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Best way to maximise interest on £8k Savings
Lowermax
Posts: 26 Forumite
Hi Everyone,
I'm going around in circles as to the best way to invest my savings.
Although its not mega money, I have around £8k and adding £500 a month, this is currently in a Natwest savings builder which pays 1.5% AER on the first £5k and 1% up to £10k.
Although i don't need access to it immediately, i may need it in the next 12 months, so don't want to lock it away.
Does anyone have any suggestions as to how to maximise interest?
Thanks
Jonny
I'm going around in circles as to the best way to invest my savings.
Although its not mega money, I have around £8k and adding £500 a month, this is currently in a Natwest savings builder which pays 1.5% AER on the first £5k and 1% up to £10k.
Although i don't need access to it immediately, i may need it in the next 12 months, so don't want to lock it away.
Does anyone have any suggestions as to how to maximise interest?
Thanks
Jonny
0
Comments
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There's an archived MSE page that should give you some ideas. DOn't expect to get rich. https://www.moneysavingexpert.com/savings/savings-loophole0
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If you have 6 DDs to use, a couple of Tesco current accounts will give you 3% on £6000.
If you have never had a Nationwide Flexdirect, you can get 5% on £2500 for a year -there is also the Flex monthly saver.
You can cycle round the monthly inputs by SO or FP.0 -
Great, thanks a lot for the advice guys!0
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If you have 6 DDs to use, a couple of Tesco current accounts will give you 3% on £6000.
If you have never had a Nationwide Flexdirect, you can get 5% on £2500 for a year -there is also the Flex monthly saver.
You can cycle round the monthly inputs by SO or FP.
I have checked out the Nationwide Flex Account, do you know if i would be able to transfer £1,000 in on pay day, then transfer it straight back out?
Also, could there be any negative impact if i opened lots of current accounts?0 -
Yes, you can set-up standing orders for the money to go in and to come back out again on the same day. Although I transfer back out manually online to make sure the money has arrived on the right day.I have checked out the Nationwide Flex Account, do you know if i would be able to transfer £1,000 in on pay day, then transfer it straight back out?
I think the only problem could be a lot of credit searches against you in a short space of time, which may delay your application even if you have a good credit record.Also, could there be any negative impact if i opened lots of current accounts?0 -
i will open a current account a month. dont overdo it. current accounts are not savings accounts, so the credit checks are not as softAim to retire by 45.0
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