best account for short term saviñg

Savingdad

OK so I have 2 TSB accounts maxed out, my nationwide flex plus is out of its 12 month in5erest offer and I'm looking for the best place to stash my spending money for my holiday in September.
I have my £1500 ready to go but I want an account that doesn't need money shuffling in and out each month especially as come September I might not have extra to do this with.
I don't have enough for a santander 123, the club Lloyd's monthly deposit is to high as us the tesco one really so does anyone have a suggestion what to open next to stash this bit of cash for 6 months or something I haven't thought of yet..
Cheers

YorkshireBoy

Your excuse for not using a Tesco current account is a poor one! You have £4K "extra to do this with" sat in your TSB accounts.

But if you're happy with less than half the return just open a savings account.

Savingdad

Good point, I shuffle the TSB accounts through my flex account to qualify for the 5% on them but didn't consider using it to shuffle through another high interest current account.
I guess I need to compare the tesco and club Lloyd accounts now, thanks for pointing out the obvious.

YorkshireBoy

Are you involving the FlexAccount for the free travel insurance? Or because you weren't aware TSB could be internally funded?

Club requires 2 x DDs, and needs £4K for 4%, and it doesn't sound like you have either?

Savingdad

I have always banked with nationwide and the flex plus benefits actual are worth it for me, family travel insurance plus the phone insurace and car breakdown are all things I paid for seoeratly before upgrading the account.I didn't realise the TSB could be internally funded but setting up the transfers was painless enough.
It was just a case of my mind completely overlooking using the TSB funds to provide the monthly funding for another account and just transferring it back to them the same day to carry on earning the 5%.
I don't really have enough extra savings to use a santandare or club Lloyd account to best advantage yet so think a tesco account will be my next port of call to stash the family holiday funds.
I will keep saving and maybe end up with enough to justify a 123 account and use the cash back options there as well but at the moment I just use my flex cash back card.
I have plenty if DD I can use as and when I get enough together for the higher 4% club Lloyd together but as yet I don't.

Savingdad

Why did I think the flex plus account was 5% for a year and then dropped to 1%?
Just been reading the best accounts page and comparing features and noticed the flex plus pays 3% on balances up to £2500.
I have just permanently cleared my overdraft on this account so have only had one month where they paid me interest rather than me pay them charges so I hadn't noticed the rate.
Problem sorted, I will leave it all in my flex plus until I either need it or have enough to open a club Lloyd.
Thanks.

eskbanker

savingdad wrote: »

Why did I think the flex plus account was 5% for a year and then dropped to 1%?

Because you were confusing it with the FlexDirect account perhaps (which has those characteristics)?

Savingdad

More than likely, i upgraded this account from a flex direct 15 months ago and still have another direct account for paying out my bills .
I have cleared all my overdrafts in the last couple of months so its only now that in credit interest is becoming an issue.