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Need to cash a check of 27k A.S.A.P Help needed please?

edited 30 November -1 at 1:00AM in Savings & Investments
9 replies 1.2K views
nanahollynanaholly Forumite
15 Posts
edited 30 November -1 at 1:00AM in Savings & Investments
Hello,

I was wondering if anyone could help.

I have a check to cash of 27k that I originally wanted to put in to a easy access ISA account.

However, after reading many articles , I am starting to wonder if it would be more beneficial for me to put the money in my Santander current account.

Then open two different accounts such as the 'The HSBC Advance Bank Account ' and the 'Nationwide FlexDirect' and set up stand orders, of each accounts maximin monthly input?

Any recommendations would be greatly appreciated.



Thanks

Holly

Replies

  • aj23_2aj23_2 Forumite
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    Just bank the cheque at Santander first and open HSBC and Nationwide.

    But HSBC and Nationwide, if Advance and FlexDirect, require £1750 and £1000 pay-ins, and 2 direct debits for HSBC (set up credit card DD's or change detail of current ones if you have some). So you'd be best to then set up standing orders to transfer the money back to Santander to keep you above £20000 if you have a 123.

    HSBC and Nationwide also offer 5% regular savers at £250 a month, so you leave those amounts in each month and take advantage of those in the process. Santander also has a 3% regular saver.
  • AnotherJoeAnotherJoe Forumite
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    Where does the "asap" come in?
    Also consider putting the rest into a new Marcus account if you've maxxed out your 123 and feeding regular savers from that (It would have to be indirectly via back to your 123 though)
  • EachPennyEachPenny Forumite
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    aj23 wrote: »
    Just bank the cheque at Santander first and open HSBC and Nationwide.

    But HSBC and Nationwide, if Advance and FlexDirect, require £1750 and £1000 pay-ins, and 2 direct debits for HSBC (set up credit card DD's or change detail of current ones if you have some). So you'd be best to then set up standing orders to transfer the money back to Santander to keep you above £20000 if you have a 123.

    HSBC and Nationwide also offer 5% regular savers at £250 a month, so you leave those amounts in each month and take advantage of those in the process. Santander also has a 3% regular saver.

    The OP should carefully check the bank's T&C's on their own website for the official version.

    OP, what are you trying to achieve with your £27k? You say you need to cash the cheque asap... why the urgency if you are moving it into savings?
    "In the future, everyone will be rich for 15 minutes"
  • nanahollynanaholly Forumite
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    Thank you all for your feedback.

    @Eachpenny I have had the check for a while and just want to check it quickly so I don't mislay it :)
  • LobsterMemoryLobsterMemory Forumite
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    So given that there was no need for the ASAP, this thread reduced to

    Q: How do I cash In a cheque
    A: Pay it into your bank
  • derrickderrick Forumite
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    nanaholly wrote: »
    Thank you all for your feedback.

    @Eachpenny I have had the check for a while and just want to check it quickly so I don't mislay it :)


    Unless you are in the USA you have a cheque not a check which means to test something.


    .
    Don`t steal - the Government doesn`t like the competition


  • HasbeenHasbeen Forumite
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    derrick wrote: »
    Unless you are in the USA you have a cheque not a check which means to test something.


    .

    Too much American TV?
    The world is not ruined by the wickedness of the wicked, but by the weakness of the good. Napoleon
  • redpeteredpete Forumite
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    So given that there was no need for the ASAP, this thread reduced to

    Q: How do I cash In a cheque
    A: Pay it into your bank

    And then take your time deciding how best to use the money to get interest from various accounts.

    If it was me I would have put the money into whatever account was most convenient on the day I received it.
    loose does not rhyme with choose but lose does and is the word you meant to write.
  • droopsnootdroopsnoot Forumite
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    nanaholly wrote: »
    I have a check to cash of 27k that I originally wanted to put in to a easy access ISA account.


    Wouldn't there be a problem paying more than £20k into an ISA account in a single step in any case? I'm not sure whether the excess would just be treated as non-ISA savings, or whether it would be rejected.
This discussion has been closed.