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Where to put £500 a month until Sep 2021

as per subject but also must be higher than 1.69% interest and preferably inflation beating.
Student loan: Cleared.
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Comments

  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
    Open first direct & m&s current accounts which both have 5% regular savers.
    After a year on maturity of reg savers, open a nationwide flex direct account & deposit £2500 @ 5%. Stick £1500 in TSB @ 3% The other £2000 put in a 1 year fix rate bond at 2%. Then in 2nd year carry on with the 2 reg savers at £500 pcm
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Zero_Sum wrote: »
    Open first direct & m&s current accounts which both have 5% regular savers.
    After a year on maturity of reg savers, open a nationwide flex direct account & deposit £2500 @ 5%. Stick £1500 in TSB @ 3% The other £2000 put in a 1 year fix rate bond at 2%. Then in 2nd year carry on with the 2 reg savers at £500 pcm
    HSBC might be better than M&S? No DDs or switch required.

    Best not to make any plans for 5% and 3% current accounts being available in 12 months time though. :)

    Having said that, why wouldn't you fund the max £550 in the second year? Dripping the extra £50 in from TBS (if still available).
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
    HSBC might be better than M&S? No DDs or switch required.

    Best not to make any plans for 5% and 3% current accounts being available in 12 months time though. :)

    Having said that, why wouldn't you fund the max £550 in the second year? Dripping the extra £50 in from TBS (if still available).

    Was thinking that HSBC account is more difficult to obtain, many on here have been rejected.

    Yeah didnt think about the extra £50 from TSB.
  • edgex
    edgex Posts: 4,212 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    as per subject but also must be higher than 1.69% interest and preferably inflation beating.

    Maybe overpaying on this, if your not already;
    "Mortgage 2: £144,033.52/£148,500.00 (Mar 2019) (2.14%) until Aug 2019"
  • Zero_Sum wrote: »
    Was thinking that HSBC account is more difficult to obtain, many on here have been rejected.

    Yeah didnt think about the extra £50 from TSB.

    Really?
    That's a sign of the times probably. I remember the days when banks wanted depositors' cash.
    These days I'm of the opinion that regular current account / ''savings'' account customers are just a burden - retained only for marketing / publicity / political goodwill purposes.

    I don't understand how any of these High Street branches are actually making the banks any profit.
  • Through mortgages, loans, insurance and fees.
  • Zero_Sum
    Zero_Sum Posts: 1,567 Forumite
    Really?
    That's a sign of the times probably. I remember the days when banks wanted depositors' cash.
    These days I'm of the opinion that regular current account / ''savings'' account customers are just a burden - retained only for marketing / publicity / political goodwill purposes.

    I don't understand how any of these High Street branches are actually making the banks any profit.

    It has a £1750 pcm funding requirement. So if you earn less than £26k (or whatever) theyve been known to turn you away, and just offer you their standard current account which doesnt have the reg saver
  • edgex wrote: »
    Maybe overpaying on this, if your not already;
    "Mortgage 2: £144,033.52/£148,500.00 (Mar 2019) (2.14%) until Aug 2019"

    This is already being serviced. Thanks anyway.
    Student loan: Cleared.
  • Most of these accounts require direct debits attached. I'm looking for ones that don't have those sorts of requirements. Marcus seems convenient.
    Student loan: Cleared.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 17 August 2019 at 8:52PM
    Most of these accounts require direct debits attached.
    Neither FD nor HSBC, the two accounts mentioned above, have such requirements.
    I'm looking for ones that don't have those sorts of requirements.
    See above.
    Marcus seems convenient.
    Very convenient, but will cut more than 2/3rds off your interest return!...and maybe more, remember Marcus has a variable (underlying) rate. The 2 regular savers mentioned have a fixed 5% interest rate.
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