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  • FIRST POST
    • HPLCEngineer
    • By HPLCEngineer 14th Apr 18, 3:45 PM
    • 19Posts
    • 1Thanks
    HPLCEngineer
    6500 Where to save?
    • #1
    • 14th Apr 18, 3:45 PM
    6500 Where to save? 14th Apr 18 at 3:45 PM
    Hi,

    I recieved about 6500 unexpectedly today and I don't know where to put it to get the best interest rate. Do you guys have any recommendations? It's sitting in a savings account earning 0% at the moment.

    I already have current accounts and regular savings accounts with HSBC, First Direct, Nationwide, Santander, Tesco and TSB all maxed out.
    I have a LISA maxed out too.

    If I can't find anywhere else this 6500 then I will probably put the money into a low cost index tracker fund and invest it instead of saving it.

    Thanks
Page 1
    • pennystretcher
    • By pennystretcher 14th Apr 18, 4:35 PM
    • 400 Posts
    • 1,482 Thanks
    pennystretcher
    • #2
    • 14th Apr 18, 4:35 PM
    • #2
    • 14th Apr 18, 4:35 PM
    How about Club Lloyds for 5000 @2% and open their regular saver too? (you'll need two DDs and 1500 monthly pay in, but guessing you already do round robin with other accounts..)

    You also get the annual "lifestyle benefit" e.g. cinema tickets etc. (I chose cinema tickets and that saves me already ~70 a year as I'd go to cinema anyhow)
    Last edited by pennystretcher; 14-04-2018 at 4:38 PM.
    • Herbalus
    • By Herbalus 14th Apr 18, 4:39 PM
    • 2,181 Posts
    • 1,807 Thanks
    Herbalus
    • #3
    • 14th Apr 18, 4:39 PM
    • #3
    • 14th Apr 18, 4:39 PM
    You haven't mentioned M&S, which also has a 5% regular saver like HSBC.

    That won't cover 6.5k though.

    If you have maxed out those accounts, we could be talking 30k+ in cash already (depending on how many of each account and which variants you have), then in absence of knowing how much you currently have invested in S&S ISAs, and not knowing your short or long term requirements, I would probably head there.
    • Herbalus
    • By Herbalus 14th Apr 18, 4:40 PM
    • 2,181 Posts
    • 1,807 Thanks
    Herbalus
    • #4
    • 14th Apr 18, 4:40 PM
    • #4
    • 14th Apr 18, 4:40 PM
    How about Club Lloyds for 5000 @2% and open their regular saver too? (you'll need two DDs and 1500 monthly pay in, but guessing you already do round robin with other accounts..)

    You also get the annual "lifestyle benefit" e.g. cinema tickets etc. (I chose cinema tickets and that saves me already ~70 a year as I'd go to cinema anyhow)
    Originally posted by pennystretcher
    Club Lloyds is going down to 1.5% on 1 July sadly. No news on 3% regular saver that takes 400/month, so that's a good bet at the moment.
    • pennystretcher
    • By pennystretcher 14th Apr 18, 4:50 PM
    • 400 Posts
    • 1,482 Thanks
    pennystretcher
    • #5
    • 14th Apr 18, 4:50 PM
    • #5
    • 14th Apr 18, 4:50 PM
    Club Lloyds is going down to 1.5% on 1 July sadly. No news on 3% regular saver that takes 400/month, so that's a good bet at the moment.
    Originally posted by Herbalus
    Hadn't spotted that. Thanks for pointing it out..guessing Lloyds are still to send my notification email out. Need to have a look for alternatives then..
    • HPLCEngineer
    • By HPLCEngineer 14th Apr 18, 4:50 PM
    • 19 Posts
    • 1 Thanks
    HPLCEngineer
    • #6
    • 14th Apr 18, 4:50 PM
    • #6
    • 14th Apr 18, 4:50 PM
    I only have about 1500 in a S&S ISA. I am totally new to investing.

    I have no need for the money for 15+ years. Other than that, I have no plans. I am 27 years old and I don't own a house, nor do I want to buy one until much later in life as I will be working abroad in the immediate future.
    Last edited by HPLCEngineer; 14-04-2018 at 4:53 PM.
    • Herbalus
    • By Herbalus 14th Apr 18, 5:29 PM
    • 2,181 Posts
    • 1,807 Thanks
    Herbalus
    • #7
    • 14th Apr 18, 5:29 PM
    • #7
    • 14th Apr 18, 5:29 PM
    Hadn't spotted that. Thanks for pointing it out..guessing Lloyds are still to send my notification email out. Need to have a look for alternatives then..
    Originally posted by pennystretcher
    No emails as yet that Im aware of. A notice appeared on their website.
    • Alexland
    • By Alexland 14th Apr 18, 6:19 PM
    • 3,844 Posts
    • 3,143 Thanks
    Alexland
    • #8
    • 14th Apr 18, 6:19 PM
    • #8
    • 14th Apr 18, 6:19 PM
    You haven't mentioned M&S, which also has a 5% regular saver like HSBC.
    Originally posted by Herbalus
    To get this you need to have switched to M&S so it depends if the OP has a suitable donor account that will get closed.

    OP might also want to consider a HTB ISA (even if just for the interest rate), S&S LISA (for retirement or first home) or lump sum pension contribution.

    Alex
    • chiefnoodle
    • By chiefnoodle 14th Apr 18, 10:22 PM
    • 110 Posts
    • 29 Thanks
    chiefnoodle
    • #9
    • 14th Apr 18, 10:22 PM
    • #9
    • 14th Apr 18, 10:22 PM
    Help to Save account if you're eligible. See this thread for calculations of how much interest their bonuses are equivalent to:
    http://forums.moneysavingexpert.com/showthread.php?t=5827120
    I haven't made a signature as I don't possess a sense of humour.
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