15k in bank, what best to do with it
 

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

Re: 15k in bank, what best to do with it
 

you could open a santander 123 current account and use it as your normal bank account and put savings in there too

http://www.santander-products.co.uk/...paJxoCxt_w_wcB

3% AER so should make £50 per month - £2 account fee so £48

Re: 15k in bank, what best to do with it
 

That account comes at cost and with provisos....

Re: 15k in bank, what best to do with it
 

Damn that's a shame, I don't want to treat it like a current account, literally dump the cash there and forget about it.

Re: 15k in bank, what best to do with it
 

on top of what taf said, sandander attracts 20% tax (minimum)

Coventry building society 2.4% fixed ISA, no top up is needed, but you have to take 120 days penalty on withdrawals

I have both Santander and Coventry bs

There are some Sharia banks, very competitive( e.g. Al Rayan Bank) fully underwritten by the bank of England .....but I do not mix religion with money.

Re: 15k in bank, what best to do with it
 

Why is there no point in an ISA ?

ISA's dont require you to add to them.

Re: 15k in bank, what best to do with it
 

Well no, but that's generally the point of them

Re: 15k in bank, what best to do with it
 

you can put in 15k to start an ISA and just leave it there

Re: 15k in bank, what best to do with it
 

No it isn't.

An ISA just means a tax-free wrapper for your savings. You can do what you want within the wrapper. Any interest that 15k earns will be tax free. Although I think from next April you get £1,000 interest tax free irrespective of the type of savings account.

Re: 15k in bank, what best to do with it
 

You could think about fixed term bonds

http://www.tsb.co.uk/savings/fixed-bonds/#

Re: 15k in bank, what best to do with it
 

Have a flutter. Premium bonds :tu: :)

Re: 15k in bank, what best to do with it
 

Thing with fixed bonds if that if the BoE rises interest rates they suddenly become less competitive?

Re: 15k in bank, what best to do with it
 

It's been a while since I've been able to save, interest rates are.... quite poor these days

Re: 15k in bank, what best to do with it
 

Yup. Whichever option you take you'll won't see a lot of growth. HSBC are doing a Loyalty Cash ISA at 1.5% but they will also top it up with £120. You have to have an account with them though.

Re: 15k in bank, what best to do with it
 

How about putting in my bank account and letting me worry about it?

:D

Re: 15k in bank, what best to do with it
 

Enjoy yourself, if you've paid up you're mortgage if not oay it in the interest only on the mortgage.

If you have no mortgage put £10k in isa and £5k on treating yaself end if the day we come into the world with nothing and go with nothing. Sad but its true why save it for someone else to spend it just don't go too made have a in case this happens fund.

I've two kids both got trust funds in insured for £160k, so owt happens to me house paid for and they both have a lot of money to set themselves off in life.

Re: 15k in bank, what best to do with it
 

I'm spending mine.I'm retired and I see no reason to leave it to the kids and with the interest on savings I see no reason to save it.

Re: 15k in bank, what best to do with it
 

Apparently there is this guy in Nigeria.......

Re: 15k in bank, what best to do with it
 

... and of course if you do what used to be considered the prudent* thing and save, you a) get penalised left right and centre if you find yourself in need and b) find yourself the victim of imaginative new measures to separate you from what you've struggled to save by hook or by crook.

(*before the term was redefined)

Re: 15k in bank, what best to do with it
 

You can easily get 20-25%

here

Re: 15k in bank, what best to do with it
 

Re: 15k in bank, what best to do with it
 

Interesting, especially this bit.

Re: 15k in bank, what best to do with it
 

Of course that option won't be covered by the Financial Services Compensation Scheme in which case the risk might to too great for many to take.

Re: 15k in bank, what best to do with it
 

Buy Gold bullion......

Re: 15k in bank, what best to do with it
 

But don't keep it in a Hatton Garden safety deposit vault. :D

Re: 15k in bank, what best to do with it
 

Or anywhere Gordon can get hold of it and sell it cheap... :D

Re: 15k in bank, what best to do with it
 

Another vote Premium Bonds. I've had three wins in the last three months....and I've had money in the premium bonds for only the last three months.

Do it - no question about it.

Re: 15k in bank, what best to do with it
 

Re: 15k in bank, what best to do with it
 

I too have put money into Premium Bonds. I never expect to win the jackpot but I have won at least 2 X £25 each year for several years and so far this year have won 1 X £50 and 1 X £25. Now I realise that I could also have won nothing at all but I was doing that on a yearly basis doing the lottery so at lest this way I still have my original stake and I feel as though I am still having a flutter.

Re: 15k in bank, what best to do with it
 

Still spending mine..you can't take it with you and if I don't some scrote at some time will decide I don't need it in my old age..

Re: 15k in bank, what best to do with it
 

I do win nothing regularly. Anyone heard of kuflink bridging, I'm thinking it looks like a pretty safe opportunity

Re: 15k in bank, what best to do with it
 

So hookers and cocaine are out, right ? ;)

I'd drop it off the mortgage too

Re: 15k in bank, what best to do with it
 

Sorry, no mortgage here.

Re: 15k in bank, what best to do with it
 

You can always give it to me and ease your conscience. :D

Re: 15k in bank, what best to do with it
 

I am more a deserving cause so give it to me.

Re: 15k in bank, what best to do with it
 

What about investing in gold/precious metals?

Re: 15k in bank, what best to do with it
 

I got another letter the other day telling me how my "savings" account interest is dropping even further than its already dreadful value.

With inflation higher than the interest rates already (and expected to hit 2.5% this year), I'm with Maggie, start spending it.

I've spent quite a bit on a bunch of work improving my house in the last two years (plus some nice holidays).

Re: 15k in bank, what best to do with it
 

Putting value into your property has to be the best use of the money. I'm soon to be in receipt of an inheritance on the sale of another property and I intend to invest some of the proceeds in our own property.

Re: 15k in bank, what best to do with it
 

No one has used these guys then? Think I'll try them out with a few hundred and see what happens

Re: 15k in bank, what best to do with it
 

I was waiting for some more detail actually, let me know how it goes/what they do

Re: 15k in bank, what best to do with it
 

They're a bridging loan company, keep hearing them advertise and never heard anything bad about them and it offers a proper rate of return for your cash but not so much that it seems to good to be true.

http://www.moneysupermarket.com/loan...g-loans-guide/

Re: 15k in bank, what best to do with it
 

Speak to an independent financial advisor - they have the best unbiased advice.