£6500 Where to save?

HPLCEngineer

Hi,

I recieved about £6500 unexpectedly today and I don't know where to put it to get the best interest rate. Do you guys have any recommendations? It's sitting in a savings account earning 0% at the moment.

I already have current accounts and regular savings accounts with HSBC, First Direct, Nationwide, Santander, Tesco and TSB all maxed out.
I have a LISA maxed out too.

If I can't find anywhere else this £6500 then I will probably put the money into a low cost index tracker fund and invest it instead of saving it.

Thanks
:beer:

pennystretcher

How about Club Lloyds for £5000 @2% and open their regular saver too? (you'll need two DDs and £1500 monthly pay in, but guessing you already do round robin with other accounts..)

You also get the annual "lifestyle benefit" e.g. cinema tickets etc. (I chose cinema tickets and that saves me already ~£70 a year as I'd go to cinema anyhow)

Herbalus

You haven't mentioned M&S, which also has a 5% regular saver like HSBC.

That won't cover £6.5k though.

If you have maxed out those accounts, we could be talking £30k+ in cash already (depending on how many of each account and which variants you have), then in absence of knowing how much you currently have invested in S&S ISAs, and not knowing your short or long term requirements, I would probably head there.

Herbalus

pennystretcher wrote: »

How about Club Lloyds for £5000 @2% and open their regular saver too? (you'll need two DDs and £1500 monthly pay in, but guessing you already do round robin with other accounts..)

You also get the annual "lifestyle benefit" e.g. cinema tickets etc. (I chose cinema tickets and that saves me already ~£70 a year as I'd go to cinema anyhow)

Club Lloyds is going down to 1.5% on 1 July sadly. No news on 3% regular saver that takes £400/month, so that's a good bet at the moment.

pennystretcher

Herbalus wrote: »

Club Lloyds is going down to 1.5% on 1 July sadly. No news on 3% regular saver that takes £400/month, so that's a good bet at the moment.

Hadn't spotted that. Thanks for pointing it out..guessing Lloyds are still to send my notification email out. Need to have a look for alternatives then.. :mad:

HPLCEngineer

I only have about £1500 in a S&S ISA. I am totally new to investing.

I have no need for the money for 15+ years. Other than that, I have no plans. I am 27 years old and I don't own a house, nor do I want to buy one until much later in life as I will be working abroad in the immediate future.

Herbalus

pennystretcher wrote: »

Hadn't spotted that. Thanks for pointing it out..guessing Lloyds are still to send my notification email out. Need to have a look for alternatives then.. :mad:

No emails as yet that Im aware of. A notice appeared on their website.

Alexland

Herbalus wrote: »

You haven't mentioned M&S, which also has a 5% regular saver like HSBC.

To get this you need to have switched to M&S so it depends if the OP has a suitable donor account that will get closed.

OP might also want to consider a HTB ISA (even if just for the interest rate), S&S LISA (for retirement or first home) or lump sum pension contribution.

Alex

chiefnoodle

Help to Save account if you're eligible. See this thread for calculations of how much interest their bonuses are equivalent to:
https://forums.moneysavingexpert.com/discussion/5827120