Best long term high interest accounts

spiritus

I'm looking to start making my money work harder for me but it seems I have to work hard to make my money work hard !!


Are there any decent interest paying accounts that do not revert back to a basic account after 12 months or does not require me to jump through several hoops ?


Cash ISA's don't seem to be worth much. Are there any other options ?

Eco_Miser

Tesco pay 3%, no DDs or minimum monthly pay-in.

Others require £500 or more a month, but it doesn't need to stay there. Some require DDs. Only one reverts after a year. Many of us think the return is worth the (minimal) effort required.
Regular Saver accounts pay the same as or more than the associated current account (up to 6%)

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

spiritus

Thanks.


It looks like the Tesco one is for balances up to £ 3000.


I have £ 20,000 that I am trying to find a better home for and the Santander 123 account looks promising but I am sure I read somewhere that it reverts back to a basic account after 12 months.

mgdavid

spiritus wrote: »

....... the Santander 123 account looks promising but I am sure I read somewhere that it reverts back to a basic account after 12 months.

No, it doesn't.

Katiehound

TSB Classic Plus would give you 5%- you just need £500 to go in every month. Mine visits for a 2 days!

2 x Tesco a/c s

There are plenty of current accounts where you could spread that amount of cash for maximum returns. There are quite a few threads on here already with hints of how you can achieve a good return.

xylophone

Santander 123 does not "revert" - to get the best value from it, make the DDs ones which give "cashback" - it is then possible to cover the monthly fee and obtain full benefit from the 3% interest.

A regular saver is also on offer.

There is no reason why you should not have the 123 and accounts with Tesco etc.

Robisere

As I say in another Thread, I recently switched to TSB from NW. I made a point of asking if the 5% Classic plus account would end after a period, as happened after 12 months with NW, and was assured that it did not have an end date at all. However, if things change, I shall definitely switch again, to something similar. The days of 'One bank for life' are gone I think: promises and forecasts made can be broken by the banks whenever they feel it is necessary.

I want our TSB account to be long term, as this account also has other goodies, such as the main account carrying 5% interest only on the first £2,500. (after £2.5k, no more earned interest) But there is also a Savings account coupled to the Classic Plus account, which also earns 5% interest. I move anything > £2.5k over to the Regular Saver, and add money from that to an ISA.

badger09

Robisere wrote: »

As I say in another Thread, I recently switched to TSB from NW. I made a point of asking if the 5% Classic plus account would end after a period, as happened after 12 months with NW, and was assured that it did not have an end date at all. However, if things change, I shall definitely switch again, to something similar. The days of 'One bank for life' are gone I think: promises and forecasts made can be broken by the banks whenever they feel it is necessary.

I want our TSB account to be long term, as this account also has other goodies, such as the main account carrying 5% interest only on the first £2,500. (after £2.5k, no more earned interest) But there is also a Savings account coupled to the Classic Plus account, which also earns 5% interest. I move anything > £2.5k over to the Regular Saver, and add money from that to an ISA.

TSB pays interest on balance up to £2k - not £2.5k;)

jimjames

Katiehound wrote: »

TSB Classic Plus would give you 5%- you just need £500 to go in every month. Mine visits for a 2 days!
.

Not sure why you're leaving it there for 2 days. Mine stays for about 2 seconds. Moving it immediately means you get maximum interest if you have filled the account to the £2000 limit.

Katiehound

jimjames wrote: »

Not sure why you're leaving it there for 2 days. Mine stays for about 2 seconds. Moving it immediately means you get maximum interest if you have filled the account to the £2000 limit.

Why? because I set up SOs for all of them and sometimes the dates used coincide with a w/e. This way it ensures money has arrived before it goes off on its travels passing 'GO' en route (would be nice if it triggered a £200 payment each time but I'll have to settle for interest or a £5 payment!!)
Sorry, how does moving it immediately mean I get maximum interest? Both accounts have £2k as permanent residents!

YorkshireBoy

Katiehound wrote: »

Why? because I set up SOs for all of them and sometimes the dates used coincide with a w/e. This way it ensures money has arrived before it goes off on its travels passing 'GO' en route (would be nice if it triggered a £200 payment each time but I'll have to settle for interest or a £5 payment!!)

On another post you said you had a TSB Classic account which acted as a "float" and was used for topping up your Plus account's contactless spend. This indicates you log in frequently throughout the month. So why not bounce £500 out to the "float" account and back in again manually whilst you're there? Takes all of 15 seconds or so.

Sorry, how does moving it immediately mean I get maximum interest? Both accounts have £2k as permanent residents!

One account must have £2,500 for 2 days surely?...if you're delaying an outbound SO for 2 days.