - £9.73
RBS Vantage 3 £5,000.00 - £9.73

Something is not right there. Halifax don't do Vantage - do you mean BOS? RBS definitely do not do Vantage. £9.73 suggests you have 3% Vantage accounts. Only BOS offer this now. Lloyds also offer Vantage but the max interest you can get in those is 1.5% AER.

Can you clarify what accounts and AERs you are talking about please?

Prof_FrinkProf

Sorry, yes a couple of typos there. I actually have six BOS Vantage accounts, three of which show on my Halifax Online Banking so I access them through that when I access my Reward account. I then have another three on a seperate BOS online banking account.

Amended:

Santander £16,500 - £29.19 (after £2 fee)
Halifax Reward £0 - £5.00
BOS Vantage 1 £5,000.00 - £9.73
BOS Vantage 2 £5,000.00 - £9.73
BOS Vantage 3 £5,000.00 - £9.73
BOS Vantage 4 £5,000.00 - £9.73
BOS Vantage 5 £5,000.00 - £9.73
BOS Vantage 6 £5,000.00 - £9.73
Club Lloyds Current Acc £5,000.00 - £9.92
TSB Plus 1 £2,000.00 - £6.44
TSB Plus 2 £2,000.00 - £6.44
Nationwide Flex £2,500.00 - £9.73

Prof_FrinkProf

somethingcorporate wrote: »

Thanks for updating, are you any closer to buying a house?

I'm checking rightmove every day but nothing yet. I've recently changed jobs so should recieve a pay increase soon that will enable me to borrow more and therefore open up my options.

Broken_Biscuits

Prof_FrinkProf wrote: »

I'm checking rightmove every day but nothing yet. I've recently changed jobs so should recieve a pay increase soon that will enable me to borrow more and therefore open up my options.

Any possibility of keeping your job/career type and moving cities? 60k deposit would be more than enough in most areas of the uk as a deposit.

cheers for the detailed updates on current accounts. I know whats available, just never seen it written down before with returns et al

mvarrier

With the Santander123 account you can also get the credit card. This allows 0% on 5k spending for 23 months. I'm currently stoozing on this, and earning £8 cashback/month and the £2/month fee is waived for the first year

LplateSaver

Prof_FrinkProf wrote: »

I'm checking rightmove every day but nothing yet. I've recently changed jobs so should recieve a pay increase soon that will enable me to borrow more and therefore open up my options.

I'm on a similar wage to what you were previously. How long did it take you to save 60k?