What to do with £40K?

xylophone · 11 May 2018 at 3:22PM

Assuming that neither of you has ever had a Nationwide Flexdirect account, a sole each and a joint will give you 5% on a total of £7,500 for a year - you will also have access to the 5% regular monthly saver - £250 a month each.

You might open sole and joint TSB Plus current accounts - 5% on a total of £4,500.

If you can scrape up the necessary DDs, two Tesco current accounts each- 3% on a total of £12,000.

You would set up same day SO's to meet the monthly inputs.

See also https://forums.moneysavingexpert.com/discussion/5580163/paying-2880-into-pension-when-retired&highlight=2880+into+sipp

Si_Clist · 11 May 2018 at 5:32PM

Some very good ideas there that would never have occurred to me. Thank you!

Katiehound · 11 May 2018 at 10:26PM

and as is always said if you could switch (a defunct / donor account) to Nationwide with their 'refer a friend ' scheme you could bank a further £100, then invest the £2.5k earning 5% for the first year. Check t&cs for what the account needs to have (funding, DDs). See referrer's board for someone to help you. Once one of you has the account open you can refer 'in house' (another £200!)