40k to invest/save which account?
40k to invest/save which account?
Author
Discussion

peterperkins

Original Poster:

3,444 posts

272 months

Wednesday 22nd June 2016
quotequote all
OK have 40k want to keep it somewhere that pays reasonable interest.

Already have 123 account and premium bonds so need another account/idea.

Don't want any risk... No stocks/shares etc..

Looking for the PH geniuses to come to the rescue. Thanks

Jockman

18,414 posts

190 months

Wednesday 22nd June 2016
quotequote all
Do you have 3 of the 123 accounts?

p1stonhead

30,376 posts

197 months

Wednesday 22nd June 2016
quotequote all
Do you have a better half?

You can have 3 123 accounts. 1 each and a joint.

£1800 a year on 3 accounts with a few bits of cashback.

forest07

687 posts

235 months

Wednesday 22nd June 2016
quotequote all
p1stonhead said:
Do you have a better half?

You can have 3 123 accounts. 1 each and a joint.

£1800 a year on 3 accounts with a few bits of cashback.
I was considering doing this myself. I already have a 123 account in my name with all our DD's for cash back.
If we open anymore 123 accounts do you have to have some DD's from each account? This was something I was going to ask Santander later this week.

TonyR


Jockman

18,414 posts

190 months

Wednesday 22nd June 2016
quotequote all
forest07 said:
p1stonhead said:
Do you have a better half?

You can have 3 123 accounts. 1 each and a joint.

£1800 a year on 3 accounts with a few bits of cashback.
I was considering doing this myself. I already have a 123 account in my name with all our DD's for cash back.
If we open anymore 123 accounts do you have to have some DD's from each account? This was something I was going to ask Santander later this week.

TonyR
Yes. Move 2 over to the others. Simple process.

p1stonhead

30,376 posts

197 months

Wednesday 22nd June 2016
quotequote all
forest07 said:
p1stonhead said:
Do you have a better half?

You can have 3 123 accounts. 1 each and a joint.

£1800 a year on 3 accounts with a few bits of cashback.
I was considering doing this myself. I already have a 123 account in my name with all our DD's for cash back.
If we open anymore 123 accounts do you have to have some DD's from each account? This was something I was going to ask Santander later this week.

TonyR
You need £500 going into each account each month (but then you can transfer it straight back out again) and 2 direct debits from each. You can simply set up 2 £1 charity direct debits for example if you want.

droopsnoot

14,704 posts

272 months

Wednesday 22nd June 2016
quotequote all
I'm nothing to do with this site, but it seems to be quite useful in calculating what you can get for your money: https://www.bankaccountsavings.co.uk/calculator

Doesn't include some regular savers, though, which can pump a bit more in.

Steve Campbell

2,399 posts

198 months

Wednesday 22nd June 2016
quotequote all
Seems that £50k is the cut off for bonus interest in accounts in my bank :

eg Natwest Premium Saver : >£25k = 0.75%, >£50k = 1%

KTF

10,689 posts

180 months

Wednesday 22nd June 2016
quotequote all
Have a look at the 'savings fountain' here: http://www.moneysavingexpert.com/latesttip/

jonny70

1,280 posts

188 months

Wednesday 22nd June 2016
quotequote all
forest07 said:
I was considering doing this myself. I already have a 123 account in my name with all our DD's for cash back.
If we open anymore 123 accounts do you have to have some DD's from each account? This was something I was going to ask Santander later this week.

TonyR
Yes , you need 2 direct debits per account . What I do is simply set up 2 charity direct debits on each account for 50p ( so 50p a month to cancer research and 50p a month to Parkinson's Uk)

Jockman

18,414 posts

190 months

Wednesday 22nd June 2016
quotequote all
I'm finding the charity angle a wee bit awkward but maybe it's just me being an over-sensitive muppet.

p1stonhead

30,376 posts

197 months

Wednesday 22nd June 2016
quotequote all
Jockman said:
I'm finding the charity angle a wee bit awkward but maybe it's just me being an over-sensitive muppet.
They dont have to be for 50p! hehe