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  • FIRST POST
    • Stu6781
    • By Stu6781 14th Jun 19, 9:46 PM
    • 94Posts
    • 0Thanks
    Stu6781
    Best bank account return for 7.5k lump sum?
    • #1
    • 14th Jun 19, 9:46 PM
    Best bank account return for 7.5k lump sum? 14th Jun 19 at 9:46 PM
    As the title says - what would be the best account for return on 7.5k?
Page 1
    • xylophone
    • By xylophone 15th Jun 19, 1:01 AM
    • 31,357 Posts
    • 19,433 Thanks
    xylophone
    • #2
    • 15th Jun 19, 1:01 AM
    • #2
    • 15th Jun 19, 1:01 AM
    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
    • By agrinnall 15th Jun 19, 7:08 AM
    • 22,820 Posts
    • 18,841 Thanks
    agrinnall
    • #3
    • 15th Jun 19, 7:08 AM
    • #3
    • 15th Jun 19, 7:08 AM

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

    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
    • By Ergates 15th Jun 19, 7:58 AM
    • 601 Posts
    • 816 Thanks
    Ergates
    • #4
    • 15th Jun 19, 7:58 AM
    • #4
    • 15th Jun 19, 7:58 AM
    As the title says - what would be the best account for return on 7.5k?
    Originally posted by Stu6781
    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
    • By onwards&upwards 15th Jun 19, 9:49 AM
    • 1,154 Posts
    • 2,319 Thanks
    onwards&upwards
    • #5
    • 15th Jun 19, 9:49 AM
    • #5
    • 15th Jun 19, 9:49 AM
    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.
    Originally posted by agrinnall
    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
    • By 18cc 15th Jun 19, 12:35 PM
    • 1,833 Posts
    • 1,349 Thanks
    18cc
    • #6
    • 15th Jun 19, 12:35 PM
    • #6
    • 15th Jun 19, 12:35 PM
    or you could put it into premium bonds where your return will be between zero and a lot.
    • xylophone
    • By xylophone 15th Jun 19, 12:50 PM
    • 31,357 Posts
    • 19,433 Thanks
    xylophone
    • #7
    • 15th Jun 19, 12:50 PM
    • #7
    • 15th Jun 19, 12:50 PM
    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
    • By Terry Towelling 15th Jun 19, 4:01 PM
    • 1,964 Posts
    • 1,653 Thanks
    Terry Towelling
    • #8
    • 15th Jun 19, 4:01 PM
    • #8
    • 15th Jun 19, 4:01 PM
    You have to log in to TSB once a month to get the interest anyway.
    Originally posted by onwards&upwards
    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
    • By onwards&upwards 15th Jun 19, 5:57 PM
    • 1,154 Posts
    • 2,319 Thanks
    onwards&upwards
    • #9
    • 15th Jun 19, 5:57 PM
    • #9
    • 15th Jun 19, 5:57 PM
    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
    Originally posted by Terry Towelling

    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
    • By YorkshireBoy 15th Jun 19, 7:44 PM
    • 30,970 Posts
    • 18,984 Thanks
    YorkshireBoy
    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.
    Originally posted by onwards&upwards
    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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