Best Easy Access for over 10k

meejulie

I can normally look on here and find the best place to invest my money, but at the moment I am really confused.
I have around 10k that has matured in an ISA so now on a really low interest rate. I need to move it but will probably need access to it this year. There seems no point reinvesting in an ISA and Bank accounts seem to be the best way to go but you seem to lose out if you have over a certain amount to save.
Is my only option one of the really low savings accounts?
I am with Lloyds and have opened a club Lloyds monthly saver but cant see that this is much help with investing my 10k.
Any suggestions please?

YorkshireBoy

So you already have £5,000 making 4% AER in the Club Lloyds current account? What other accounts do you have at the moment?

bigadaj

meejulie wrote: »

I can normally look on here and find the best place to invest my money, but at the moment I am really confused.
I have around 10k that has matured in an ISA so now on a really low interest rate. I need to move it but will probably need access to it this year. There seems no point reinvesting in an ISA and Bank accounts seem to be the best way to go but you seem to lose out if you have over a certain amount to save.
Is my only option one of the really low savings accounts?
I am with Lloyds and have opened a club Lloyds monthly saver but cant see that this is much help with investing my 10k.
Any suggestions please?

There's nothing stopping you having more than one current account, though there are restrictions on how many you can have with most institutions, that should be your answer.

Gandalf133

Santander 123 account £300 interest and £60 charges gives you 240 for taking the time to open it

jimjames

Gandalf133 wrote: »

Santander 123 account £300 interest and £60 charges gives you 240 for taking the time to open it

But for £10k you can do far better than the 123.

LXdaddy

jimjames wrote: »

But for £10k you can do far better than the 123.

Indeed you can but it takes more effort to set up. So the "easiest" is a Santander 123 for 3% less £5/month.


More can be earned using
TSB, Lloyds and Tesco for 5K + 2K + 3K and 4%, 5%, 3% no monthly charge.
(I can never remember which way round TSB and Lloyds go in this list)


And if you use the monthly savers (restricting your self to the ones that don't have to run for a complete year) then there is 6%, 5%, 4% available on various amounts.


And of course is you are part of a couple then you have 2 or even 3 of each type available to you

ColdIron

Perhaps something along these lines

Lloyds Club 4% on 5K, you already have one of these for the monthly saver?
TSB Plus 5% on 2K
Nationwide FlexDirect 5% on 2.5K, 1 year bonus
Tesco 3% on 3K, no fee and you can have 2 of these

Loads of posts on these accounts on the board

meejulie

Yes I have club Lloyds monthly saver but I cant just put 5K in can I?
Thanks for your help, time to study the accounts you suggested. I also need to check how much a year you can save before tax now? Am I wrong in thinking that is 10k in which case I will need to keep some in an ISA?
OK I think I can sort his out myself now. thanks for helping me think in the right direction, time for a new bank account i guess!!

meejulie

And I've just read its £1,000.00 interest you can earn before Tax so I've no problem there!!

YorkshireBoy

meejulie wrote: »

Yes I have club Lloyds monthly saver but I cant just put 5K in can I?

In order to qualify for the Club Lloyds Monthly Saver you first need to hold a Club Lloyds Current Account. It's this current account that will take £5K in one go. If it's full already, then great. If not, then fill it with whatever it will take.