Due to Receive a Small Cash Injection

Cotta

Hi All,


I am due to receive £8k within the next month or so and I was wondering what my options are? Currently my small portfolio exists of the following


Tesco current account @ 3% - £3000 held here.


HSBC Regular Saver @ 5% - £1000 here (drip feeding £250 per month into this).


Nationwide Regular Saver @5% - £1250 here (drip feeding £250 per month into this)


First Direct Regular Saver @5% - £900 here (Drip feeding £300 per month into this).


First Direct ISA @ 0.85% - £900.


TSB Current Account @5% on £1500 - £1700 being held here.


Nationwide Current account @1% - £2500 held here. Edit


I am trying to ensure my money works as hard as possible, I have my mortgage renewal in February 2020 and I would like to have as much as possible to reduce this.

chockydavid1983

You can get 2 Tesco accounts if you have enough DD's to go around
M&S and Santander have 5% regular savers

YorkshireBoy

Cotta wrote: »

Nationwide Current account @0% - £2500 held here.

One question...why?

Cotta

YorkshireBoy wrote: »

One question...why?

Good question, it's really for casual spending and direct debits. My salary is paid into this account.

ColdIron

Cotta wrote: »

Good question, it's really for casual spending and direct debits. My salary is paid into this account.

Have you had a Nationwide FlexDirect before? 5% on your £2,500 for a year

Cotta

ColdIron wrote: »

Have you had a Nationwide FlexDirect before? 5% on your £2,500 for a year

It's expired.

YorkshireBoy

Cotta wrote: »

It's expired.

So it's not paying 0% then but paying 1% AER, ie the go to rate?...or would do if you cycled £1K per month through it.

xylophone

.or would do if you cycled £1K per month through it.

OP says that he has his salary paid into the account - I'd have thought at least £1000 a month?

xylophone

You could get a better rate on the cash ISA.

https://www.thisismoney.co.uk/money/saving/article-1583864/Best-savings-rates-Isas-Cash-Isa-accounts-fixed-rate-Isas.html

Alexland

Does your mortgage allow penalty free overpayments before the next renewal? They often allow up to £500 per month, 10% per year, etc.

Alex

Cotta

Ok so here is what I am thinking so far:


£3000 in a separate Tesco account at 3%.


Setup a new regular saver with M&S and drip feed it.


£3500 to overpay my mortgage now.