Maximise Savings interest for couple

Cannyscot

What are the suggestions for saving approximately £40,000 using multiple accounts to gain best return. We already have a joint 123 that is maxed up. Which accounts should be individual and which joint? The saving loophole sounds good but complicated so any advice is welcome.

Paully232000

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#interest

start by looking on this site for the best current accounts. If you get one each and some joint accounts that will go someway to using some/if not all your 40K.

I have opened 3 so far on my own (Lloyds, Nationwide, TSB) and is an easy process, and the most time consuming thing I have had to do was go into town to take ID to the bank.

YorkshireBoy

Not sure why you found the article complicated? Anyway, in priority order, and between you...


3 x TSB Plus for £6K @ 5% AER (one sole each plus a joint)
3 x Nationwide FlexDirect* for £7.5K @ 5% AER (as above)
3 x Club Lloyds for £15K @ 4% AER (as above)
6 x BoS Vantage for £30K @ 3% AER (3 sole each)


Although you only need 3 of the last one, I'd suggest bagging them all now in case they pull them/reduce the number you can hold.


* 12 months intro rate.

Cannyscot

I was having a look at DD's I could move and some are for paying Credit Cards that do not always have a balance, if the DD is set up but no money is taken out do they still count?

YorkshireBoy

Cannyscot wrote: »

I was having a look at DD's I could move and some are for paying Credit Cards that do not always have a balance, if the DD is set up but no money is taken out do they still count?

Of the above, only Club Lloyds requires direct debits.


I'll leave you to go check the details on their website and see if they need to pay out or not.


Only fair we both do some work.