Can I have 3 high interest accounts with 3 different banks ?

[Deleted User]

My inheritance of £50k is sitting in my current account at the mo...I've read that some banks offer 3% interest on £20k....can I put eg. £20k into Santander @3%...£20k into Halifax @ 3% and £10k into Nationwide @ 5% ? These rates if it's doable would give me around £141 a month interest to spend on whiskey and golf ! Or if anyone has any other good options these would be welcome.

RG2015

Sadly, your information is incorrect.

Santander £20k @ 1.50%
Halifax 0%
Nationwide 5% on balances up to £2.5k for one year only then 1% on up to £2.5k

ColdIron

You can have 3 high interest accounts with 3 different banks but ...

• Santander stopped paying 3% quite a while ago, it's now 1.5% with a £5 monthly fee
• I'm pretty sure that Halifax doesn't pay 3% or any interest, it does have a reward of £3 per month regardless of the balance
• Nationwide does pay 5% but only on the first £2,500 for one year, though you could pay another £250 per month into the Flexclusive Regular Saver for a year

RG2015

NS&I Guaranteed Income Bond £50k locked for 3 years at 2.15% giving monthly income of about £90 (£1,075 per annum). However, you may have to pay tax on any interest over £1,000 if you are a basic rate taxpayer.

If you do need it earlier, you just pay 90 days interest as a penalty, ie £265 on the full £50k although for tax purposes I understand that it may not be allowed to offset this against interest earned as it is a penalty not negative interest.

badger09

Deleted_User wrote: »

My inheritance of £50k is sitting in my current account at the mo...I've read that some banks offer 3% interest on £20k....can I put eg. £20k into Santander @3%...£20k into Halifax @ 3% and £10k into Nationwide @ 5% ? These rates if it's doable would give me around £141 a month interest to spend on whiskey and golf ! Or if anyone has any other good options these would be welcome.

Have you read this?

If not, its a good place to start

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts

jimjames

Depending on your age there could be other options for the money that would give the sort of return you're looking for but with some risk but if you don't need the money for at least 5 years then you may want to consider that.

Aretnap

You can have as many current accounts with as many banks as you like assuming you meet the bank's criteria. I have something in the region of 10 current accounts - I'd have to check the spreadsheet to be sure of the exact number. However as above your mistaken about the interest rate some of this accounts pay and the amount they will pay it on.

planteria

agreed. i have 10 current accounts, with various Interest/Rewards generated as a result, but you are going to need to spread your money further than you originally outline Deleted_User.

current accounts and regular savings accounts are the best places to access good rates on cash savings nowadays, but they require some juggling, and getting enough Direct Debits into place.

Kernel_Sanders

This is a bit like asking if you're allowed to shop at 3 different supermarkets.

G_M

Kernel_Sanders wrote: »

This is a bit like asking if you're allowed to shop at 3 different supermarkets.

but you can't can you?

I'm a Sainsbury's man myself.