Savings advice

chattymum

My daughter who is 19 years old has 1200 to put into a savings account. Im trying to find the best 1 for her. She currently banks with Santander but the savings account im.looking for needs to not neeed regular deposits as the lump sum she has is a 1 off nest egg.

I need somewhere that will gain best interest for her. Also need to gain access to it if she needs to withdrawl

Thank you
Christine

xylophone

A current account with Tesco might suit.

Or she might open a current Plus account with TSB, set for paperless, transfer £500 to Santander and back again each month to comply with the pay in conditions?

enthusiasticsaver

Highest interest rate is nationwide flex direct current account but it requires £1000 pay in every month although she can withdraw it straightaway so she could do transfer between Santander and nationwide on same day when she gets paid assuming she works. That pays 5% so over one year it would be £60 but the rate drops then

Alternatively Tesco current account pays 3% with no need to do a monthly transfer and it does not drop after one year but only £36 for a year assuming rate does not drop.

Both are instant access.

ceredigion

look at Tesco's current accounts
TSB is dropping its rates

DrSyn

Have a look on

http://www.moneysavingexpert.com/banking/

Dan83

Open the 5% account with nationwide and once a month take £1000 out then put it back in.