Where to put my interest?

sufcboy

So I currently have a nationwide current account with the full £2500 at 5% interest and a Tesco one with the full £3000 at 3% interest. Addionally I have my everyday Barclays debit card and a help to buy isa. However I'm wanting to save a bit more each month, as well as the interest earned from both the nationwide and Tesco accounts. So what am I best off doing?
Or am I just best leaving it in my debit account ?

masonic

You could open a Nationwide Flexclusive regular saver to get 5% on some more of your money.

YorkshireBoy

masonic wrote: »

You could open a Nationwide Flexclusive regular saver to get 5% on some more of your money.

...and then drip feed your Tesco savings into it.

sufcboy

What do you mean by "drip feed". (Sorry if it's a stupid question)

YorkshireBoy

sufcboy wrote: »

What do you mean by "drip feed". (Sorry if it's a stupid question)

Shift the 3% cash into the 5% reg saver at the rate of £500 per month.

AndyPK

As suggested.


If it's ~£20 a month put it in a Tesco saver
If it's £50-200 a month put it is a 5% regular saver with one of your current banks. NW

pochisoldi

Note that unlike most regular savers which allow one incoming payment a month, the Nationwide Flexclusive regular saver allows multiple pay ins, and withdrawals, as long as the balance does not increase by more than £500 month on month.

This means you can scrape any interest as it is paid from other savings accounts directly into the NW regular saver and then make additional payments as and when.

PochiSoldi


PochiSoldi

System

Depending on time horizon maybe an s&m ISA? Vanguard lifeStratergy perhaps?

Vortigern

MatthewAinsworth wrote: »

Depending on time horizon maybe an s&m ISA? Vanguard lifeStratergy perhaps?

S & M ISA? Let's see if we can whip up some support for that.

eskbanker

MatthewAinsworth wrote: »

Depending on time horizon maybe an s&m ISA? Vanguard lifeStratergy perhaps?

....presumably with more emphasis on bonds than equities?

binaryuniverse

Open a second Tesco account. Although the second one would require you to do the money shifting and direct debits. But it's 3% for at least 2 years.