Best bank account return for 7.5k lump sum?

Stu6781

As the title says - what would be the best account for return on 7.5k?

xylophone

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.

agrinnall

xylophone wrote: »

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.

Ergates

Stu6781 wrote: »

As the title says - what would be the best account for return on 7.5k?

Do you need instant access to the money, or is it OK to have it locked away for a period of time?
What is your appetite for risk?

onwards&upwards

agrinnall wrote: »

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.

18cc

or you could put it into premium bonds where your return will be between zero and a lot.

xylophone

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.

Terry_Towelling

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 £1500

onwards&upwards

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.

YorkshireBoy

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.

Co-op Everyday Reward perhaps? From memory TSB will downgrade the Classic Plus account if you don't log in for so long...at least a few months, maybe a year. See your T&Cs. If the account is downgraded (to Classic) you lose the interest obviously.