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Saving Numpty looking for advice

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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!!
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  • grumbler
    grumbler Posts: 58,629 Forumite
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    edited 9 April 2016 at 8:30PM
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    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.
    With jumping you can get up to 5% on limited balances and can add regular savings account(s) paying up to 6%:
    For a better advice you have to disclose how 'significant' is the amount.
  • baglady101
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    Just shy of nine thousand pounds.
  • baglady101
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    Also, what does jumping mean? Moving from account to account?
  • grumbler
    grumbler Posts: 58,629 Forumite
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    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
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    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
    grumbler Posts: 58,629 Forumite
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    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
    colsten Posts: 17,597 Forumite
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    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: http://forums.moneysavingexpert.com/showthread.php?t=5374614
  • baglady101
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    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
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    HTB? Help to buy? Yes probably. But it seems a bit of a big brother is watching you scheme.
    <dons tin foil hat>
  • colsten
    colsten Posts: 17,597 Forumite
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    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.
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