Best Bank Accounts to save with

Runningfast

Hi,

Trying to streamline my finances to gain the best interest rates etc for short term savings i.e. the money might be pulled at any point in the next 12 months to buy a new car and also put towards a house deposit.

I currently have 2 x Tesco accounts with 3K balances in each earning 3%, 1 X Nationwide Flex Plus with £2500 earning 3%. I now have an additional 7K just sitting in a piddly easy access account gaining 1% or what ever it is over 12 months. Can anyone suggest a better place to put that money so as to gain a higher rate monthly interest but still be easily accessible if I buy the car and/or house deposit in next 12 months

Also bear in mind the savings increase between £300 - £600 per month so I need a place to put those payments also.

Thanks

YorkshireBoy

So you're aware current accounts pay the highest interest rates at the moment? What's your research on other current accounts thrown up so far? If you haven't already, look at TSB, Lloyds, and Bank of Scotland.

Are you excluded from Nationwide's FlexDirect, having already had a 12 month promotion? Perhaps you're waiting out for a repeat?

Since you already bank with Nationwide, surely you've seen they do a £500 a month regular saver paying 5% AER? Would seem an ideal fit for your requirements.

Runningfast

Thanks for your reply.

Yes I am aware that current accounts give the best interest at the moment. What I am not sure about is how many current accounts is too many? and at what point it would (If it did) affect my credit worthiness having so many accounts open etc.

I'll be honest the reason for this thread was that I took my eye off the market after setting up the 3 accounts mentioned above. I have just let the money build each month until I reached the maximum in the 3 accounts and then the rest of it just built up in an old savings account I had. I have been meaning to sort it out for awhile but I was lazy and never did it. I currently have 7K I need to maximise and a savings rate of between 300-600 per month I need to maximise plus I might I need to find somewhere to put an additional 4K lump sum.

I will check out the suggestions you have made including the regular saver with nationwide.

Thanks

kingrulzuk

Runningfast wrote: »

Thanks for your reply.

Yes I am aware that current accounts give the best interest at the moment. What I am not sure about is how many current accounts is too many? and at what point it would (If it did) affect my credit worthiness having so many accounts open etc.

I'll be honest the reason for this thread was that I took my eye off the market after setting up the 3 accounts mentioned above. I have just let the money build each month until I reached the maximum in the 3 accounts and then the rest of it just built up in an old savings account I had. I have been meaning to sort it out for awhile but I was lazy and never did it. I currently have 7K I need to maximise and a savings rate of between 300-600 per month I need to maximise plus I might I need to find somewhere to put an additional 4K lump sum.

I will check out the suggestions you have made including the regular saver with nationwide.

Thanks

Since last month I have opened TSB, Nationwide, RBS and Tesco working progress and next month Lloyds.


If you are lazy then what you need is just this: http://www.santander.co.uk/uk/current-accounts/123-current-account

colsten

Runningfast wrote: »

Yes I am aware that current accounts give the best interest at the moment.

it's current accounts and regular savers. https://forums.moneysavingexpert.com/discussion/5374614

Runningfast wrote: »

What I am not sure about is how many current accounts is too many? and at what point it would (If it did) affect my credit worthiness having so many accounts open etc.

I have had a couple of dozen accounts for several years, and never had any problems getting new ones or credit cards or phone contracts etc. Your credit worthiness will only be negatively impacted if you have too much available credit (in the form of overdraft arrangements) or if you have markers (bounced payments etc) on the accounts. Both can be easily avoided.