Saving Numpty looking for advice

baglady101

Hello

I currently have a significant amount (in my world anyhow) in an NSandI Isa. As they have recently taken the interest rate down again, I'm looking to move this money to somewhere where I will get a better rate.
I'm not interested in speculative saving and I'm not able to add to this amount more than once a year.
I'm not currently a tax payer and I need to be able to access small amounts.
Help me please? And terminology tends to go over my head so could you please explain in terms a numpty will understand?

Thank you in advance!!

grumbler

Nowadays it's the current accounts that pay the best interest.
However, anything bigger than 3% (on a limited balance) requires some jumping trough hoops.

• Best Bank Accounts
• Top Savings Accounts

With jumping you can get up to 5% on limited balances and can add regular savings account(s) paying up to 6%:

• Regular Savings

For a better advice you have to disclose how 'significant' is the amount.

baglady101

Just shy of nine thousand pounds.

baglady101

Also, what does jumping mean? Moving from account to account?

grumbler

Moving is easy.
The accounts paying top interest typically require DDs coming out every month and monthly credits. Also, to get 5% on £9K you will need more than one account. Everything can be arranged, but that's what I call 'jumping though hoops'.

baglady101

So split the money into two accounts?
Not necessarily after 5%, just want higher than the measly 1% ns&I are now offering. But also don't really want to have to manage it too much either.
I had a fixed term account with co-op but wasn't really impressed with the return after two years.
But would I be better off finding a fixed rate for a portion of it and then sticking the rest into a higher (than I am getting at the moment) rate Isa?

grumbler

Some people have 10+ current accounts:
5% savings loophole: max interest with multiple bank accounts

For 3% on up to £20K Santander 123 is the easiest, but it comes with £5 monthly fee that can be partly offset by cashback on some DDs.
Another easy 3% is Tesco, but the max balance is £3K.

colsten

Do you qualify for an HTB ISA? That's the only ISA worth your while with £9K available in total. You would need some other accounts alongside. List of best accounts: https://forums.moneysavingexpert.com/discussion/5374614

baglady101

Ten plus?!? <mind boggles>.
I only have two direct debits a month.
I guess I will be splitting the money two or three ways, bit of a pita but if it makes it all work more efficiently...

baglady101

HTB? Help to buy? Yes probably. But it seems a bit of a big brother is watching you scheme.
<dons tin foil hat>

colsten

baglady101 wrote: »

I only have two direct debits a month.

Any number of DDs are easy to get. Plenty of tips about that on the forum.

baglady101 wrote: »

HTB? Help to buy? Yes probably. But it seems a bit of a big brother is watching you scheme.
<dons tin foil hat>

Your choice - if free money from the government would help you with your first property, why not take it? You are free to turn it down if you consider it an intrusion.