30k saved?

JohnLock

how much money would i make if i put this 30k in different bank accounts?

i already have a nationwide 5% account.

what about the others?

how much would i make, in 1 year in the other accounts?

Neil_Jones

Depends on the interest rate.
if all the accounts are paying 1.3% (not far off the top paying easy access rate), it'll be 30k + 1.3% (£390) = £30,390.

Fixed rates may pay more but you wouldn't have access to them after you tie them up until they mature.

The 5% Nationwide is only on the first £2.5k and it's IIRC £125 a year.

Zanderman

Neil_Jones wrote: »

Depends on the interest rate.
if all the accounts are paying 1.3% (not far off the top paying easy access rate), it'll be 30k + 1.3% (£390) = £30,390.

Fixed rates may pay more but you wouldn't have access to them after you tie them up until they mature.

The 5% Nationwide is only on the first £2.5k and it's IIRC £125 a year.

I assume the OP is implying they are thinking of utilising interest paying current accounts and maybe regular savers, in which case the rate would be much more than 1.3%, which is merely the top rate for easy access savings accounts.

Edited to add, here's the choice of better rates (well, most of them):

Current accounts (other than Nwide FlexD which OP has already)

5% on 1.5k in TSB - with conditions
3% on £3k in Tesco (can have 2 accounts, so £6k possible) - with conditions
1.5% on £20k in Santander 123 (with conditions and a fee but can be offset by cashback on utility DDs)
1.5% on £5k in BoS Vantage - with conditions. Can have 3 so could be £15k
1.5% in Lloyds Club - with conditions

Reg savers -
Santander 5% - if have Santander 123 current account - on £200 per month so equiv to about 2.6% pa on 2.4k after a year
Nationwide 5% - if have certain Nwide current account- on £250 per month so about 2.6% on £3k over a year
First Direct 5% on £300 per month - if have FD current account - so equiv of c 2.6% on £3600
M&S 5% - on £250 per month - if have M&S current account - so equiv about 2.6% on £2500

How much will you make over a year?

Depends on which accounts you open...

Zero_Sum

Post office are paying 1.7% on a 1 year fix which could be an option after you've used up reg savers & current account options.

Zanderman

Zero_Sum wrote: »

Post office are paying 1.7% on a 1 year fix which could be an option after you've used up reg savers & current account options.

Atom bank's 1 year saver is 2.05%

Zero_Sum

Zanderman wrote: »

Atom bank's 1 year saver is 2.05%

Yeah but its mobile App only, which is an inconvenience for many.
And you cant just 'sign up' they want you to send a photo of yourself to them.
Ive decided its a small price to pay to not go with Atom

Zanderman

Zero_Sum wrote: »

Yeah but its mobile App only, which is an inconvenience for many.
And you cant just 'sign up' they want you to send a photo of yourself to them.
Ive decided its a small price to pay to not go with Atom

For those who don't mind it being app-based an Atom account is far easier to open than a PO account. The photo is taken by the app, so it's not as if you have to mess around searching for one suitable.

But, each to their own. If you don't have a smartphone or distrust apps or simply object to a bank taking your photo* (why?) then Atom's not for you!

*which is, I think, only stored locally in the app within your phone, not at the bank