best place to keep £18,000?

r2015

Currently I have 3 bank accounts I keep my money in, I also have a couple more for perks like travel insurance (Nationwide) and cashback (Halifax Reward) where I just cycle money through every month.


And a couple of Tesco savings accounts for the DDs with about £100 each in them.


I also have just over £1,000 "under the mattress"


I have £5000 in a BoS Vantage account, £2000, soon to be £1500 in a TSB account and the remainder in a Santander account.


My wife keeps nagging at me to consolidate the accounts and just have one to make life simpler if I happen to go before her.


Would you put all the money in Santander and close the other accounts and how much would I lose a year?

Katiehound

Sorry can't work out what you would lose... but you would lose that's for certain!
After the Tesco fiasco it pays to have several a/cs running.

I would be suggesting that you max the BOS Vantage a/cs because you could have 3 of them. Currently paying 3%........ no news yet of an interest reduction but don't hold your breath!

Also Tesco current a/cs- x2- £3K in each paying interest.

xylophone

Had you considered opening two more BOS Vantage accounts? The necessary DDs can be set up on your existing Tesco savers and the funding through internal SOs.

A joint Santander 123 from which all household DDs are taken might be a good idea.

YorkshireBoy

r2015 wrote: »

Would you put all the money in Santander and close the other accounts

No I wouldn't. I'd open up 2 more Vantage & 2 Tesco, making them all joint. I'd then convert the TSB to a joint. I'd then bag a couple of Nationwide FlexDirect, one joint and one in her name. If you've any cash left over, look at a Joint Club Lloyds.

and how much would I lose a year?

You know what BoS and TSB pay per month now.

You know that Santander pays £25 per month for £20K (if you didn't, you do now).

There are 12 months in a year!

Get your calculator out.

r2015

I'd open up 2 more Vantage & 2 Tesco, making them all joint.

I (she) want less accounts not more.

YorkshireBoy

r2015 wrote: »

I (she) want less accounts not more.

You asked me what I'd do.


If I was you I'd argue that as she'd be named on all the accounts there'd be very little hassle for her once you've pegged it. In the meantime you both have a better income in retirement. Win/win?

Katiehound

r2015 wrote: »

I (she) want less accounts not more.

Ah, but if you want your money to work for you that's not the way to do it!
In this instance more a/cs mean more dosh!
(and you certainly don't want all your eggs in one basket)

xylophone

Make the Nationwide account a joint account.

Have a joint account for all household DDs, preferably one with cash back - Santander lite might suit.

With the above, your wife will be able to function financially should you predecease her.

Just make sure that you have an up to date list of your sole accounts with your will.

[Deleted User]

I'll keep it for you!

eset12345

r2015 wrote: »

I (she) want less accounts not more.

only so she can see how much you can spend on her :eek:

MaritzaProkop

Thanks for sharing