45k to invest/save

MoneyEM

I have 45k at the moment which is sitting in santander's 123 account but it's only earning interest until 20k which is £40 a month after tax.

I'm 21, earning £25k a year in London and renting (£650pm) with the potential to save up to £500 a month.

I know there are 4 - 5% interest Account but some are only up to £2500 or £5000 and I am afraid of spreading my money into lots of different accounts.

Because my money is all in one account it is hard to see how much I am saving monthly as I am not putting any aside as such. Can anyone recommend a good place (account) for this money. It would be nice to keep separate so I can see exactly how much I am saving per month.

I was also thinking of moving my salary into a new account so I can budget a little better and not be tempted to fall back on the 45k which is sitting in the same account as my salary at the moment.

I don't really want to lock it away because at some point (hopefully soon) I want to be buying a property as an investment

ColdIron

Moneyem wrote: »

I am afraid of spreading my money into lots of different accounts.

Why? They are perfectly safe

MoneyEM

ColdIron wrote: »

Why? They are perfectly safe

For fear of losing track of it, and also because some require you to pay your salary into them with direct debits which then makes it more complicated

ColdIron

None of them require you to pay in salary, just transfer the money in and out, job done and DDs are easy to set up

If you want good rates you could look at Regular Savers, First Direct for £300 at 6% and Club Lloyds for £200 at 4%

If you restrict yourself to simple savings accounts you have to resign yourself to low interest rates

vouch0r

ColdIron wrote: »

None of them require you to pay in salary, just transfer the money in and out, job done and DDs are easy to set up

If you want good rates you could look at Regular Savers, First Direct for £300 at 6% and Club Lloyds for £200 at 4%

If you restrict yourself to simple savings accounts you have to resign yourself to low interest rates

lloyds is £400 a month

ColdIron

vouch0r wrote: »

lloyds is £400 a month

Yes but the OP has £500 pcm to spend