When Accounts Mature?

Cotta

Hi All,

I have a Regular Saver with Nationwide at 5% which is about to mature, I have two other Regular savers with First Direct and HSBC (Both at 5%) and I am going to setup a fourth with M&S at 5%. In addition to this I have the Tesco account at 3% which is about to drop. Whilst I will be setting up a new Regular Saver with Nationwide with the matured money and the other little pots sitting around earning very little interest I am wondering if there is a good next option to consider in terms of maximising my interest?

Thanks in advance.

badger09

Cotta wrote: »

Hi All,

I have a Regular Saver with Nationwide at 5% which is about to mature, I have two other Regular savers with First Direct and HSBC (Both at 5%) and I am going to setup a fourth with M&S at 5%. In addition to this I have the Tesco account at 3% which is about to drop. Whilst I will be setting up a new Regular Saver with Nationwide with the matured money and the other little pots sitting around earning very little interest I am wondering if there is a good next option to consider in terms of maximising my interest?

Thanks in advance.

Without knowing what other current accounts you have it is impossible to advise:cool: I recall from other threads that you have or have had, many of them.

So, if you want to keep as instantly available cash, you're looking at Marcus, Kent Reliance 1.5%, Tesco 1.46% etc

elantan

badger09 wrote: »

Without knowing what other current accounts you have it is impossible to advise:cool: I recall from other threads that you have or have had, many of them.

So, if you want to keep as instantly available cash, you're looking at Marcus, Kent Reliance 1.5%, Tesco 1.46% etc

thanks for this I've been looking myself for somewhere to transfer as I will also be looking to transfer soon, sadly though it looks like the money will still be depreciating ... maybe best to spend it ?

Cotta

badger09 wrote: »

Without knowing what other current accounts you have it is impossible to advise:cool: I recall from other threads that you have or have had, many of them.

So, if you want to keep as instantly available cash, you're looking at Marcus, Kent Reliance 1.5%, Tesco 1.46% etc

Those are not great options.

I have a Nationwide and HSBC current account along with the Tesco account at 3%.

juststuff123

I'm in a similar position to you I have loads of regular savers (all the ones you have + Santander [i got it when it was 5%]) and my 2 Tesco accounts are dropping to 1% like you. I use Santander 123 current account to store the excess. I'm not convinced it's the best place for it but there isn't really anything else out there.

I've had to diversify into the riskier world of stocks and shares to try to maintain some sort of reasonable growth.

Good luck and if you find anymore good accounts - let me know!

eskbanker

Cotta wrote: »

Those are not great options.

I have a Nationwide and HSBC current account along with the Tesco account at 3%.

To be fair, it wasn't a great amount of information provided to go on! How much money are you talking about, how long are you prepared to lock it away for, how easily accessible does it need to be, are you able and willing to take some risk, how much tax do you pay, are you using ISAs, do you have adequate pension coverage, etc, etc....?

Once you've exhausted the best regular savers and current accounts that pay artificially high rates on capped amounts, unfortunately there simply aren't great options left, but other alternatives beyond easy access could include fixed term or notice accounts - follow the MSE savings fountain at https://www.moneysavingexpert.com/savings/which-saving-account/ or go elsewhere for info on notice accounts, such as https://savingschampion.co.uk/best-buys/personal/notice-accounts/

Cotta

eskbanker wrote: »

To be fair, it wasn't a great amount of information provided to go on! How much money are you talking about, how long are you prepared to lock it away for, how easily accessible does it need to be, are you able and willing to take some risk, how much tax do you pay, are you using ISAs, do you have adequate pension coverage, etc, etc....?

Once you've exhausted the best regular savers and current accounts that pay artificially high rates on capped amounts, unfortunately there simply aren't great options left, but other alternatives beyond easy access could include fixed term or notice accounts - follow the MSE savings fountain at https://www.moneysavingexpert.com/savings/which-saving-account/ or go elsewhere for info on notice accounts, such as https://savingschampion.co.uk/best-buys/personal/notice-accounts/

Around £2500 within the Nationwide RS, £3k in Tesco's current account with the rate drop imminent and £1k within HSBC current account.

colsten

Cotta wrote: »

..... and £1k within HSBC current account.

:eek: Doesn't sound very MSE to keep money in an account that pays no interest

colsten

eskbanker wrote: »

T..... how long are you prepared to lock it away for, how easily accessible does it need to be, are you able and willing to take some risk, how much tax do you pay, are you using ISAs, do you have adequate pension coverage, etc, etc....?

....and we still don't know

eskbanker

Cotta wrote: »

Around £2500 within the Nationwide RS, £3k in Tesco's current account with the rate drop imminent and £1k within HSBC current account.

Well that answered the first of the seven questions I asked! Up to you how much information you want to disclose about your situation but my point was that it's a bit steep to criticise responses as 'not great' when you're not really helping to identify which sort of options are likely to be suitable....

Cotta

eskbanker wrote: »

To be fair, it wasn't a great amount of information provided to go on! How much money are you talking about, how long are you prepared to lock it away for, how easily accessible does it need to be, are you able and willing to take some risk, how much tax do you pay, are you using ISAs, do you have adequate pension coverage, etc, etc....?

Once you've exhausted the best regular savers and current accounts that pay artificially high rates on capped amounts, unfortunately there simply aren't great options left, but other alternatives beyond easy access could include fixed term or notice accounts - follow the MSE savings fountain at https://www.moneysavingexpert.com/savings/which-saving-account/ or go elsewhere for info on notice accounts, such as https://savingschampion.co.uk/best-buys/personal/notice-accounts/

Apologies I was not ignoring your questions.


1. £6000 in total.


2. I am considering locking it away for one year, this time next year my mortgage is up for renewal and I maybe in a position to pay it off or at least a huge chunk of it.


3. I don't mind taking some risk, not sure I would like to risk the full pot of £6k. Please also note that with the monthly salary coming in this £6k figure is ever rising.


4. Basic rate taxpayer.


5. I have not used ISAs in many years, in fact the last time I used one was when the interest rates were above 5%.


6. Pension coverage is ok at the moment, it is something I am looking towards increasing in the future. At present I pay 8% of my salary towards it.