advice pls - isa v regular savings v credit union??

Melmel

Hello guys
I will be receiving a few grand in the next few weeks, what I plan to do come April 2017 is put it in a lifetime savers when they launch, but just looking advice on what to do with it in the meantime? Should I put it in an isa? Or open up a regular savings account like the Nationwide 5%? But can I take it out of there come April and still earn interest on it until then? Or I live in NI, should I put it in a local credit union? So much information out there it's a bit overwhelming! Any advice appreciated.
Thanks!
Mel

Placitasgirl

I don't think a Regular Saver is what you need as you can only "drip feed" into them by paying in £500 (in the case of NW) or £250 (TSB) per month. Depending on how much "a few grand" is you might want to look at Club Lloyds where you could park £5000 in the current account (currently 4%) and save £400 per month into their regular saver. You do however need to be paying in £1500 per month to the current account to avoid the £5 per month fee and need to have 2 active DD's on the account.

NW Flex Direct would earn you 5% on balances up to £2500 in the current account, but you could then put £500 a month into their Flex Regular Saver.

As always do make sure to check current interest rates and terms and conditions for any account before making your savings decision.

Melmel

Great, thanks for your reply! Much appreciated. (A few grand is actually 10, I'm still rather sheepish about receiving that amount!) Sounds like NW could work. I'll investigate further.