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Where to put £500 a month until Sep 2021

principlecounts
Posts: 310 Forumite


as per subject but also must be higher than 1.69% interest and preferably inflation beating.
Student loan: Cleared.
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Comments
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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 pcm0 -
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
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).0 -
YorkshireBoy wrote: »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.0 -
principlecounts wrote: »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"0 -
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.0 -
Through mortgages, loans, insurance and fees.0
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Peter_Williams wrote: »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 saver0 -
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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.0
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principlecounts wrote: »Most of these accounts require direct debits attached.I'm looking for ones that don't have those sorts of requirements.Marcus seems convenient.0
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