Where should I put this £50,000

Matty007

I have been given the task to find a place to put my Mother in Laws £50,000 savings.

She requires excess to it so I have been looking at the current accounts that offer some good interest rates, although there are some associated obligations, direct debits etc.

Any advice would be greatly appreciated.

I have done something similar with my parents savings, which I went with Lloyds Classic 5% and the rest with Santandar 123 at 3%

Regards
Matty.

xylophone

As you know the Santander 123 offers 3% on up to £20000 - you then have Nationwide Flex direct, TSB Classic +, Club Lloyds, BOS Vantage x 3, Tesco current account - 2x Tesco savings useful for DDs.

You need to check each for requirements.

Archi_Bald

There are lots and lots of posts about those current accounts on the forum. Easy enough to find homes for £50K but accounts need to obviously be opened by the account holder.

YorkshireBoy

Matty007 wrote: »

I have been given the task to find a place to put my Mother in Laws £50,000 savings.

If there's also a Father-In-Law (or other close family member), then perhaps 3 x Santander 1-2-3 accounts between them would be the easiest option?


Otherwise she'll need to open 8 or 9 current accounts to get 3-5% AER on that sum, and she may not wish to do that?