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Best home for £10k cash?

Wobblydeb
Wobblydeb Posts: 1,046 Forumite
Part of the Furniture 500 Posts Combo Breaker
in Savings & investments
Hello - me and hubby have received a £10k windfall that I want to keep in cash, and earn best rates possible.

At the moment I am planning on opening 2 x Nationwide FlexDirect accounts, to store £5k (pays 5% for first year), 1 x FirstDirect Reg Saver (5%) and then 2 x FlexDirect Reg Savers (5%). So it will take 4 months to move the remaining £5k into the regular savers.

I've already got a FD reg saver, so can only open one of them.

I think this is the best rate I can get with minimal hassle. Can anyone suggest a better option?
I've got a plan so cunning you could put a tail on it and call it a weasel.

Comments

  • TheShape
    TheShape Posts: 1,901 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Open a couple of Tesco Current Accounts at 3% to store funds before drip-feeding to the regular savers. Also gives you a place to store any interest skimmed off the FlexDirect Accounts.

    Don't forget the £1000 p/m funding requirement for the FlexDirect accounts.
  • Wobblydeb
    Wobblydeb Posts: 1,046 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    TheShape wrote: »
    Don't forget the £1000 p/m funding requirement for the FlexDirect accounts.
    Thanks for the reminder. I'd also not thought about a home for skimming off the interest from those accounts :)
    I've got a plan so cunning you could put a tail on it and call it a weasel.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Why only 2 FlexDirect accounts?
  • Wobblydeb
    Wobblydeb Posts: 1,046 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    YorkshireBoy wrote: »
    Why only 2 FlexDirect accounts?
    That was one each for me and hubby - can you have more?
    I've got a plan so cunning you could put a tail on it and call it a weasel.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Wobblydeb wrote: »
    That was one each for me and hubby - can you have more?
    Not sure these days but a 3rd joint account used to be possible. Maybe take a look at their website and see if it still is?
  • Wobblydeb
    Wobblydeb Posts: 1,046 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    I am okay to fund the FlexDirect with a SO aren't I? i.e. Move the money between the two accounts?

    I do that with my TSB accounts, so there's no new money goes into those.
    I've got a plan so cunning you could put a tail on it and call it a weasel.
  • macman
    macman Posts: 53,129 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 6 January 2017 at 11:56AM
    Yes, you can have a joint account as well. Remember to open the last two using the 'refer a friend' link and you'll gain £400 bonus between you. Or get a referral from an existing customer and that becomes £500. Also I got an extra £22 cashback per account going via Quidco.
    You can fund by SO, but it must be from a non-Nationwide account.
    No free lunch, and no free laptop ;)
  • Wobblydeb
    Wobblydeb Posts: 1,046 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    macman wrote: »
    Yes, you can have a joint account as well. Remember to open the last two using the 'refer a friend' link and you'll gain £400 bonus between you. Or get a referral from an existing customer and that becomes £500. Also I got an extra £22 cashback per account going via Quidco.
    You can fund by SO, but it must be from a non-Nationwide account.
    Darn it!! I'd already applied for hubby's current account. ARGHHHHH!!! I've missed out on another £200!!!

    Any way I can undo this? I only put the application in this morning :( so I don't think it is official yet? :huh:
    I've got a plan so cunning you could put a tail on it and call it a weasel.
  • jimjames
    jimjames Posts: 18,905 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Wobblydeb wrote: »
    That was one each for me and hubby - can you have more?
    Yes you can have a joint one too
    Remember the saying: if it looks too good to be true it almost certainly is.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Wobblydeb wrote: »
    Darn it!! I'd already applied for hubby's current account. ARGHHHHH!!! I've missed out on another £200!!!

    Any way I can undo this? I only put the application in this morning :( so I don't think it is official yet? :huh:
    You don't need to stop the application. What you need to do is go read the RAF T&Cs and you'll see how to still get your £400.
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