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  • FIRST POST
    • Lowermax
    • By Lowermax 12th Apr 18, 10:26 PM
    • 26Posts
    • 1Thanks
    Lowermax
    Best way to maximise interest on 8k Savings
    • #1
    • 12th Apr 18, 10:26 PM
    Best way to maximise interest on 8k Savings 12th Apr 18 at 10:26 PM
    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
Page 1
    • Archi Bald
    • By Archi Bald 12th Apr 18, 10:30 PM
    • 9,369 Posts
    • 7,425 Thanks
    Archi Bald
    • #2
    • 12th Apr 18, 10:30 PM
    • #2
    • 12th Apr 18, 10:30 PM
    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
    • By xylophone 13th Apr 18, 12:19 AM
    • 26,088 Posts
    • 15,452 Thanks
    xylophone
    • #3
    • 13th Apr 18, 12:19 AM
    • #3
    • 13th Apr 18, 12:19 AM
    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
    • By Lowermax 16th Apr 18, 9:32 PM
    • 26 Posts
    • 1 Thanks
    Lowermax
    • #4
    • 16th Apr 18, 9:32 PM
    • #4
    • 16th Apr 18, 9:32 PM
    Great, thanks a lot for the advice guys!
    • Lowermax
    • By Lowermax 16th Apr 18, 9:42 PM
    • 26 Posts
    • 1 Thanks
    Lowermax
    • #5
    • 16th Apr 18, 9:42 PM
    • #5
    • 16th Apr 18, 9:42 PM
    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.
    Originally posted by xylophone
    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?
    Last edited by Lowermax; 16-04-2018 at 9:45 PM. Reason: Added further question
    • Audaxer
    • By Audaxer 16th Apr 18, 9:54 PM
    • 1,224 Posts
    • 734 Thanks
    Audaxer
    • #6
    • 16th Apr 18, 9:54 PM
    • #6
    • 16th Apr 18, 9:54 PM
    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?
    Originally posted by Lowermax
    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
    • By thenewcomer 16th Apr 18, 10:04 PM
    • 96 Posts
    • 21 Thanks
    thenewcomer
    • #7
    • 16th Apr 18, 10:04 PM
    • #7
    • 16th Apr 18, 10:04 PM
    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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