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Best place to save £8k

garfy1
Posts: 39 Forumite
Ive currently got some savings sat in a 0% current account. This money is to overpay on my mortgage at the maximum of £500 pm. Obviously it would serve me better to be earning atleast a bit of interest. I will be maxing out my ISA this year anyway so this would rule out putting it into an ISA i guess? I also don't really want to have to change my current bill paying account as i share this with my OH. Whats my options?
Thanks in advance.
Thanks in advance.
:beer:
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Comments
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Each of you opens two TSB Plus current accounts.
Each of you sets up a pair of cross-funding monthly SOs for £500, ie from account 1 to account 2 and back again.
5% AER on the entire £8K.
But why are you thinking of funding cash ISAs, especially if you're BR tax payers(?), when you can make 3-5% AER in current accounts? For example, since there are two of you, you can get 5% AER on £19.5K (albeit only for 12 months on £7.5K of it). How much is the cash ISA paying?...I'll fill it up for you if it's more than 4% AER instant access (which is what you'd need to better 5% AER as BR tax payers).0 -
Open 2 TSB accounts, you can put 2k in each at 5%, don't need Direct debits but each do need to be funded with £500 pm, you can transfer it from one to the other and then back to your current bank
You could then get another 2 TSB joint accounts again as above0 -
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Thanks for those swift responses.
I have just been blindly filling up my ISA without really taking the time to look at the best bank accounts to be using, more fool me. But thats why im here now!
Does the TSB account 5% expire at any time or will it continue for the forseeable?:beer:0 -
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