Where would we get the best interest on £35000

kass18

Hi,this is my first post.I need help with what to do with my Dads £35000 it was in a 3 year fixed term with Lloyds but the interest will be going down to 1.7%.Where would be the best place to invest it(he would like the interest paid monthly)

DaveAb_3

You might want to look into peer to peer lending. For example, Ratesetter will currently give about 4.8% over 3 years or 6.1% over 5 years. Check out the guide to peer to peer on the MSE site.

lozzy1965

High interest current accounts, if you can meet the criteria!

colsten

lozzy1965 wrote: »

if you can meet the criteria!

which should be a doddle with £35K. The must challenging part could be the opening of the accounts but you would think somebody with £35K in the bank would have a good credit file, so several current account applications should not present any issue.

leeroy2009

1x Santander 123 account - £20000 3%
1x Lloyds club - £5000 4%
2x tsb - 2x £2000 = £4000 5%
1x flex direct - £2500 sure this is still 5%



above are gross interest, interest paid monthly on all the above accounts, and would pay roughly £1100 in interest in first year to a non tax payer, not to be sniffed at, risk free and instant access to the money as these are all interest paying current accounts, the smart person would have all the above accounts, and many on here do the above (including myself)

should also have a Halifax reward purely for the free £5 per month, when direct debits (2) and £750 paid in

£31500 stashed, could feed £400 per month into the Lloyds saving account too but you would need to open a club account first (interest paid yearly on the savings account) 4% fixed for first year.


the above current accounts would take care of the vast majority of the "savings", but your going to need some direct debits to play with, and some standing orders will need to be set up to shuffle the required monthly credits from account to account, there are conditions that need to be met, its not just a case of opening all the above accounts, sticking the money in and forgetting about it, some account management is needed, fees also apply for one of the account, and there is a fee on another account if the monthly funding is not met - you will need to search this forum, and the t&c of each above account.