£6000 into a fixed rate account

Railton

Hello


I've currently got £6000 I want to put away, it is a mixture of savings from my current account, and an expired ISA. I want to try and get a good interest rate, and I'm looking at locking the money away for about a year, in a fixed rate savings account



I'm currently considering either a Sharia account, or putting into a one year bond with NSI.



Does anyone have any advice on a Sharia account - I don't know how challenging they are to set up, or any other options which I could consider, I am not prepared to change my current account, however!

xylophone

Have you ever had a Nationwide Flexdirect account?

If not, open one (you can do this and keep your existing current account).

Assuming the existing current account isn't a TSB Classic Plus, open a TSB Classic Plus.

Deposit £2500 in NW. Deposit £1500 in TSB and set to paperless.

Set up mid month SO for £1000 from TSB to NW and from NW to TSB.

Collect the monthly interest from both accounts and pay into Flex monthly saver with NW, together with the appropriate amount from the balance of the £6000 which you could hold in another savings account.

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

Railton

Following on from this, I've set up a Marcus account - I've put a lump sum in there and I've got a standing order for £100 a month going in.



I did also get a 1.5% N&SI Bond before they withdrew them from sale. and put about £3000 in that.



I haven't really optimised my finances but I'm getting a bit of interest for not much hassle. Better than getting zero in my current account!

YorkshireBoy

You could be making getting on for 3 times the rate you're getting now by following the advice you were given back in March.

Why didn't you take it?

Railton

I did look into it, but it seemed like a lot of hassle.

Zanderman

Railton wrote: »

I did look into it, but it seemed like a lot of hassle.

If you want a good interest rate you have to have a bit of hassle - and actually it's not much hassle really.

As for sharia accounts, going back to your original question, these are just bank accounts, no different to any other in setting up. Don't be put off by the sharia label.