easy way to get £50 interest a month?

zak2012

whats easiest way to get £50 interest a month in current accounts apart from santander123. thanks

SuperAllyB

Assuming you aren't using your new (from April) tax free saving allowance, then stick £120,000 in a 0.5% savings account.

vouch0r

on roulette? how much savings do you have?

[Deleted User]

SuperAllyB wrote: »

Assuming you aren't using your new (from April) tax free saving allowance, then stick £120,000 in a 0.5% savings account.

The OP is looking for £50 a month from, specifically, current accounts.

SuperAllyB

Deleted_User wrote: »

The OP is looking for £50 a month from, specifically, current accounts.

That was edited after my post, original question was simply the easiest way to get £50 interest per month, no mention of type of account. Thanks anyway.

[Deleted User]

SuperAllyB wrote: »

That was edited after my post, original question was simply the easiest way to get £50 interest per month, no mention of type of account. Thanks anyway.

My apologies.

diamonds

TSB and Halifax current a/c's pay me rewards and interest just under £20 on £2000 balance and a credit of £750 a month, thats a good starting point, Sandanter 123 is £5 a month with interest upto 20K and £3 RBS accounts both give cashback on certain DD's - use the calculator on their websites to find who would pay you more for your DD's.

LXdaddy

If you are comparing 20K in Santander at 3% = £600 gross in the year then you could do...


5K at 4% LLoyds
2K at 5% TSB
2.5K at 5% Nationwide (need to confirm this one)
2 * 3K at 3% Tesco or BOS
That's 15.5K paying £605 interest per year


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

diamonds

LXdaddy wrote: »

If you are comparing 20K in Santander at 3% = £600 gross in the year then you could do...


5K at 4% LLoyds
2K at 5% TSB
2.5K at 5% Nationwide (need to confirm this one)
2 * 3K at 3% Tesco or BOS
That's 15.5K paying £605 interest per year


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

For £5!

Easier giving up a pint and bag of chips once a year

colsten

diamonds wrote: »

TSB and Halifax current a/c's pay me rewards and interest just under £20 on £2000 balance and a credit of £750 a month, thats a good starting point,

For somebody who hasn't held various accounts for years(*), it is impossible to make anywhere near £20 a month in interest and rewards from TSB and Halifax only.

TSB Plus gross interest is in the region of £8 a month.
Halifax reward is £5 a month.

So there you are with your "just under £20" --- £13.

If you added the TSB Plus cashback, you can make a max of another £5 a month, bringing you closer to the "just under £20" you mentioned.

If you added the TSB Monthly Saver, you could add another £80ish a year, equating to ~£6.66 a month, but obviously only paid at the end of 12 months.

(*) Those fortunate enough to have started using multiple current accounts years ago, the picture is very different as they are entitled to many more accounts than recent/new applicants.

colsten

zak2012 wrote: »

whats easiest way to get £50 interest a month in current accounts apart from santander123. thanks

Easiest would be to start with how much cash you have, and what if any multiple current accounts you may already have.

Next Q would be whether you actually need the monthly interest or whether you could live with annual interest - the latter would significantly increase the interest you can earn over a year.

Further Q would be whether you have exhausted all the switching offers already.