£60,000 ???

Matty007

I am trying to advise my parents who have a bond they wish to withdraw this month.

It comes to about £60,000 and they want full access.

It seem that Santandars 123 account might be the best, however it seems there are a couple of things necessary to do with this account.

The two direct debits are simple enough as should the £500.00 paid in per month.

However is it possible just to have another account and switch £500.00 into then out of to satisfy the qualification criteria.

Or is there an even simpler way or this itself isnt allowed.

Thanks for your help.

Matty007

colsten

Just throw a few TSB Plus accounts into the equation. They can have 8 between them, apparently, so that's £16K at 5%.

Even if the 8 was a myth and they can only manage 6, that's still £12K at 5%.

If they can handle it, add 2 sole and one joint Halifax Reward, for another £180 a year. I would also stick 2 x £5K into the 4% Club Lloyds

Matty007

colsten wrote: »

Just throw a few TSB Plus accounts into the equation. They can have 8 between them, apparently, so that's £16K at 5%.

Even if the 8 was a myth and they can only manage 6, that's still £12K at 5%.

If they can handle it, add 2 sole and one joint Halifax Reward, for another £180 a year. I would also stick 2 x £5K into the 4% Club Lloyds

Thanks, would I just need to set up standing orders to pay in and take out the monthly £500 amounts, si this allowed ?

colsten

For example:
£500 SO from 123(1) to TSB Plus (1)
£500 SO from TSB Plus(1) to 123(1)

Both on the same day

Repeat similar/same for any other accounts you have

Arbroath_Annie

Your parents could open two Santander accounts each, up to £20,000 in each(one or two can be joint accounts).This will give them 3% plus cash back on certain direct debits and some spending . It really adds up. Just remember you will need to pay in £500 per month to each account, but this can circulate back into another account with a few days in between to be on the safe side. It seems a bit of a faff at first, but once it's set up it's easy, I find. TST's new Plus account might be handy as the "circulating" account, as you get good interest on balance up to £2,000 as long as you pay in £500 a month! Handy, that. Good luck.

colsten

Arbroath_Annie wrote: »

Your parents could open two Santander accounts each, up to £20,000 in each(one or two can be joint accounts).

No, they can open 1 sole each, and one joint together. 3 max between the same 2 people, and each person can only hold one sole and one joint.