Retired penioner with £10,000 (Current Account)

fhscot

I am a retired penioner with £10,000, and am looking for a current account with interest,(with no funding every month or monthly direct debits) I am not looking for credit or overdrafts, just a debit card to access the account, can anyone advise please ?

Fruit_and_Nut_Case

fhscot wrote: »

I am a retired penioner with £10,000, and am looking for a current account with interest,(with no funding every month or monthly direct debits) I am not looking for credit or overdrafts, just a debit card to access the account, can anyone advise please ?

You are limiting yourself if you want no monthly funding. Easy to get up to 5% interest (gross) if you're willing to spend a few minutes per month shuffling your money around.

margaretclare

That's a huge amount to keep in a current account. Yes, you need a current account, but it's not the place to keep money over and above living expenses, money which should work for its living and grow.

Mine is mostly in a S&S NISA.

Farway

You could try Nationwide, they have online savings pots where you can easily move money between the low interest rate savings pot to the even lower interest current account

Have debit card attached to the current account

This is what I do with my rainy day money, bulk in the savings instant access pots, less than 1000 in the current

Also a retired pensioner

iris

I have 2 Club Lloyds current accounts with £5000 in each. I transfer £1500 each month from one account to the other to meet the T&C. I use one as my main current account, which has the usual direct debits e.g. council tax, and the other has direct debits to Tesco savings accounts (£1 per month) again to meet T&C very easy to set up.


I am a non taxpayer (just) so get the full 4% interest, which I move every month to another interest earning account.


I also have a S&S NISA, but this is money I don't touch as obviously once it is taken out cannot be replaced.


I don't know of a current account that pays interest without monthly funding/direct debits, but there are several that will pay £100 for just switching;)


There are several other current accounts that pay interest, but they all need funding and/or direct debits.

Katiehound

I know you don't want to have a monthly payment in but to get decent interest that's the best option.

Nationwide Flex a/c pays 5% interest on £2.5k for 1st 12 months- has to be fed £1000 pm
TSB Classic-you can have 2- pays interest of 5% on £2k in each. It has to be paid £500pm

Neither have DDs but both need to be administered online. It takes very little effort to set up a SO to send £1000 from your existing account To each of the above a/cs in turn. The money only needs to lodge, say a day, and then move on! This way just over half of your loot would be gainfully employed and £4.5K would be earning 5% interest. TSB is paid monthly.

Ken68

You can have two TSB Classic accounts, and you may also want to look at diverting some money into Regular Savings. First Direct pay 6%.
See the Savings and Investment board and Special Saver's lists.

p00hsticks

margaretclare wrote: »

That's a huge amount to keep in a current account. Yes, you need a current account, but it's not the place to keep money over and above living expenses, money which should work for its living and grow.

Mine is mostly in a S&S NISA.

I think you're a bit out of touch - many of the best interest rates are now found on current accounts rather than savings accounts if, as fruitandnutcase says, you are prepared to shuffle your money around once a month. to quote but one, the Santander 123 account pays 3% on balances up to £20,000.

An S & S (N)ISA is all well and good if you aren't likely to need access to the money quickly and can afford to take a risk/ make a loss, but it's not going to be suitable for the OP, who wants a debit card to access the money.

fhscot

Thanks everyone for your valueable contributions, I think i'll plump for the TSB accounts
Freddy:T

pollypenny

We have opened a Santander 123 account for the interest purely for the interest. We put in £20,000 and the £38 interest gained outweighs the £2 charge.

I moved most of our DDs for the cash back. There's no savings accounts paying anywhere near that.

I haven't got my head around the moving game to maximise interest rates, but that is the next step.

Savvy_Sue

pollypenny wrote: »

I haven't got my head around the moving game to maximise interest rates, but that is the next step.

Oh, it's a great game!!! I still have a Smile account which doesn't have much activity on it apart from my salary going in, but that funds a Nationwide account paying 5% for the first year, which then funds a TSB account paying 4%, and then all the interest gets swept into Santander from whence all the DDs eligible for cashback are paid!