Where to put 2k ?

Rufaz

Hey all, I'm after some advice on where is best to put £2000. It might not seem much to you lot, but we all gotta start somewhere. Got a bit of money coming my way and dunno what to do with it.

I am single and self employed and currently not paying tax as I am under the personal allowance threshold. I have no debts, no mortgage etc.

I have trouble getting higher rate interest bank accounts as I am 2 year discharge bankrupt.

I currently invest £50 a month premium bonds, and £50 a month p2p Ratesetter and £50 a month into my ISA.

Any advice on what I should do?

pete-20-11

Could you open such a bank account BUT say no to the overdraft during the application process?

Would that work?

Rufaz

I think it just goes on your credit score, I could be wrong.

Archi_Bald

If you are unable to get a current account such as the TSB Plus account, your best bet might well be an ISA. What is the interest rate on your ISA?

But if you can get current accounts, forget about ISAs altogether until your savings exceed the annual allowance (currently £15,240). Go for a TSB Plus instead, and a Nationwide FlexDirect. Also make use of the TSB Plus Monthly Saver.

Have you tried applying for a TSB Plus?

Rufaz

Thanks Archie,

My ISA rate is 0.80% AER with Barclays.

I looked at the Nationwide FlexiDirect, and you need to pay in £1000 a month, can u keep circulating the same £1000? Otherwise I can't pay in that much a month.

So that leaves the TSB Plus account I could try and go for that and see if they will give me one

AndyT678

Rufaz wrote: »

I looked at the Nationwide FlexiDirect, and you need to pay in £1000 a month, can u keep circulating the same £1000? Otherwise I can't pay in that much a month.

Yes you can. Their 5% rate only lasts for 1 year though so you might be better off trying TSB to start with.

markharriers

Rufaz wrote: »

Thanks Archie,

My ISA rate is 0.80% AER with Barclays.

I looked at the Nationwide FlexiDirect, and you need to pay in £1000 a month, can u keep circulating the same £1000? Otherwise I can't pay in that much a month.

So that leaves the TSB Plus account I could try and go for that and see if they will give me one

yea use the same £1000 in and out each month as long as its not coming from another nationwide account. If poss you would be better with a tsb as suggested above so you can take advantage of there 5% monthly saver also

Rufaz

Well a quick update on this, I tried to open a Tesco current account at 3% and I was refused due to low credit score I don't wan't to try other banks as this will look worse on my credit report, so has anyone got any other ideas?

xylophone

Transfer the ISA to the Coventry Instant Access ISA (1.50%) and add the £2000?


http://www.coventrybuildingsociety.co.uk/savings-accounts/home.aspx

Try for a high interest current account later on?

Rufaz

So now I am thinking to put it all into P2P lending or start a S&S ISA

DireEmblem

Hi there - have you heard of the Bank Account Savings website? If you need easy access, it tells you the best place(providing its on their site) where to put the money, and what you need to do to maintain the highest rate of interest.