Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • jazzy23
    • By jazzy23 13th Mar 18, 9:46 AM
    • 7Posts
    • 2Thanks
    jazzy23
    savings over 3000
    • #1
    • 13th Mar 18, 9:46 AM
    savings over 3000 13th Mar 18 at 9:46 AM
    So I am well aware of current bank account switches and those with saving accounts attached, however, they only pay interest on amounts up to 3000. What if you have more than this (I have put aside money for house renovation) - any suggestions as to how you can gain interest on this money in an account? - thanks.
Page 1
    • Steve_xx
    • By Steve_xx 13th Mar 18, 10:13 AM
    • 6,530 Posts
    • 2,734 Thanks
    Steve_xx
    • #2
    • 13th Mar 18, 10:13 AM
    • #2
    • 13th Mar 18, 10:13 AM
    So I am well aware of current bank account switches and those with saving accounts attached, however, they only pay interest on amounts up to 3000. What if you have more than this (I have put aside money for house renovation) - any suggestions as to how you can gain interest on this money in an account? - thanks.
    Originally posted by jazzy23
    You can't gain interest on an account that only pays interest on balances upto 3000. You would have to open another account in order to gain interest on any amount over 3000, ie perhaps consider a regular saver type product or two?
    • aj23
    • By aj23 13th Mar 18, 10:32 AM
    • 412 Posts
    • 152 Thanks
    aj23
    • #3
    • 13th Mar 18, 10:32 AM
    • #3
    • 13th Mar 18, 10:32 AM
    Santander 123 is up to 20k
    Bank of Scotland up to 5k (can have up to 3 accounts)
    Lloyds up to 5k
    Tesco Bank up to 3k (can have up to 2 accounts, 4 if a couple)
    Nationwide up to 2.5k
    Last edited by aj23; 13-03-2018 at 11:40 AM.
    • Norman Castle
    • By Norman Castle 13th Mar 18, 10:42 AM
    • 6,955 Posts
    • 5,720 Thanks
    Norman Castle
    • #4
    • 13th Mar 18, 10:42 AM
    • #4
    • 13th Mar 18, 10:42 AM
    Santander 123 is up to 20k
    But only 1.5% and 60 per year in charges.
    Don't harass a hippie. You'll get bad karma.

    Never trust a newbie with a rtb tale.
    • jazzy23
    • By jazzy23 13th Mar 18, 11:35 AM
    • 7 Posts
    • 2 Thanks
    jazzy23
    • #5
    • 13th Mar 18, 11:35 AM
    • #5
    • 13th Mar 18, 11:35 AM
    yes I have a santander 123 already and am paying a fiver a month for the privilidge - wanted to try and change my bank account and savings to something different!
    • aj23
    • By aj23 13th Mar 18, 11:40 AM
    • 412 Posts
    • 152 Thanks
    aj23
    • #6
    • 13th Mar 18, 11:40 AM
    • #6
    • 13th Mar 18, 11:40 AM
    Yeah but on 20k alone you'd be making more than the fee easily.
    • aj23
    • By aj23 13th Mar 18, 11:41 AM
    • 412 Posts
    • 152 Thanks
    aj23
    • #7
    • 13th Mar 18, 11:41 AM
    • #7
    • 13th Mar 18, 11:41 AM
    yes I have a santander 123 already and am paying a fiver a month for the privilidge - wanted to try and change my bank account and savings to something different!
    Originally posted by jazzy23
    Could try going for 3 with Bank of Scotland (recycle pay in and set up small DDs). Same with Tesco Bank.
    • Norman Castle
    • By Norman Castle 13th Mar 18, 11:54 AM
    • 6,955 Posts
    • 5,720 Thanks
    Norman Castle
    • #8
    • 13th Mar 18, 11:54 AM
    • #8
    • 13th Mar 18, 11:54 AM
    Yeah but on 20k alone you'd be making more than the fee easily.
    Originally posted by aj23
    300 interest on the full 20k which is matched by fee free account paying 1.2%. At 10k its 0.9%.
    Don't harass a hippie. You'll get bad karma.

    Never trust a newbie with a rtb tale.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5Posts Today

3,976Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin