Where to 5k put for at least 12months

[Dr Murdoch]

I won't need access, just somewhere to stop me touching it and will earn a little for me (appreciate it'll be about £200 if i'm lucky)

I may want to add to it periodically, although this isn't critical.

Thanks

[uknick]

Bank of Scotland Vantage Account gives 3% on £5K balances.

To qualify you need to pay in £1k per month. No direct debits needed.

I keep a balance of £5k in the account and then pay in and take out the £1k on the same day each month using standing orders.

[doombrain99]

Try premium bonds, I have done quite well with mine over the last 6 months.

[Simpo Two]

doombrain99 said:

Try premium bonds, I have done quite well with mine over the last 6 months.

So that's where all the prize money has gone!

[TwigtheWonderkid]

doombrain99 said:

Try premium bonds, I have done quite well with mine over the last 6 months.

This. Interest rates are so crap that you won't miss the lost interest if you win nothing. You'll probably win £25 or £50 over the year on Premium Bonds, but might just strike lucky and win a decent amount.

[gazapc]

Premium bonds are a load of toss. If you need somewhere guaranteed then you can't go wrong with 1 or 2 high interest current accounts. 5% should be possible for that whole amount (so about £250 a year interest). From last month you also have an interest personal allowance so will likely not pay tax on it.

[Dr Murdoch]

Thanks for the help.

So lets say I open a current account with Nationwide (other lenders are available) with a 5% rate. The only t&c to circumnavigate is that a minimum of £500 needs to be paid in each month. So pay £500 in on the 3rd, then pay it back out on the 4th.

All done via a standing order.

Am I missing something, as that seems an easy solution to doubling the amount of interested being offered by many savings accounts.

Excuse my naivety, but are there any restrictions in the number of current accounts a person can have?

[Jockman]

Most Lenders allow you one, your wife one then a joint one - many on here do this with Santander123.