Help with seniors finances / bank/ building society

I am a 75year old who could do with a little help with my finances.I have two Lioyds classic accounts.One i use to pay my direct debits ,pension deposit etc. i keep it low about £750 the other has £7000 in and i use it to transfer to my other account for emergencies . However i am aware i am not getting much interest with the larger account
i also have a Yorkshire BS  Access saver plus 6 acc. that has £20,000 in I would be happy to know if that is good I wouldnt mind tiying some of this up for a year
Asking at the bank they just confused me If anyone has any suggestions i would be greatful
 regards Beatrice

Replies

  • edited 2 November 2022 at 7:02PM
    El_TorroEl_Torro Forumite
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    edited 2 November 2022 at 7:02PM
    If you want to stay with Lloyds you could consider a Club Lloyds current account. The interest isn't great, but they do pay interest on balances up to £5,000. There's also a monthly £3 fee but if you have at least £1,500 coming in every month they will refund you the £3 every month.

    Another benefit of having a Club Lloyds Account is that you can open a Club Lloyds Monthly Saver, which gives good interest, 5.25%. A regular saver may not be what you're looking for though. For one thing you can only pay in up to £400 per month and it closes after 12 months. 

    There are some interesting articles on this website which will help you find the best option. For example: https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/

    if you're willing to change your current account Barclays look like a good option. They have a Rainy Day Saver that gives you 5.12% interest on balances up to £5,000. The current account itself doesn't seem to give you interest though. 



    EDIT: Forgot to mention the £20,000 you have at Yorkshire BS. Which account do you have? Looking at their website the interest rates look pretty decent. You can move it to Marcus and get 2.5%, though you might be getting that already.
  • edited 2 November 2022 at 11:46PM
    xylophonexylophone Forumite
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    edited 2 November 2022 at 11:46PM
    I have two Lioyds classic accounts.One i use to pay my direct debits ,pension deposit etc. i keep it low about £750 the other has £7000 in and i use it to transfer to my other account for emergencies . However i am aware i am not getting much interest with the larger account

    You could consider upgrading your Lloyds DD account to a Club Lloyds account.

    Just make sure that you pay in at least £1500 a month.


    You might consider switching the other Lloyds account to a Virgin M Plus  current account - you would get up to 2.02% interest on up to £1000 in this account and have access to a linked saver where you could hold £6000.

    You could easily move cash between Virgin and Lloyds.


    Re Yorkshire BS accounts see

    https://www.ybs.co.uk/savings/compare-savings-account-rates?cmpid=ppc-GOOGLE-S_Branded+Product_ISA_Pure+&+Wide_Exact+&+Phrase_Tier+1-yorkshire+isa&gclid=EAIaIQobChMIwqSg-9GQ-wIVBe_tCh1Ecw0mEAAYASACEgLUO_D_BwE&gclsrc=aw.ds


  • edited 3 November 2022 at 8:42AM
    StaceyQStaceyQ Forumite
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    edited 3 November 2022 at 8:42AM
    1. If you're happy at Lloyds - convert the main account to Club Lloyds (set yourself up a monthly standing order from the other account to make up the £1500 per month if needed)
    2. Setup a Club Lloyds Monthly Saver & Monthly Saver (deposit £650 per month between them for a year)
    3. Check what account you have at Yorkshire - they have a two loyalty (one online and other branch based) that allow access 6 times a year that pay 2.5%
    4. I would personally avoid locking your money away at your age - so you spend some if you wish e.g. holiday, new sofa etc
  • beattiebeattie Forumite
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    Thanks for all your help i will have a look at them all
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