Savings

stepea

Hi, I've got 11k to invest from an ISA that's matured - with the ISA rates these days I don't expect to put this into another ISA.

I looked up some savings accounts, but I don't want to go into the trouble of setting up direct debits just to meet criteria of money in/out just to get the rate on offer.

did think of santander 123 ac but I don't want to move my day to day account.

don't want to invest in stocks or shares

not sure if there are any options left

HappyMJ

What's wrong with Santander 123?

Set up 2 direct debits to a charity of your choice for the lowest amount possible. The extra interest you will earn will outweigh the cost of donating each month.

There is no need to move your day-to-day banking to Santander.

bigfreddiel

stepea wrote: »

Hi, I've got 11k to invest from an ISA that's matured - with the ISA rates these days I don't expect to put this into another ISA.

I looked up some savings accounts, but I don't want to go into the trouble of setting up direct debits just to meet criteria of money in/out just to get the rate on offer.

did think of santander 123 ac but I don't want to move my day to day account.

don't want to invest in stocks or shares

not sure if there are any options left

Turf accountant, lottery, premium bonds. All easy to set up!

Cheers fj

EdGasket

gold <--The message you have entered is too short.

Eco_Miser

stepea wrote: »

I looked up some savings accounts, but I don't want to go into the trouble of setting up direct debits just to meet criteria of money in/out just to get the rate on offer.

You are confused. Savings accounts don't don't need direct debits or money going in/out every month.
Current accounts that pay reasonable interest do need a specified amount going in every month, either to get the interest, or to avoid a fee, but that's not a direct debit, and not all the accounts require direct debits.

stepea wrote: »

did think of santander 123 ac but I don't want to move my day to day account.

You don't have to, you can have as many accounts as you want, subject to acceptance by each bank.

stepea wrote: »

don't want to invest in stocks or shares

Is that a reasoned decision, or just a fear of the unknown? You could invest in bonds (possibly not a good idea at the moment), or property investment company, or there's this new ISA for peer-to-peer lending

stepea wrote: »

not sure if there are any options left

A few have already been given. Browsing this board will turn up discussion of other (non-regulated) investment opportunities, which I would not recommend, but you've already rejected those that I would recommend.

mvarrier

I sound like a broken record...but I would research P2P lending sites (http://p2pindependentforum.com is a good place to start).
The santander123 is good- if you put your qualifying DDs on there you will likely make money above the £2/month fee

jimjames

stepea wrote: »

Hi, I've got 11k to invest from an ISA that's matured - with the ISA rates these days I don't expect to put this into another ISA.

don't want to invest in stocks or shares

not sure if there are any options left

Bear in mind that you don't need to put all your money into the same thing.


Not sure why you're excluding S&S, do you need to use the money in the next 5 years? You could always put a portion of it into different accounts/investment so you aren't totally in cash or S&S.

stepea

HappyMJ wrote: »

What's wrong with Santander 123?

Set up 2 direct debits to a charity of your choice for the lowest amount possible. The extra interest you will earn will outweigh the cost of donating each month.

There is no need to move your day-to-day banking to Santander.

What about setting up direct debits to pay other accounts or transfer to a family member (another bank), is that allowed. Does it matter who or what the direct debit is set up for.

Aretnap

stepea wrote: »

What about setting up direct debits to pay other accounts or transfer to a family member (another bank), is that allowed. Does it matter who or what the direct debit is set up for.

A direct debit and a standing order are not the same thing. You can't generally set up a direct debit to yourself or to a family member (unless your brother is British Gas).

stepea

Realised that after I typed it.

If my Brother was British Gas I don't think I would worry about savings.

Eco_Miser

stepea wrote: »

What about setting up direct debits to pay other accounts or transfer to a family member (another bank), is that allowed.

A very limited number of savings accounts allow you to pull money from your current account. These pulls appear as Direct Debits to the other bank.
Tesco Bank has a couple of these savings accounts that allow DDs from an apparently unlimited number of current accounts.

stepea wrote: »

Does it matter who or what the direct debit is set up for.

Generally, no; but check the T&Cs for specific exclusions.