Best way to maximise interest on £8k Savings

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Lowermax
Lowermax Posts: 26 Forumite
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in Savings & investments
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

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  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
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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-loophole
  • xylophone
    xylophone Posts: 44,427 Forumite
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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.
  • Lowermax
    Lowermax Posts: 26 Forumite
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    Great, thanks a lot for the advice guys!
  • Lowermax
    Lowermax Posts: 26 Forumite
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    edited 16 April 2018 at 9:45PM
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    xylophone wrote: »
    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?
  • Audaxer
    Audaxer Posts: 3,508 Forumite
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    Lowermax wrote: »
    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?
    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.
    Also, could there be any negative impact if i opened lots of current accounts?
    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.
  • thenewcomer
    thenewcomer Posts: 146 Forumite
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    i will open a current account a month. dont overdo it. current accounts are not savings accounts, so the credit checks are not as soft
    Aim to retire by 45.
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