What is the best bank account for redundancy pay

minted

What is the best bank account to put my redundancy pay in and pay myself a monthly salary from it?

eskbanker

'Best' means different things to different people (interest, incentives, overdrafts, branches, customer service, apps, etc, etc) so have a read through the MSE article and see what takes your fancy:

https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

If the unspecified redundancy pay is reasonably substantial then you might be better putting it into a savings account instead though....

blue.peter

Well, what I did was to place my redundancy money in an easy-access savings account and then withdrew a certain amount each month from that.

born_again

minted said:

What is the best bank account to put my redundancy pay in and pay myself a monthly salary from it?

A lot will depend on just how much you are depositing and how you are going to use the account.

minted

Thanks for your advice.
Which easy access savings account did you use?

colsten

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

blue.peter

minted said:

Thanks for your advice.
Which easy access savings account did you use?

I was made redundant twice. I seem to recall having used ING the first time, and Virgin the second. As @colsten says, have a look at the MSE best available interest rates and take it from there. I'd have done that on both occasions. And don't be afraid to switch to another bank after a few months if it becomes beneficial to do so.