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savings over £3000

jazzy23
jazzy23 Posts: 52 Forumite
Tenth Anniversary 10 Posts Name Dropper Combo Breaker
in Savings & investments
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.

Comments

  • Steve_xx
    Steve_xx Posts: 6,999 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    jazzy23 wrote: »
    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.

    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_2
    aj23_2 Posts: 1,155 Forumite
    1,000 Posts Third Anniversary Name Dropper Combo Breaker
    edited 13 March 2018 at 11:40AM
    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
  • Norman_Castle
    Norman_Castle Posts: 11,871 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Santander 123 is up to £20k
    But only 1.5% and £60 per year in charges.
  • jazzy23
    jazzy23 Posts: 52 Forumite
    Tenth Anniversary 10 Posts Name Dropper Combo Breaker
    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_2
    aj23_2 Posts: 1,155 Forumite
    1,000 Posts Third Anniversary Name Dropper Combo Breaker
    Yeah but on £20k alone you'd be making more than the fee easily.
  • aj23_2
    aj23_2 Posts: 1,155 Forumite
    1,000 Posts Third Anniversary Name Dropper Combo Breaker
    jazzy23 wrote: »
    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!

    Could try going for 3 with Bank of Scotland (recycle pay in and set up small DDs). Same with Tesco Bank.
  • Norman_Castle
    Norman_Castle Posts: 11,871 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    aj23 wrote: »
    Yeah but on £20k alone you'd be making more than the fee easily.
    £300 interest on the full 20k which is matched by fee free account paying 1.2%. At 10k its 0.9%.
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