What to do with £39,000?

jimjames

:rotfl:

thegreenone wrote: »

£30,000 in premium bonds and the remainder in TSB or Santander current account.


We had £22,000 in premium bonds since August last year and won £125.00 (5 x £25). Not a lot but not to be sniffed at. Sadly it's all gone for building works on our house but it's worth some thought.

You could have had a guaranteed £120 using Halifax accounts. Add in a 123 at 3% and you'd be far better off on average than premium bonds.

thegreenone

I see your point but as I have Halifax accounts, how could I have made £120 please?


I have looked at 123 before but didn't think it would work for us as this was money solely for building works and I didn't want to start setting up SO's or DD's out of that money and having to set up other SO's to pay it back. It needed to be parked safely but within reasonably easy access. It worked for us, but I guess it wouldn't for others.

jimjames

You said "we" so assume there are 2 of you.

Halifax reward pays £5 per month, 2 accounts is £120 per year. Best of all it's not related to balance.

Santander 123 is simplest for most money, pay in set amount, could swap it between Halifax and 123 to meet both criteria.

savings_my_hobby

I'd go down the multiple current account route for the short term and have an ISA on stand by in case one or two of the variable rate accounts fall dramatically, although there is no reason that i'm aware of why they should. If they did fall you could slide your cash over to the ISA.

It would be rude not to get as much interest as you can out of the banks/BS's

kidmugsy

Archi_Bald wrote: »

... for their emergency fund, a holiday, a house deposit

... a car, a wedding, the children's education, paying for Mum's care home, .......

.. paying for the neighbour's dogs' operations after the unfortunate incident, ....

thegreenone

jimjames wrote: »

You said "we" so assume there are 2 of you.

Halifax reward pays £5 per month, 2 accounts is £120 per year. Best of all it's not related to balance.

Santander 123 is simplest for most money, pay in set amount, could swap it between Halifax and 123 to meet both criteria.

In this instance the money was only stashed for six months in my name. However, your post has given me lots of food for thought. The Halifax accounts are in my name but if I opened an account for hubby and put his petrol and pocket money in; changed my account to the reward for my petrol and pocket money then opened a 123 (or tsb where our mortgage is) for bills, we would gain on three fronts. As I said, I've looked before but sometimes it's right under your nose and you don't see it! Thank you. Job for Monday.


Sorry to hijack the OP's thread.

Archi_Bald

Between you and your husband you can have 3 Reward accounts, each making you £60 each = £180 a year, without needing to use any of the 3 accounts on a day-to-day basis. You can have these alongside a 123 or whatever account would suit your needs best - - there are other interest paying current accounts.

Before you say you don't have enough DDs: you can easily set up however many DDs you need by using Tesco savings accounts.

thegreenone

Archi_Bald wrote: »

Between you and your husband you can have 3 Reward accounts, each making you £60 each = £180 a year, without needing to use any of the 3 accounts on a day-to-day basis. You can have these alongside a 123 or whatever account would suit your needs best - - there are other interest paying current accounts.

Before you say you don't have enough DDs: you can easily set up however many DDs you need by using Tesco savings accounts.

£180- that's a weekend away! I avoid DD's with a passion. I like to be in control and don't like giving other people access to our money. My self-employed hubby pays himself weekly so I pay almost all our bills weekly. We do have our life insurance, BT, vodafone and NT on DD so that would be a start, although, it would make life easier having all at one bank. Thank you once again for shaking my eyes open.

YorkshireBoy

thegreenone wrote: »

I avoid DD's with a passion. I like to be in control and don't like giving other people access to our money.

Although the DDIs would be with Tesco, you, and you alone, remain in control on when they're used and for how much.

£180- that's a weekend away!

I have 4 of them, and the £240 a year I get pays for my 7-10 days in the Canaries each winter.

As I've said before, I'd go anyway...but it always feels better when someone else is paying!

jimjames

thegreenone wrote: »

£180- that's a weekend away! .

That is a great way of looking at it. Some people may say it's "only" a fiver but add those fivers up and it makes a tidy sum!