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Savings Acc Versus Current Acc?

jayexeyaj
jayexeyaj Posts: 1 Newbie
in Savings & investments
Hello, I'm new to this. Could anyone share their experience of having savings of £20,000+ and no mortgage to pay, where is the best place to put my money. Should I split between lots of accounts or stick with one. TIA

Comments

  • Eco_Miser
    Eco_Miser Posts: 5,065 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Lots of accounts. Feed some into Regular savers for even more interest.

    A list of the account to use is here.
    Eco Miser
    Saving money for well over half a century
  • savings_my_hobby
    savings_my_hobby Posts: 363 Forumite
    Eco is right, with 20k you could easily get £650 per year and thats without drip feeding into regular savers.

    I'm dont know how much you earn but how many weeks/days wages will that cover? just for what? setting up a few bank accounts and standing orders to meet account requirements.

    Not just easy money, essential money in my view.
    Earn, Save and Achieve
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    savings_my_hobby wrote: »
    with 20k you could easily get £650 per year
    £727 with the right account choice. :)
  • jimjames
    jimjames Posts: 19,264 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    YorkshireBoy wrote: »
    £727 with the right account choice. :)

    And potentially a few hundred more if you so a switch or two
    Remember the saying: if it looks too good to be true it almost certainly is.
  • colsten
    colsten Posts: 17,596 Forumite
    10,000 Posts Seventh Anniversary Photogenic Name Dropper
    YorkshireBoy wrote: »
    £727 with the right account choice. :)
    and that's before you maximise the interest by engaging Regular Savers. They could easily add another £80, and more if you refine your strategy. A cool 4%+ AER on the entire £20K :cool:
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    colsten wrote: »
    and that's before you maximise the interest by engaging Regular Savers.
    ...plus the interest generated would be fed back to Tesco resulting in some compounding (which I couldn't be bothered to work out!).

    5 current accounts required...but so what!
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