Money sitting in current account with nowhere to put it

RG2015

NatWest savings builder. Put in £9000 or thereabouts and add £50 every month to get about £5.73 or £5.55 per month. No need for new passwords as you are already with NatWest.

hubb

RG2015 said:

NatWest savings builder. Put in £9000 or thereabouts and add £50 every month to get about £5.73 or £5.55 per month. No need for new passwords as you are already with NatWest.

A better deal than Marcus then!

RG2015

hubb said:

RG2015 said:

NatWest savings builder. Put in £9000 or thereabouts and add £50 every month to get about £5.73 or £5.55 per month. No need for new passwords as you are already with NatWest.

A better deal than Marcus then!

But only for up to £10,000 and beware the requirement to grow the balance by £50 per month measured on the second last working day of the month. A bit convoluted but may be worth it as of now.

The rate may fall soon so you may wish to put in £9,800 now and review it in 4 months when it reached £10,000.

hubb

RG2015 said:

hubb said:

RG2015 said:

NatWest savings builder. Put in £9000 or thereabouts and add £50 every month to get about £5.73 or £5.55 per month. No need for new passwords as you are already with NatWest.

A better deal than Marcus then!

But only for up to £10,000 and beware the requirement to grow the balance by £50 per month measured on the second last working day of the month. A bit convoluted but may be worth it as of now.

The rate may fall soon so you may wish to put in £9,800 now and review it in 4 months when it reached £10,000.

In that case, as I already have a Marcus account set up I will put it in there for now,

RG2015

hubb said:

RG2015 said:

hubb said:

RG2015 said:

NatWest savings builder. Put in £9000 or thereabouts and add £50 every month to get about £5.73 or £5.55 per month. No need for new passwords as you are already with NatWest.

A better deal than Marcus then!

But only for up to £10,000 and beware the requirement to grow the balance by £50 per month measured on the second last working day of the month. A bit convoluted but may be worth it as of now.

The rate may fall soon so you may wish to put in £9,800 now and review it in 4 months when it reached £10,000.

In that case, as I already have a Marcus account set up I will put it in there for now,

Yes, it is less hassle. However I like being able to transfer from my NatWest current account to and from the savings builder in seconds. I can also set up forward transfers to cover direct debits and standing orders.

I have got used to the quirky terms and now it is almost as good as having a current account paying 0.75% (on up to £10,000).

Sailtheworld

hubb said:

 I have a substantial amount of inherited money in my current account but nowhere to put it that offer a decent rate, or one that is worth the effort of setting yet another account up (passwords/security etc) I already have a Santanda 123 lite account (previously a savings but I changed it when the rates dropped) which I only earn cashback on bills paid. I do have a Natwest current account too which would qualify me for their linked savings account at 3.04% but that could drop, and you can only put up to £50 a month in which is useless, again not worth the bother. I have 3 years left on my mortgage on a low interest rate I could pay off but then I would lose our £50k life insurance for my wife and I. It's a real conundrum. 

You could open the best savings account that's available with whoever your current account is with and transfer the money to that. I save in advance for next year's pension contribution and that's what I do - currently earning 0.5% (soon to be 0.25% I think). I could open multiple regular savers and maybe make an extra £100 in interest but, to me, it seems like a waste of time.

If £50k life insurance is important then you could investigate whether it would be cheaper to buy life insurance and pay off the mortgage.

Or, if you don't really need it, invest some for the future, bring forward some spending or give some away.

naedanger

hubb said:

 I have a substantial amount of inherited money in my current account but nowhere to put it that offer a decent rate, or one that is worth the effort of setting yet another account up (passwords/security etc) I already have a Santanda 123 lite account (previously a savings but I changed it when the rates dropped) which I only earn cashback on bills paid. I do have a Natwest current account too which would qualify me for their linked savings account at 3.04% but that could drop, and you can only put up to £50 a month in which is useless, again not worth the bother. I have 3 years left on my mortgage on a low interest rate I could pay off but then I would lose our £50k life insurance for my wife and I. It's a real conundrum. 

Are you sure you would lose the life insurance if you paid off the mortgage? When I had a mortgage the life insurance was separate. (That said if you were to consider repaying the mortgage you would also need to check there were no extra costs of doing so.)

Aceace

Is it time to consider a low risk investment, or is this cash that you can't afford to risk? 

hubb

Aceace said:

Is it time to consider a low risk investment, or is this cash that you can't afford to risk? 

I can't afford to risk it I'm afraid.

[Deleted User]

Put 5% of it into Bitcoin. Do nothing with the remaining 95%. With little bit of luck you will beat all these "expert" suggestions how you can open 10 current and saving bank accounts paying less than inflation.

And you are only risking 5% of your capital.