best savings solution

heather670

I have around £8,000 i would like to put away somewhere but would like access if required and not have to have to put a set amount into the account every month where is the best place for interest to put it?

HappyMJ

Best place for interest is in a regular saver at 6% using a current account as a feeder account earning 5%.

You should be able to earn more than £400 per year and "up to" £480 with a regular savings account maturing every few months after 12 months to repeat the cycle. I would open one every 4 months with Marks and Spencer, First Direct and HSBC.

I know you said you didn't want to put a set amount each month in but that is very easy to meet the requirement. You send the money to the account and return it once a month to meet the requirement. You can do it automatically by standing order or you can do it manually each month in a matter of minutes.

xylophone

If you are prepared to go to the trouble, you could open a TSB Plus, a Nationwide Flexdirect and a Lloyds Club account, cycling money through by standing order to meet the monthly deposit requirements.

You would need two monthly paying direct debits on the Lloyds Club account- if you have none, this is easily managed by opening an Internet Saver and an Everyday saver and setting up a DD on each to pull monthly from Lloyds.

If the above is too much trouble, you could open two Tesco current accounts (£6000) and a Nationwide Flexdirect account, (£2000) setting up a monthly standing order from one Tesco to Nationwide and back again - you would transfer the monthly interest from Tesco to the Flexdirect.

After the Flexdirect year ended, you could consider a transfer to TSB/Lloyds etc.