Savings of £10000.00

ShaunW50

Hey,

I'm not sure if I am putting this thread in the correct section, if not can a moderator move the thread to the correct section please.

Now to my question. I have £10000.00 that I need to move from my current bank account to some kind of saving account. Reason is because I don't want to use it, it will be used towards my first house that I will be buying around July 2018, and I don't want to use it for my day to day purchases, hence why I need it moved and secured ready for July.

What sort of bank/saving account is suitable for this scenario?

Look forward to reading the replies.

Alexland

If you are buying in less than 12 months that rules out the Lifetime ISA and most fixed term savers.

Look at getting a HTB ISA (for good rates and a govt bonus if you qualify as a first time buyer), Nationwide Flex Direct current account (for £2.5k at 5%) and 5% current account associated regular savers from Nationwide and Santander (which can be accessed early without penalty).

Also if you have a partner consider doing the same in their name, etc.

ShaunW50

Thanks for your reply.

My current account is with Halifax, I'm not really sure what to look at but does Halifax have a saving account that suits my needs? Just be easier if I have all my account onto one online banking.

xylophone

I'm not really sure what to look at but does Halifax have a saving account that suits my needs?

Do you want a reasonable interest rate? If so, then no.

https://www.halifax.co.uk/savings/accounts/?pagetabs=6

You might open a Nationwide Flexdirect current account, deposit £2500, and cycle in /out £1000 once a month from an external account - you can open the Flexclusive regular saver £250 a month.

Do you have three ( or better six) direct debits?

If so, open a couple of Tesco current accounts and deposit £3000 in each - cycle in /out £750 a month.

If you can't be bothered with any of the above, you might consider something from here

http://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

Alexland

There is no easy route to getting the best returns. If you want you do the best you can it requires some legwork.

ShaunW50

I don't care about interest or anything like that. I just want a basic saving account, where I can put the £10k in, and then that is it. Come July, the 10k is still there, and still 10k and I can just withdraw it.

I'm finding it hard to find a simple saving account that does that?

TheShape

ShaunW50 wrote: »

I don't care about interest or anything like that. I just want a basic saving account, where I can put the £10k in, and then that is it. Come July, the 10k is still there, and still 10k and I can just withdraw it.

I'm finding it hard to find a simple saving account that does that?

In that case, post #4 gives you the answer. Just follow the first link in that post.

robber2

If you dont care about the interest simply open a basic savings account with your esisting bank. They will I'm sure be happy to pay you a derisory rate.

regards

Rob

Alexland

Shame as you will be missing out on hundreds of pounds of HTB government bonus and interest. Still it's your decision I guess. The Halifax bog standard easy access ISA will pay you 0.35% for a £10k lump sum. You could even ask them to donate the interest to charity if you don't want it.

One last try... You could even get the HTB ISA from Halifax? If you deposit £1000 and add 6 months at £200 you would have £2200 plus a £550 government bonus and 2% interest.

https://www.halifax.co.uk/savings/accounts/

It's rare that we have a poster on these forums that really doesn't want to grow their money.

Alex

ShaunW50

I was looking at the HTB ISA from Halifax. The main problem I have, is this 10k is in my current account at the moment, its getting to the point that I don't want to use it with my everyday purchases, which is why I need to transfer it somewhere. The problem with HTB ISA is its only £200 a month, not transfer the 10k straight.

Alexland

So put £9k in the rubbish 0.20% everyday saver account and open the HTB ISA with £1k. Then every month withdraw £200 from the rubbish account to add to the HTB ISA?

It's not the best suggestion but better than putting it all in the rubbish account.