Temp savings 35k

DevonBulldog

Hi everyone

We are currently remortgaging and releasing some equity for an extension. I'm going to have 35k sat around for a while so I was wondering is there an account I can open to maybe gain some interest or anything clever I can do with the money? I don't know how long we'll have it but I want to be smart with it if I can

Thanks 👍

xylophone

A couple of Tesco current accounts each should be easy enough to open.

A Nationwide Flexdirect each and a joint ditto - regular in and out £1000 from Tesco to NW and back again

You could put the rest in RCI whence you could send the monthly interest arising on the other accounts.

Draw down the RCI first.

Sceptic001

xylophone wrote: »

You could put the rest in RCI whence you could send the monthly interest arising on the other accounts.

FYI RCI Bank is registered in France, so if it goes bust you rely on the French compensation scheme to reimburse you.

https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfK1LAAV

xylophone

If the OP is uncomfortable about RCI he could use NS&I Income Bonds for the same rate of interest. (1%)

I myself have an RCI account and now the rate is about to drop to 1% had considered closing it and either using NS&I or accepting less than 1% from Nationwide Loyalty but for the moment I think I'll stick with RCI.