Make my money work harder

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egor110
egor110 Posts: 35 Forumite
in Savings & investments
I currently have £2500 in a santander current account ( not 123) and £5000 in a santander savings account earning !!!!!! all.

I'm thinking of switching the current to nationwide so i get the 5% on £2500 but not sure what to do with the other £5000.

Tescos offer 3% but i'd then have to repay my wages from the nationwide to tescos as well as have 2 dd , i;d rather simplify things.

I guess i could shove it in premium bonds ?

I'm also planning on saving £500 month probably with the nationwide regular saver account .
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  • movilogo
    movilogo Posts: 3,186 Forumite
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    If you want your money to work harder, you need to think beyond the convention. High St banks will offer you pittance.

    Judge your risk taking ability and depending on that consider investing in Funds, Stocks/Shares, Properties etc. All of these usually offer much better return (but your money can reduce too - hence I said analyze your own risk taking ability first).
    Happiness is buying an item and then not checking its price after a month to discover it was reduced further.
  • soulsaver
    soulsaver Posts: 5,975 Forumite
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    If you have a partner you can get 2 NW Flex Direct 5%, maybe try for 3 of 'em - 2off solo + a joint (but may not be within T&Cs).

    You need to brush up on research - 3 DDs required for Tesco 3% ac.
    And look for more info on refer-a-friend on NW...
    Top Easy Access acs Ranked by rate: Top of The Pots - **No Chat** — MoneySavingExpert Forum
  • Westie983
    Westie983 Posts: 5,213 Ambassador
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    egor110 wrote: »
    I currently have £2500 in a santander current account ( not 123) and £5000 in a santander savings account earning !!!!!! all.

    I'm thinking of switching the current to nationwide so i get the 5% on £2500 but not sure what to do with the other £5000.

    Tescos offer 3% but i'd then have to repay my wages from the nationwide to tescos as well as have 2 dd , i;d rather simplify things.

    I guess i could shove it in premium bonds ?

    I'm also planning on saving £500 month probably with the nationwide regular saver account .

    Nationwide Regular Saver only allows you to save £250 now, and only offers the flexclusive one now for Nationwide current account customers, so as long as you open the current account you could open a regular saver account too.

    https://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts


    Westie983
    I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.
    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • TheLastMongoose
    TheLastMongoose Posts: 96 Forumite
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    You could just upgrade to a Santander 123 account and keep all your cash there earning 1.5% and open a Santander regular eSaver which you can put in £200 per month to earn 5%. It depends how much work you want to do.
  • egor110
    egor110 Posts: 35 Forumite
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    movilogo wrote: »
    If you want your money to work harder, you need to think beyond the convention. High St banks will offer you pittance.

    Judge your risk taking ability and depending on that consider investing in Funds, Stocks/Shares, Properties etc. All of these usually offer much better return (but your money can reduce too - hence I said analyze your own risk taking ability first).

    My attitude to risk would be low risk .

    Aim for this year is to get my savings up to 10k
  • Liffy99
    Liffy99 Posts: 84 Forumite
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    I just circulate my salary around several current accounts. E.g

    £3000 into Clydesdale (2%), leave some to cover direct debits then £2200 of that into
    TSB (interest on £1500 + bonus for using debit card) then £1500 into
    Tesco (3% and no DDs required) then £1000 back into
    Clydesdale

    I used to do this around seven current accounts but, since retiring, I have fewer DDs to spread around to meet account requirements.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Liffy99 wrote: »
    £3000 into Clydesdale (2%)...
    Which specific account is that please?
  • capital0ne
    capital0ne Posts: 872 Forumite
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    egor110 wrote: »
    My attitude to risk would be low risk .

    Aim for this year is to get my savings up to 10k
    Actually your attitude to risk is quite hig, but you know the risk, because by not doing just alittle work yourself you are happy to lose 3%+ of your money each year.
  • capital0ne
    capital0ne Posts: 872 Forumite
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    Liffy99 wrote: »
    Tesco (3% and no DDs required) then £1000 back into
    I thought the rules had changed on Tesco accounts now and you do need two DDs
  • ColdIron
    ColdIron Posts: 9,051 Forumite
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    capital0ne wrote: »
    I thought the rules had changed on Tesco accounts now and you do need two DDs
    They don't for accounts opened before the new requirements, they need 3 DDs for new accounts
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