Where to invest £8k

seh567

Currently currently have £5k in premium bonds which has earns me nothing in 18 months and have a Santander 123 current account which is £3k over the limit for interest so any ideas where I can reinvest to get maximum interest please. I’m happy fix for a year 

Albermarle

Normally when someone says invest , it means investing in the financial markets . Presume you mean savings though .

Compare The Best UK Savings Accounts | moneyfacts.co.uk

seh567

Yes I mean savings

Stubod

..Chase bank assuming you have the right mobile...?

seh567

Apple phone

Daliah

seh567 said:

.... have a Santander 123 current account which is £3k over the limit for interest....

Are you saying you have £23K in an account that costs you £5 a month and pays 0.5% interest? I.e. which yields you all of £40 a year, the equivalent of 0.2% AER?

If so, you should

1. move most of your £23k to e.g. a Chase savings account or other account(s) of your liking
   
   
2. downgrade your 123 to a 123 Lite, which costs just £2 a month, still gives you the same cashback.
   This assumes that you get more than £2/mth in cashback. If you don't, you might as well downgrade to a Santander Everyday account. Either downgrade takes but a minute in online banking, and still leaves you with the  same sort code, account number and  debit card (and cheque book if you have one of those), as well as access to the Santander 2.5% Regular Saver account.

seh567

Daliah. Sounds like a good plan. Should I leave premium bonds where they are?

Daliah

With average luck, PBs will probably return 1% over a year. So you could make less, but you could also make more. Your decision whether you want a bit of a punt.

Stubod

I would not bother with PB's unless you can max out, (or almost max out). If it was just £8k I would be looking to save somewhere else to get a "guaranteed" return, particulalrly with some 1-2 year fixed accounts paying 1.8%.

jimexbox

PB are okay if you're going to go over your personal savings allowance elsewhere and want easy access.

You're guaranteed 1.5% at chase, plus use the current account to get 1% cashback on spending. 

Thrugelmir

What's the cash going to be used for?