Maxed out 123 account, what now without splitting 10 ways?

theronkinator

Hi, I currently have £28,500 sat in a Santader 123 account so a good chunk isn't earning anything so I need to sort that!


I've seen the other accounts with decent interest but all others seem to have a £2-5000 cap and I don't want the hassle of managing loads of small accounts.


I currently save around £1000 a month, don't budget but I don't really need to either at the moment as I'm doing pretty well savings wise regardless.


I currently have a Santander 123 Account, 2 Halifax Current accounts (1 reward) and a Halifax Clarity Credit Card (pay it off in full each month). I shut down my last ISA in March so haven't had one this FY.


I'm thinking about a Help to Buy ISA as they seem pretty good, it's a shame Halifax/Santander don't let you split the allowance like some others.


I'd be looking to buy a house in the next 12-18 months hopefully so nothing massively locked in would be preferred, just looking for some where to dump cash with minimal hassle or accounts across 5+ banks.


Thanks.

eskbanker

The 4-5% accounts are the most limited, but you can get three Bank of Scotland Vantage accounts for a total of £15K with the same bank at 3%.

For the £1000 per month put this into multiple regular savers, the 6% interest justifies a bit more work in my opinion....

And yes, a Halifax HTB ISA is worth doing too....

YorkshireBoy

Assuming you're keeping the 1-2-3 account you possibly only really have 2 options:

1. Bung the £8.5K and your £1K per month in the best single savings account you can find (1.5-1.6%?).

2. Open 3 BoS Vantage accounts, and get at least £3K in each (get the extra £500 from the 1-2-3), and there's still room for 6 months savings @ £1K/month. The beauty of these is that they can be managed from within your Halifax online area.

Of course whatever you decide, you really should do the Halifax HTB ISA. It's a no-brainer!

theronkinator

eskbanker wrote: »

The 4-5% accounts are the most limited, but you can get three Bank of Scotland Vantage accounts for a total of £15K with the same bank at 3%.

For the £1000 per month put this into multiple regular savers, the 6% interest justifies a bit more work in my opinion....

And yes, a Halifax HTB ISA is worth doing too....

YorkshireBoy wrote: »

Assuming you're keeping the 1-2-3 account you possibly only really have 2 options:

1. Bung the £8.5K and your £1K per month in the best single savings account you can find (1.5-1.6%?).

2. Open 3 BoS Vantage accounts, and get at least £3K in each (get the extra £500 from the 1-2-3), and there's still room for 6 months savings @ £1K/month. The beauty of these is that they can be managed from within your Halifax online area.

Of course whatever you decide, you really should do the Halifax HTB ISA. It's a no-brainer!

Thanks that's great, I've just opened a Halifax HTB ISA and put £1200 into it.


The Vantage account sounds great, especially if I can manage it from my Halifax online banking as that was one of my main concerns having multiple accounts to keep track of.


What's the best way to open three Vantage Accounts, can I do it online, will it let me open three online, or do I do one every month or two across a few months?


Thanks again.

eskbanker

theronkinator wrote: »

What's the best way to open three Vantage Accounts, can I do it online, will it let me open three online, or do I do one every month or two across a few months?

Mixed experiences reported on this, see https://forums.moneysavingexpert.com/discussion/5382358

As I recall, I opened my first online, waited a week or two, opened another online and then the third by phone a bit later on, but your mileage may vary....