£15,000 savings

runner1983

Hi,


I currently have £15,000 in savings in a Nationwide Flexclusive ISA earning 0.75 interest. I was considering changing to the Santender 123 account and depositing it in there but doesn't look like it will earn me much more?


Any suggestions anyone? I need instant access to it.


Thanks


Melissa

jimjames

Current accounts and regular savers? Nationwide pay 5% on £2500 which would give you more interest on that one amount than you get on your whole £15000 at the moment.

badger09

jimjames wrote: »

Current accounts and regular savers? Nationwide pay 5% on £2500 which would give you more interest on that one amount than you get on your whole £15000 at the moment.

And a Flexclusive Regular Saver running alongside - £500 per month also @ 5%

RG2015

The Nationwide Flexdirect account only pays 5% for one year, thereafter paying 1%. The regular saver also is one year only and although it would be possible to start a new one that would require the current account being retained at 1%.

Are there any better recommendations for year two?

jimjames

RG2015 wrote: »

The Nationwide Flexdirect account only pays 5% for one year, thereafter paying 1%. The regular saver also is one year only and although it would be possible to start a new one that would require the current account being retained at 1%.

Are there any better recommendations for year two?

1% is still more than the OP is getting at the moment. The OP really needs to check the links at the top of the page but using them could probably get an average of 3% or above on the entire amount

runner1983

Hi both,


Thanks for speedy replies.


Did consider these...........Unfortunately I can't transfer my ISA money direct into the Flexclusive Regular Saver, it has to come from an external source.....


I have a Lloyds current account that I could transfer the money into I guess. Would that be the work around?


Thanks

badger09

RG2015 wrote: »

The Nationwide Flexdirect account only pays 5% for one year, thereafter paying 1%. The regular saver also is one year only and although it would be possible to start a new one that would require the current account being retained at 1%.

Are there any better recommendations for year two?

The current account & regular savings account market might look very different in a year's time. I'd deal with that when it happens.:cool:

runner1983 wrote: »

Hi both,


Thanks for speedy replies.


Did consider these...........Unfortunately I can't transfer my ISA money direct into the Flexclusive Regular Saver, it has to come from an external source.....


I have a Lloyds current account that I could transfer the money into I guess. Would that be the work around?


Thanks

Yes it would.

Is your Lloyds account Club Lloyds? Are you also using the linked Monthly Saver? If not, that would be better than Santander.

Have you read this?
http://www.moneysavingexpert.com/savings/which-saving-account

xylophone

Did consider these...........Unfortunately I can't transfer my ISA money direct into the Flexclusive Regular Saver, it has to come from an external source....

.

I think that you are confused.

First of all, are you content to use the money currently in the ISA in accounts outside the ISA?

Remember that the ISA is a "flexible" type, so can be "repaid" within the tax year if you wish.

If you are content, you can take £2,500 from the ISA, open the Flexdirect current account and deposit £2,500.

To get the 5% interest on this for a year, you will need to pay £1000 monthly into this account from a non Nationwide account. This money can be cycled in and out again within minutes if you wish.

Opening the Flexdirect current account gives you immediate access to the Flexclusive monthly saver - you can pay up to £500 monthly into this from any source.

Once the Flexclusive monthly saver has matured after a year you can open another, provided that you still have a Flex current account.

Incidentally, is your Lloyds account a "Club" account giving you 2% on up to £5000?

Are you using the Lloyds regular saver?

runner1983

Hi,


Confused - yes it doesn't take much ;-)


Thanks. I am happy to take the money out of the ISA - figure its got to be better.


My Lloyds account is only a classic account. I have a Nationwide Plus Account which pays 3% on up to £2500 so I am thinking to transfer £2500 to that from the ISA.


Then open the Flex-Direct and deposit £2500. And then transfer the remainder of my ISA money to my Lloyds classic account and then deposit £1,000 per month from that into the new Flex-Direct account.


I assume there will be no tax implications with this? Sorry for all the questions - I am a bit of a novice when its come to getting my head around all this ;-)


But thanks again,

chockydavid1983

You'd only pay any tax on savings interest if it totalled more than the personal allowance of £1k (£500 for HRTP's)