Best Saving account - no monthly payment

leozak

I am trying to find the Best Savings Account offering the best interest.

Most ask for minimum monthly deposits I simply want to transfer upto 7K into an account that will accrue interest without having to make monthly deposits or use direct debits on the account

Any advice most welcome..

Archi_Bald

You will be limited to a maximum of around 1.3% if you impose these restrictions on yourself. If you don't, you can make 4, 5 and 6% AER.

xylophone

Perhaps open one Nationwide Flexdirect (5% for a year)and one BOS Vantage. (3%)

Pay £2500 into one and £4500 into the other.

Set up a standing order for £1000 for the same day each month from each to the other.

Manually move the NW interest to BOS.

After a year review the situation - perhaps open another BOS and set up the SO from each the the other.

Archi_Bald

xylophone wrote: »

Perhaps open one Nationwide Flexdirect (5% for a year)and one BOS Vantage. (3%)

Pay £2500 into one and £4500 into the other.

Set up a standing order for £1000 for the same day each month from each to the other.

Manually move the NW interest to BOS.

After a year review the situation - perhaps open another BOS and set up the SO from each the the other.

This is certainly possible, and would yield a lot more than a normal savings account would. It isn't, however, maximising the interest that can be earned, Mind you, may be this isn't the OP's objective.

xylophone

No, not the maximum interest - it would be possible to use a TSB Vantage for £2000 at 5%, so £2500/ £2000/ £2500 with the SO cycling round the £1000 - in effect , £4,500 at 5% and £2500 at 3%.

The OP would then need to manually move the interest from NW and TSB to BOS once a month.

The OP would still need to move the money with NW after the year.

Archi_Bald

xylophone wrote: »

No, not the maximum interest - it would be possible to use a TSB Vantage for £2000 at 5%, so £2500/ £2000/ £2500 with the SO cycling round the £1000 - in effect , £4,500 at 5% and £2500 at 3%.

The OP would then need to manually move the interest from NW and TSB to BOS once a month.

The OP would still need to move the money with NW after the year.

This isn't making the most either as it ignores the 4% and 6% accounts. However, as it is not clear whether the OP wants to maximise interest or just wants a savings account which pays minimal (sub-inflation) interest, there's not much point in you or I offering the best interest-earning combinations.


NB. You mean TSB Plus when you say TSB Vantage

xylophone

You mean TSB Plus when you say TSB Vantage

Thank you - yes, my attention wavered.

The thing about the 6% is the need to open a current account with FD and for the 4% Club Lloyds does require the two DDS as well as the £1500 monthly - of course the £1500 could be managed by the recycling SO and the DDs by opening two Tesco savings accounts - it depends on how much trouble the OP is prepared to take to set up the accounts.

I'm guessing he'd like the easiest possible route?