Which Account?.

Neildy75

I am lucky enough to have £1000 I want to stick in a bank/savings account for 12 months.
Can anyone suggest the best one to put it in?.
Thanks.

xylophone

Open a TSB Classic Plus current account.

Cycle in/out £500 a month (you could FP £500 out from TSB to your existing account then FP it back again).

Go paperless.

Open a TSB Regular saver and move the interest into it once a month.

[Deleted User]

£1000!?

Take you pick of the many available...

Maybe a Marcus account?

colsten

!!! wrote: »

Maybe a Marcus account?

Settling for 1.5% would only be sensible if you get turned down for 5%, surely?

xylophone wrote: »

Open a TSB Regular saver and move the interest into it once a month.

Why take money out of an account where it earns 5% and put it into a 2% one?

:doh:

Newly_retired

You only get 5% on the first £1500, so the interest will push it over that and won’t attract any more interest. 2% is better than 0%.

YorkshireBoy

Newly_retired wrote: »

You only get 5% on the first £1500, so the interest will push it over that and won’t attract any more interest. 2% is better than 0%.

How long will it take to make £500 interest on the £1000 the OP will be depositing? I'm guessing a lot longer than the 12 months the £1000 will be in the account.

mgdavid

Newly_retired wrote: »

You only get 5% on the first £1500, so the interest will push it over that and won’t attract any more interest. 2% is better than 0%.

Did you misread the OP? He wants to deposit £1000

colsten

YorkshireBoy wrote: »

How long will it take to make £500 interest on the £1000 the OP will be depositing? I'm guessing a lot longer than the 12 months the £1000 will be in the account.

You guessed right

8 (eight) years and 4 months

badger09

colsten wrote: »

You guessed right

8 (eight) years and 4 months

And I’ll guess that TSB won’t be offering 5% on current account balance up to £1500 in May 2027:cool:

PRAISETHESUN

Plenty of options - in terms of maximising interest for 12 months I would probably suggest either the TSB Classic Plus (5% on up to £1500) or Nationwide FlexDirect (5% on up to £2500 for 12 months) current accounts

datlex

xylophone wrote: »

Open a TSB Classic Plus current account.

Cycle in/out £500 a month (you could FP £500 out from TSB to your existing account then FP it back again).

Go paperless.

Open a TSB Regular saver and move the interest into it once a month.

with regards to the £500 it doesn't have to be all in one go. You just have to make sure the total incoming per month is £500.