Where am i best saving?

enthusiasticsaver

On the amount you have I would go to TSB with your existing savings and also open their regular saving account so you could earn 5% . The maximum you can put in the TSB for earning interest is £2000 so you could stick the other £1k in a Nationwide Flex direct which also earns 5%. You need to transfer money in and out to satisfy the income criteria but I do this every month on the same day by standing order and there is no problem with that.

Superscrooge

In addition to the advice from YorkshireBoy. You can open a regular saver with TSB which also pays 5% interest which is much better than opening another Halifax saver.

So I suggest deposit £2,000 in a TSB current account. Set up a a couple of standing orders, one to pay £500 into the TSB account and another to pay £500 out of the TSB account. Then if you have any further spare cash open a TSB saver account.

tempus_fugit

Another vote for TSB here. I have just opened two accounts in my name and the OH's which will be filled up and also used to feed two regular savers, if I can get those opened too. Once these are filled and/or the saver period runs out I will be opening other accounts to get decent interest on them. There are plenty such accounts with decent rates of interest that don't require a switch and either also don't need any direct debits, or they just need a couple so you can just move a couple over from your main account. It's all about knowing how to work the system.

darkidoe

Current Accounts in this order
TSB (5%) £2000
Nationwide (5%) £2500

Once you have more,
Club lloyds (4%) £4000-£5000
Tesco (3%) £3000
Bank of Scotland (3%) £3000-£5000

Go catch them all!

Mamai

Thanks everyone that's so helpful.
I will open a tsb account but also the regular savers. Can I ask one more question- can I manually transfer the minimum pay in to the tsb account or does it have to be by standing order?

Thanks again! :money:

YorkshireBoy

Mamai wrote: »

Thanks everyone that's so helpful.
I will open a tsb account but also the regular savers. Can I ask one more question- can I manually transfer the minimum pay in to the tsb account or does it have to be by standing order?

Thanks again! :money:

The requirement is, quite simply, to ensure that each month you "pay at least £500 into your account". It matters not how you do it nor where it comes from.


May I suggest you read the account T&Cs before embarking, as there's one other crucial eligibility criterion to meet to ensure you earn the 5% AER interest. The (one page) T&Cs are here...


http://www.tsb.co.uk/media/tsb/pdfs/classic_plus_terms_and_conditions.pdf

Mamai

So after all that, I can't open a tsb account being from Northern Ireland as I can't present proof of id to my 'local branch' in Scotland