Best bank for £5k

Saver13_2 · 15 January 2015 at 5:20AM

Hi, my in-laws have given us £5k to pay for our son's extra tuition this year. The money will be paid out over the course of the year. Just wondered if anyone could advise of the best bank account to use whilst it is a large amount.

All the accounts I've seen with good interest rates have a minimum monthly income clause.

Many thanks

PeacefulWaters · 15 January 2015 at 6:24AM

All the accounts I've seen with good interest rates have a minimum monthly income clause.

They also allow withdrawals by online faster payment.

That can then be redeposited as "income". Two TSB accounts may be best.

TartanSaver · 15 January 2015 at 10:41AM

Concur with the above. Even if they're not letting you have two each, you could open up to two personal and one joint TSB classic plus between you and your partner, earning 5% gross on up to £6k. Just move the deposit limit back and forth from your existing accounts once a month.