Which is my best option please?

moni19

I bank with Santander 123 and have recently become mortgage free. I'm 48 and want to invest the £600 I was paying into the best interest paying option.

What are my options please?

ColdIron

You could start with the Top Savings Accounts link at the top of the page

moni19

So am I right in thinking i just leave it in my Santander 123 account and earn 3%? And when I'm up to £20,000 what would I do then?

JohnRo

The link provided has a headline that says

TSB - 5% up to £2000

I'd start there.

moni19

Ok I'm not really getting the advise I was hoping for here

Yes I know I cud invest £2000 and get 5% but that's only £2000 I'm looking for the best long term way of investing £600 a month

HappyMJ

moni19 wrote: »

Ok I'm not really getting the advise I was hoping for here

Yes I know I cud invest £2000 and get 5% but that's only £2000 I'm looking for the best long term way of investing £600 a month

How about opening a regular savings account with HSBC, First Direct and M&S. You can earn 6% if you did that on up to £800 per month.

After 12 months put the money into accounts earning 5% as per the article and start again.

The simplest ways of earning money earn the least....around 1.5%.

Robbieh

Hi, I've opened a Nationwide Flexdirect acc. And have a Flexclusive RS that I drip feed £500 a month into which comes from 2x Tesco accs. As my Nationwide one is already at £2500 max. You could start with a. Flexdirect acc. Till it's full then drip it into the RS. Hope this helps.

enthusiasticsaver

Do you have a large lump sum already in Santander? If not, it would make more sense to move your money as the Santander 123 fee goes up to £5 per month from this month. It is not worth having this account unless you have close to £20k in it.




Nationwide and TSB both have current accounts paying 5% gross and regular savers paying the same rate. The Nationwide will take up to £500 each month and TSB £250 per month. Or if you are open to long term investing look at stocks and shares isas which you can also pay in to monthly.

Eco_Miser

https://forums.moneysavingexpert.com/discussion/5374614

Work your way down the list until all your money is earning the best rate available.
Yes, at some point that means putting £2000 in TSB, because that's the best rate offered for a lump sum.