Multi current accounts done, ISA maximised - what else???

Runner1982

Hi,

Question re maximising (taxable) interest...

I've got 14 current accounts working hard for me doing the transferring in a loop trick (yes I've got them ALL - but 1*), and have maximised my ISA. For at least the next six months I wish to put remaining cash (c£10k and slowly growing) in an account relatively accessible (ie not a fix). There are 95 and 120 notice accounts on the market earning up to around 1.9%. This is the best I can currently find.

** The question is for anything marginal can I get more than 1.9%? **

I know there are regular savings options here, but any further ideas much appreciated!!

I am all 'tricked' out!!

[*Incidentally the only one I haven't done is Yorkshire bank - but given 2% v c1.9% and I've already done Clydesdale (so wouldn't get another £150 incentive)]

Thanks for any ideas :rotfl:

colsten

Just some ideas:

Bung the lot into some funds

Premium Bonds

P2P

Have a good holiday

Seriously: without knowing what your circumstances and requirements are, how could anyone make sensible suggestions?

masonic

You could consider the 1 month option at Ratesetter, currently paying around 3%. It doesn't have FSCS protection, so isn't risk-free, and you'll receive interest gross and have to declare it to HMRC.

The notice accounts might work out almost as good in the short term if they pay interest annually, since you should receive your first interest payment in the next tax year when the new tax free interest allowance kicks in.

YorkshireBoy

masonic wrote: »

The notice accounts might work out almost as good in the short term if they pay interest annually, since you should receive your first interest payment in the next tax year when the new tax free interest allowance kicks in.

I'd have thought the OP would already be generating >£1K interest from the 14 current accounts so wouldn't benefit?

masonic

YorkshireBoy wrote: »

I'd have thought the OP would already be generating >£1K interest from the 14 current accounts so wouldn't benefit?

Yes, good point, although it may be the case that the money will be needed in a year or so (hence not wanting to fix at all), so the interest earned in 2016/17 might not be for the whole tax year?

Mistermeaner

I'd say wine. That's enough saving for now

Runner1982

Thanks all. Lots of good ideas. Bit of context.... relatively availability and low risk due to planned own house purchase soon-ish. Already have a chunk in funds. And re next year's extra tax free portion you're both right - £1k already achieved; then again house purchase likely to dramatically reduce cash funds, therefore could be a win!

Putting a lump in premium bonds could be a winner...

YorkshireBoy

Are the 14 accounts all in your sole name? Or perhaps you have some joint accounts and a partner also has some sole accounts?

Actually, scrub that...I've just added mine up and if I include 4 x Halifax Reward (perhaps you're including some of those?) I have 18 interest/Reward earning sole accounts.

Runner1982

YorkshireBoy wrote: »

Are the 14 accounts all in your sole name? Or perhaps you have some joint accounts and a partner also has some sole accounts?

Actually, scrub that...I've just added mine up and if I include 4 x Halifax Reward (perhaps you're including some of those?) I have 18 interest/Reward earning sole accounts.

3 X BOS might be the difference; M&S (for regsaver and incentive but nil interest) & got in early enough for 2 X santander 1-2-3 accounts. Rest probably standard....

YorkshireBoy

Runner1982 wrote: »

3 X BOS might be the difference;

I have those too.

got in early enough for 2 X santander 1-2-3 accounts.

My biggest regret!...but I don't get caught out these days. Even if I haven't the funds immediately I still open the max allowed at launch!