🗳️ ELECTION 2024: THE MSE LEADERS' DEBATE Got a burning question you want us to ask the party leaders ahead of the general election? Submit your suggestions via this form or post them on our dedicated Forum board where you can see and upvote other users' questions. Please note that the Forum's rules on avoiding general political discussion still apply across all boards.
Best bank account return for 7.5k lump sum?
Options
Stu6781
Posts: 119 Forumite
As the title says - what would be the best account for return on 7.5k?
0
Comments
-
Savings rates here
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html
If you have never had a Nationwide Flexdirect current account, you might consider opening one (5% on £2500 for a year) and also a TSB Classic Plus current account (3% on £1500).
The simplest way to manage the monthly input is to set up matching same day SOs for £1000 from each to other.0 -
The simplest way to manage the monthly input is to set up matching same day SOs for £1000 from each to other.
Simplest but runs a (very small) risk that one of them will be delayed causing a subsequent one to fail, or worse, send the account overdrawn. Which is why I do all of mine manually.0 -
Simplest but runs a (very small) risk that one of them will be delayed causing a subsequent one to fail, or worse, send the account overdrawn. Which is why I do all of mine manually.
If you’ve got £1500 in TSB and £2500 in Nationwide and set up 2 SOs on the same day for £1000, NW>TSB and TSB>NW then there is no reason either would go overdrawn as long as you just do a quick app check to make sure they’ve both gone through. You have to log in to TSB once a month to get the interest anyway.0 -
or you could put it into premium bonds where your return will be between zero and a lot.0
-
Simplest but runs a (very small) risk that one of them will be delayed causing a subsequent one to fail, or worse, send the account overdrawn. Which is why I do all of mine manually.
If OP has £2500 in one and £1500 in the other and does matching same day SOs for £1000 there should be no problem.0 -
onwards&upwards wrote: »You have to log in to TSB once a month to get the interest anyway.
Do you? Blimey, I've been lucky then. I do log in every month - but only so I can transfer the interest out to another account and maintain my balance at £15000 -
Terry_Towelling wrote: »Do you? Blimey, I've been lucky then. I do log in every month - but only so I can transfer the interest out to another account and maintain my balance at £1500
I think so, or it might be NW! I know one of my accounts needs a monthly log in to get the bonus/interest, but I generally check them all at least once a week anyway.0 -
onwards&upwards wrote: »I think so, or it might be NW! I know one of my accounts needs a monthly log in to get the bonus/interest, but I generally check them all at least once a week anyway.0
This discussion has been closed.
Categories
- All Categories
- 8 Election 2024: The MSE Leaders' Debate
- 343.8K Banking & Borrowing
- 250.3K Reduce Debt & Boost Income
- 450K Spending & Discounts
- 236K Work, Benefits & Business
- 609.2K Mortgages, Homes & Bills
- 173.4K Life & Family
- 248.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards