How to make the most out of 14k

Axon75

Is it better to feed it to a regular saver account, ie. 1k every month, or deposit altogether in an account?

SeduLOUs

Try here: http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

And here: http://www.moneysavingexpert.com/savings/best-regular-savings-accounts (note the bottom section about 'drip feeding')

Axon75

So I will have to do the drip feeding? But which accounts should I choose to do it?

YorkshireBoy

This article describes the approach you should take...

http://www.moneysavingexpert.com/savings/which-saving-account

At the bottom of the article (in the related guides section) are links to the articles provided above in post #2.

In short, you get your cash into the highest interest paying current accounts and then, if you consider it worthwhile (time, effort, number of additional accounts to manage, etc), you drip feed regular savers from the high interest savings accounts.

Everything you need to know will be found in the 3 article links provided already.

djpailo

Nationwide > TSB > Lloyds > Tesco #1 > Tesco #2

That should cover you. You will need some direct debits for Lloyds. If you don't need access to the money then:

First Direct Regular Savings > M&S savings account > TSB savings and current account > then as above.

There might be some other savings accounts I missed.

Axon75

djpailo wrote: »

Nationwide > TSB > Lloyds > Tesco #1 > Tesco #2

That should cover you. You will need some direct debits for Lloyds. If you don't need access to the money then:

First Direct Regular Savings > M&S savings account > TSB savings and current account > then as above.

There might be some other savings accounts I missed.

I opened a NationWide FlexiDirect and I put 2.5k, do I need to feed it 1k every month to get the interest?

Futuristic

Axon75 wrote: »

I opened a NationWide FlexiDirect and I put 2.5k, do I need to feed it 1k every month to get the interest?

Yes and remember the 5% only lasts for 12 months with Nationwide (changes to 1% after)

Axon75

I signed up for Nationwide and I set a standing payment to feed it every month.

But I am not sure what else to do.

1) I am willing to switch current account where I get my salary and pay my direct debits, what is the maximum bonus I can get?
2) I will save at least £500 per month, how can I take advantage of it?
3) I still have 16k resting in an account, from which I feed the Nationwide account, but I return the money after 4-5 days. What could I do with that 16k to maximize profit?

I read the guides but couldn't specify a specific strategy to follow!
thanks!

PS: I am HSBC premier customer

YorkshireBoy

Axon75 wrote: »

I read the guides but couldn't specify a specific strategy to follow!

You can't have read them all, including the linked articles within the links already provided. If you had, you'd know the answer to 1) because they're all listed here (linked to within the link I provided earlier)...

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#bonus

The articles won't specify a strategy for everyone. They say what's currently available and you have to make it work for you.

Suggest you go back and read the articles again...and again...and then you'll know what to do with your cash.

When you've developed your plan, post it on here and ask for opinions/fine tuning.




EDIT: And don't forget to show some appreciation.

Axon75

one thing I dont understand is the necessity to have minimum money paid in the account monthly: you can withdraw them the next minute and you're okay? perhaps apart from the regular saving accounts, that you need the incoming money to stay there to get the interest?

Eco_Miser

For the Regular Savers, the money goes in and stays in until the anniversary of opening (usually), for the current accounts the money goes in (because the bank wants you to use their account as your main or only account, but they can't stop you having multiple accounts), and then comes out immediately, or maybe later - if you have DDs or SOs on the account, or maybe sooner if you are circulating the money and this is the source account.

The best regular savers are listed in the first few posts of https://forums.moneysavingexpert.com/discussion/608697 - which is crowd-sourced and often more up-to-date than the official article.