5k to Invest - advise on this plan please

xirokx

Hey

Need some advise please.

I have 5k to invest.

I was thinking of putting 2x 2k into TSB account that pays 5% and then with the 1K ensure I keep depositing £500 per month to be eligible for the full 5%.

Any good? or can you better that?

Please help

Thank you

P.S. I will need the money after 1 year but during the year its in an account I do not plan to touch it.

oysteroyster

You could have 2 x TSB accounts at 5%, then open a Nationwide FlexDirect where you get 5% on up to £2,500 (stick your remaining £1k in there), then just rotate the money around to fulfil all criteria.

Then you might also consider opening another Current Account to give you access to a monthly regular saver account - both First Direct and M&S offer 6%. Drip feed into one or both of these accounts for a year, whilst fulfilling minimum deposit criteria for all current accounts by rotation. Takes a bit of management but nothing hugely complicated once you've got your head around it. Good luck!

Gadfium

Sticking money into a bank account is not investing.
Sticking money into a bank account is the best thing to do when you need the money in a year.

colsten

You could use this: http://www.bankaccountsavings.co.uk/

JohnRo

Unless something has changed since I last looked at the end of January, individuals can no longer open two TSB classic plus accounts.