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....
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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.
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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
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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
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Re: 15k in bank, what best to do with it
you can put in 15k to start an ISA and just leave it there
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Re: 15k in bank, what best to do with it
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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. |
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Re: 15k in bank, what best to do with it
Have a flutter. Premium bonds :tu: :)
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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?
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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
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Re: 15k in bank, what best to do with it
How about putting in my bank account and letting me worry about it?
:D |
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