Looking for Advice now that Intestest is about to drop

RandomUser923759

Hi, I currently have halifax, tsb, nationwide and lloyds current accounts. Taking about 85 a month in interest. It is a bit of a hassle having all of these accounts but for the 85 it seemed worth it.

My TSB contactless deal runs out this month, as well as most rates changing in Jan and Feb, my year at 5% in nationwide is almost over too.

I am about to drop to about 38 a month, and thats only going to drop further once Nationwide offer ends.

Is there something better I can do with my money? I prefer to have interest paid monthly and have instant access - or is what I am doing going to be the only way?

TheShape

If you want rates of 5% you'll be needing regular/monthly savers and will have to settle for yearly interest. Nationwide Flexclusive Regular Saver, FD, M&S, HSBC regular savers.

If not those, then for 3% ongoing monthly interest you have Tesco and BOS.

RandomUser923759

Any other suggestions?

TheShape

Post #2 seemed like some pretty good suggestions;)

Also, Club Lloyds monthly saver and Co-Op Rewards current account.

KTF

I have been moving my money into ratesetter lending at 3% or higher.

YorkshireBoy

mrchrisbrogan wrote: »

Any other suggestions?

It's been over a month since you asked for help. So we don't waste time on suggesting options you've already discovered/considered in that period, perhaps you could post up what your own research has thrown up in that period?

Oh, and how about some acknowledgement for the respondent in post #2 who's given you suggestions for £21K at 3% AER...which tick all 3 of your criteria, namely...

* Is there something better I can do with my money? - TICK
* I prefer to have interest paid monthly - TICK
* and have instant access - TICK

...and also answers...

"or is what I am doing going to be the only way? " - TICK (use regular savers - those suggested will take £1,300 a month. If they're drip fed from BoS/Tesco, then that's an aggregate 4%+ on £15,600 of the £21K).

Joe_Bloggs

KTF said:-

I have been moving my money into ratesetter lending at 3% or higher.

I was getting 5.5% or higher until altruistic benefactors like KTF decided to invest.
J_b.

KTF

Joe_Bloggs wrote: »

KTF said:-

I was getting 5.5% or higher until altruistic benefactors like KTF decided to invest.
J_b.

Ooh, the burn

Yes, rates have dropped on ratesetter recently

mt99

You can downgrade your TSB account and open a new TSB Classic Plus and get contactless 5% until September (must be done in branch)