Lump cash savings

weenemo

I've taken my eye off the ball with my savings and intend to set up a regular saver. It's easy enough to find a suitable bank account for this. However in the meantime I'm gathered a lump sum and wish to transfer it into an account with as reasonable interest as I can muster. Some savings accounts take very little in the way of a lump sum. Has anyone any suggestions? Has anyone got a good account that they were able to set up with a lump sum? I'm also struggling to find somewhere that will take a good lump sum as a transfer from another savings account that has long since stopped giving me a any interest. Suggestion most welcome.

YorkshireBoy

How big is the "good lump sum"?

polymaff

http://www.bankaccountsavings.co.uk/

Although they've left out Nationwide FlexDirect

dutchcloggie

They have left out the FlexDirect presumably because that only pays 5% for the first year? I kind of forgot about that and my wife and I have both opened one to shunt our money around (in addition to others).

Also, that tool, awesome as it is, requires lump sums of £1500 to be moved around. I have got £30,000 to save but not an additional £1,500 to use as 'shunting money'. Although I guess that having £28,500 in savings and using £1,500 as shunting money is still better than what anything else has to offer for a 30 grand lump sum...

colsten

If you have £30,000, you have 20 x £1,500 "shunting money". You don't need an additional £1,500, and your savings aren't being reduced by £1,500.

You can move the same £1,500, from your £30,000, from A to B to C to D etc etc and back to A within 10 minutes if you want to.

The reason bankingaccounts.co.uk used £1,500 is so the largest requirement (at Lloyds) is satisfied, and you don't have to remember the various - lower - requirements of other accounts.

No idea why they left out FlexDirect. I also don't know whether they are still updating their site with the ongoing changes in offerings.

YorkshireBoy

dutchcloggie wrote: »

They have left out the FlexDirect presumably because that only pays 5% for the first year? I kind of forgot about that and my wife and I have both opened one to shunt our money around (in addition to others).

Shouldn't you have opened 3 (between you)?