Savings

HappyMJ

Do you not want to touch any of the capital and just live off the income the savings can generate?

You can get around the monthly funding requirements by opening two accounts with different banks and transferring the required money between them.

You can get around the requirement to have monthly interest by withdrawing just what you want each month knowing the capital will be restored once the annual interest payment is made.

I would as suggested open regular savers earning 6% on some (not all) of your money such as HSBC Advance and a 6% regular saver, First Direct current account and a 6% regular saver and a Marks and Spencer current account and a 6% regular saver.

I'd also open current accounts earning 5% such as TSB and it's 5% regular saver and a Ntaionwide account to give a home to some more of your money. Once all of those accounts are filled I'd open up current accounts earning 4% interest such as Club Lloyds and it's 4% regular saver.

Then I'd open Tesco and Bank of Scotland accounts earning 3% and if I need a home for more I'd open a Santander 123 account.

bsms1147

Open 12 regular savers, one a month for a year then repeat. Monthly interest sorted. Some of those will be paying a good rate.

jimjames

vcazzola wrote: »

TSB checked - pays annual interest, I want my interest paid monthly so I can withdraw it monthly. Will check the others

Tsb certainly pays interest monthly as I have the accounts. I also withdraw the interest every month.

Depending on amounts another option would be to invest some of it which would give a better income than you'd get on cash but with some capital risk.

colsten

jimjames wrote: »

Tsb certainly pays interest monthly

Not on the monthly saver account

ceredigion

vcazzola needs to appreciate there are two different products being thrown around in this thread . Current accounts and regular savers , you cant get the regular saver without the current account and both can be beneficial.
Its easy for us to throw comments around as we all have a basic understanding of what is what but for a newbie it can all get a little confusing .

xylophone

OP, the suggestion is that you make use of high interest paying current accounts, cycling money between them where required - they all pay interest monthly.

How much is the lump sum?

vcazzola

That's a bit too time consuming for me and mind boggling too. If one is actively engaged in moving money around that may be fine but I am not the type. Thanks anyway

george4064

vcazzola wrote: »

That's a bit too time consuming for me and mind boggling too. If one is actively engaged in moving money around that may be fine but I am not the type. Thanks anyway

Just setup standing orders, the money will automatically move around for you every month. Job done.