15k in bank, what best to do

[techguyone]

But first let me set some parameters.

The money needs to stay in a bank type scenario
So no stocks or shares or gambling type scenarios
The money won't be added to, so no point in ISA's or that kind of thing
Essentially I need the best option available to drop the money in an account, forget about it and get the most interest from it.
There is no issue about getting access to the money in a hurry.

Best options given that criteria please

[z4RRSchris]

Santander 123 or a bond

[techguyone]

Thanks for that, could you explain what a bond is/how it works

[HonestIago]

£2k in a TSB current account paying just under 5%
£2.5k in a Nationwide current account also paying just under 5%
£10k across 2x BOS current accounts each paying a little under 3%
Your last £500 can go in a third BOS account.

You just need to set up a system of direct debits but it's worth it for what are pretty decent interest rates.

[JakeT]

Take a look here http://guides.wsj.com/personal-finance/investing/w...

As for me if it were my money- I would throw it in a regular savings account. Still have access to it and it will earn you a little in the meanwhile.

[Sharted]

You don't have to add to an ISA if you don't want to, however, rates aren't particularly great despite the fact that you won't pay tax on the interest.

All an ISA means is a wrapper to make the account tax free, it could be a regular savings account or a stock market investment.

Do you have any debt to pay down?

[techguyone]

No debt free, just want to be able to get some kind of interest

[Sharted]

techguyone said:

Thanks for that, could you explain what a bond is/how it works

A bond is just a savings account.

It could be a 2 year fixed rate with no access, with access, a stock market bond, one linked to an index such as the FOOTSIE. It could be an ISA in all of the previously mentioned forms.

It covers a lot of scenarios really.

Do you pay a higher rate of income tax?

[techguyone]

No I'm not a high bracket tax payer

[Chunk49]

I will shortly be in a similar position but I am a higher rate tax payer. Would be interested on thoughts as to how this changes the previous advice above re putting it into the top paying current accounts.

[gregf40]

Stick it in a Peer2Peer lending account.

I use Zopa and Landbay and earn between 4 and 6%.

[NordicCrankShaft]

I'm not really up on this p2p lending but have seen lots of it around the internet, what happens when the person you lend to cannot afford to pay back or misses payments?

[AyBee]

NordicCrankShaft said:

I'm not really up on this p2p lending but have seen lots of it around the internet, what happens when the person you lend to cannot afford to pay back or misses payments?

You don't get your money back. The idea is that your money is so thinly spread across many borrowers, that one default affects you very little.