High Interest "Current" Account

Aledesign26

I wish to open an account with at least £50k. From that account regular weekly payments will be made circa £100 each week. It is not expected to make further deposits to the account. What is the best bank/account for this situation?

Fruit_and_Nut_Case

Aledesign26 wrote: »

I wish to open an account with at least £50k. From that account regular weekly payments will be made circa £100 each week. It is not expected to make further deposits to the account. What is the best bank/account for this situation?

What are your criteria for "best"?

• branch near your house/work
• nice web interface
• pretty debit card
• lowest charges
• highest interest
• access to other accounts
• etc

apt

The maximum current account balance you will be paid interest on is £20,000 with Santander. £5,000 with Lloyds, Bank of Scotland.

InsideInsurance

To maximise your interest you'd need to split the monies over multiple accounts. If you are interested in doing that or willing to take less money by having a single account is up to you

EssexExile

apt wrote: »

The maximum current account balance you will be paid interest on is £20,000 with Santander. £5,000 with Lloyds, Bank of Scotland.

The Santander won't work with no further deposits.

colsten

EssexExile wrote: »

The Santander won't work with no further deposits.

All of the interest paying accounts will require monthly deposits for one good reason or another.

Zanderman

EssexExile wrote: »

The Santander won't work with no further deposits.

Neither will most of the others (TSB, Nationwide, Lloyds Club, Tesco etc as well as Santander). (Edit - beaten to it by Colsten!)

But the OP has £50K to play with, so if they want to maximise interest on it they can put the max amount in each of the various interest-paying current accounts and set aside £1500 (more than most need but I think Lloyds Club requires this) or so of the £50000 to move through them all once a month, easily fulfilling the deposit requirements.

The £1500 can be parked in one of them to earn interest in the days it's not moving around fulfilling conditions.