Where to put 20k

watercool

Hi all,
I've just come in to some money and need a little bit of help as I've not had much money before. I've been reading a lot of info on MSE but still a bit puzzled. I am self-employed so I don't want an account I have to pay in to monthly as I'm not paid like that.

I'm paying off debts and putting £4000 in to a LISA then left with 20k which I don't just want sat in my normal Halifax Current account. I want to have access to the money so the long term savers are out of the question.

I'm quite bad at anything numerical but I'm very thrifty with money and want to do the best and most sensible thing so I won't have to begin raiding coat pockets for change again!

Are there saving accounts that don't require a monthly salary going into it?

Any help appreciated here :beer:

xylophone

Are there saving accounts that don't require a monthly salary going into it?

All of them.

Current accounts? Again, I don't know of any that specifically require a monthly salary to be credited - many have minimum monthly payments in if you wish to qualify for (eg) credit interest (as well as other requirements in some cases).

Have you ever had a Nationwide Flexdirect current account?

If not, what I would do in your circumstances as described would be to open one and also to open a TSB Classic Plus current account (and set it to paperless).

I would then deposit £2,500 in NW (at 5% fior first year) and £1500 in TSB.

I would then set up matching same day mid month SOs for £1000 from NW to TSB and from TSB to NW.

I would open the regular monthly saver associated with NW account.

Each month I would pick up the monthly interest from TSB and NW and pay it (together with enough to make it up to £250) into the NW monthly saver.

Kent Reliance have just introduced an on line easy access savings account offering 1.5 % which could be worth a look for the balance of your money.

http://www.kentreliance.co.uk/savings-accounts

Other savings rates here

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

Once the intro rate on the Flex current a/c ends and reduces to 1% you might wish to rethink but if the RS is still offered at favourable rate it would be worth keeping for that reason - you would move most of the money out (not forgetting to cancel SOs) and set up a payment out/in to TSB from another account.