saving where?

smudger1946

Hi all,
I have the proceeds of my home sale going into my high interest Lloyd TSB ACCOUNT THIS AFTERNOON, It amounts to £200,00 =+, it will be there for about three weeks, is there somewhere better fot this amount of time?
smudger

DeepSporran

The answer is - probably.

If you tell us the interest rate you get with your high interest LTSB account, then you will get better answers.

Since it's only for 3 weeks or so, the interest lost in doing the transfer to another account will make a significant difference - though it might be worth paying for a CHAPS payment for a same day transfer. That will depend on the difference between the LTSB rate and the better rate you could get elsewhere.

exel1966

smudger1946 wrote: »

Hi all,
I have the proceeds of my home sale going into my high interest Lloyd TSB ACCOUNT THIS AFTERNOON, It amounts to £200,00 =+, it will be there for about three weeks, is there somewhere better fot this amount of time?
smudger

There's a very big contradiction here.

Lloyds and High Interest do not go together. Incidentally what rate are you getting ?
I suspect there are literally hundreds of accounts paying much better rates where those funds could be, but you really should have opened another account before today in readiness.
Your best bet may be to open an account with the highest paying High St account and then do an immediate CHAPS, but it will depend on what you're currently getting v's what you could get.

SalsaDanca

Lloyds TSB offer an Internet Saver account that pays 6% on balances over £100,000. If you already have a Lloyds TSB account and use internet banking, you should be able to open the account and transfer the money immediately.

There are better rates available, but this is pretty good. If you can open an account that pays an extra 0.5% and transfer the money in immediately, you would only earn another £57 before tax (£46 after tax for a basic rate taxpayer, £35 for higher rate). The CHAPS payment will cost £30, so you might only get another £5 interest by opening a 6.5% account.

smudger1946

Thank's for all your advice. I have put it into my internet account so i think it best sleep ther for a while, by the sounds of it!
Thanks.
Smudger

angelo

are there any ways or suggestions where to invest... i'm always looking for to earn exponentially... saving up for the future and the rainy days... if you can give advise i would gladly appreciate it...:D