Savings/investment help, please!

Positive1

I'm on a small income (State Pension) and have been kindly left some money. It's possible I might need this towards a house, so can't tie it up for too long or, obviously take huge risks with it. My high street bank is paying a ridiculously low rate of interest, but I don't think I can change this to an interest-paying current account as my monthly income is too low to qualify. Any help as to how it should best be invested would be much appreciated.

Many thanks

Doubtful.

saver78

You could enquire about the current accounts that pay a better rate of interest. Often they require you to have a certain amount going in per month but it might not necessarily have to be "a salary", ie you could pay the required amount in per month from your savings. And then pay it back out to your savings account during the month so it's ready to be recycled and 'paid back in' to your current account the following month.

If that makes sense.

Some monthly saver accounts pay a decent amount but of course it's cumulative so you probably have to begin with a fairly low deposit and it won't be until a good few months have passed that a decent return is possible.

Other than that I don't have many ideas beyond looking on MSE for the best savings rates provided by banks you feel comfortable with and spreading the pot around.

Eco_Miser

If you have two or more interest paying accounts you just move sufficient money around them all, ending back where it started. Some banks require the money to come from a different bank, but TSB, Lloyds and Halifax are happy with internal transfers. Have a read of the threads about each account.