Best bank account return for 7.5k lump sum?

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Stu6781
Stu6781 Posts: 119 Forumite
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in Budgeting & bank accounts
As the title says - what would be the best account for return on 7.5k?

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  • xylophone
    xylophone Posts: 44,508 Forumite
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    Savings rates here

    https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

    If you have never had a Nationwide Flexdirect current account, you might consider opening one (5% on £2500 for a year) and also a TSB Classic Plus current account (3% on £1500).

    The simplest way to manage the monthly input is to set up matching same day SOs for £1000 from each to other.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    xylophone wrote: »

    The simplest way to manage the monthly input is to set up matching same day SOs for £1000 from each to other.


    Simplest but runs a (very small) risk that one of them will be delayed causing a subsequent one to fail, or worse, send the account overdrawn. Which is why I do all of mine manually.
  • Ergates
    Ergates Posts: 2,108 Forumite
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    Stu6781 wrote: »
    As the title says - what would be the best account for return on 7.5k?

    Do you need instant access to the money, or is it OK to have it locked away for a period of time?
    What is your appetite for risk?
  • onwards&upwards
    onwards&upwards Posts: 3,423 Forumite
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    agrinnall wrote: »
    Simplest but runs a (very small) risk that one of them will be delayed causing a subsequent one to fail, or worse, send the account overdrawn. Which is why I do all of mine manually.

    If you’ve got £1500 in TSB and £2500 in Nationwide and set up 2 SOs on the same day for £1000, NW>TSB and TSB>NW then there is no reason either would go overdrawn as long as you just do a quick app check to make sure they’ve both gone through. You have to log in to TSB once a month to get the interest anyway.
  • 18cc
    18cc Posts: 2,120 Forumite
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    or you could put it into premium bonds where your return will be between zero and a lot.
  • xylophone
    xylophone Posts: 44,508 Forumite
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    Simplest but runs a (very small) risk that one of them will be delayed causing a subsequent one to fail, or worse, send the account overdrawn. Which is why I do all of mine manually.

    If OP has £2500 in one and £1500 in the other and does matching same day SOs for £1000 there should be no problem.
  • Terry_Towelling
    Terry_Towelling Posts: 2,279 Forumite
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    onwards&upwards wrote: »
    You have to log in to TSB once a month to get the interest anyway.

    Do you? Blimey, I've been lucky then. I do log in every month - but only so I can transfer the interest out to another account and maintain my balance at £1500
  • onwards&upwards
    onwards&upwards Posts: 3,423 Forumite
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    Terry_Towelling wrote: »
    Do you? Blimey, I've been lucky then. I do log in every month - but only so I can transfer the interest out to another account and maintain my balance at £1500


    I think so, or it might be NW! I know one of my accounts needs a monthly log in to get the bonus/interest, but I generally check them all at least once a week anyway.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    onwards&upwards wrote: »
    I think so, or it might be NW! I know one of my accounts needs a monthly log in to get the bonus/interest, but I generally check them all at least once a week anyway.
    Co-op Everyday Reward perhaps? From memory TSB will downgrade the Classic Plus account if you don't log in for so long...at least a few months, maybe a year. See your T&Cs. If the account is downgraded (to Classic) you lose the interest obviously.
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