WHat to do with £1k?

barrymung

I have come by £1k which I don't have earmarked for anything at the moment. What should I do with it?

I don't need it at the moment but want to put it somewhere that is reasonably accessible, so shares are out of the question.

Any ideas?

Eco_Miser

TSB current account, earn 5%AER. You need to select paperless statements and correspondence, and pay in £500 each month (which you can get by withdrawing £500 each month, on the same day). Or see 'Top Savings Accounts' link above. Read the T&Cs to be sure.

ceredigion

combined with a Halifax reward account and make 12%

barrymung

Eco_Miser wrote: »

TSB current account, earn 5%AER. You need to select paperless statements and correspondence, and pay in £500 each month (which you can get by withdrawing £500 each month, on the same day). Or see 'Top Savings Accounts' link above. Read the T&Cs to be sure.

So...this could be achieved by setting up a DD to transfer £500 to another account, then a second DD a few days later to transfer it back?

kangoora

Actually, you set up standing orders to transfer the money around

Yes, if you also set up a Halifax account and use that as part of the round-robin to transfer the money, Halifax will give you £5/month also. Need to set up 2 x DD with Halifax

savings_my_hobby

barrymung wrote: »

So...this could be achieved by setting up a DD to transfer £500 to another account, then a second DD a few days later to transfer it back?

you can do it same day, the £500 only has to touch the account in theory. in your case you should keep at least £1 balance plus the money to cover direct debits in your Halifax reward account, this will get you £60 per year, the £1000 needs to remain in your tsb account all the time (except when you transfer £750 from your tsb to your halifax reward and back again once per month every month - this should take no longer than 15 mins).