Eddyd94
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#1
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Hey.
Basically I have £17k in a Santander 123 account and save £500 a month. After £20k the account stops paying interest. I'm looking for ideas of what to do with £2-5k to get some better returns than just sticking it in an ISA. Also don't want to tie it up for more than 5 years max as will be buying a house within 2-4 years if my career goes as it should. Thanks
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Quady
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Put it in a second 1-2-3 account
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Eddyd94
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I don't have enough direct debits or another £750 a month to pay into it. Also was hoping if anyone knew a better rate than it as after tax it's only 2.4%. Thanks
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Zerforax
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(Original post by Eddyd94)
I don't have enough direct debits or another £750 a month to pay into it. Also was hoping if anyone knew a better rate than it as after tax it's only 2.4%. Thanks
You can use Tesco Saver account to set up a standing order which pulls money from another bank account like a direct debit which fulfills the criteria.

Also if you have other bank accounts you can just cycle money through them i.e. use the same £750 to go through the accounts since the money doesn't have to stay there.

I have two Santander 123 accounts and never had any problems.

Nothing that is low risk has better returns than the current account.
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Quady
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(Original post by Eddyd94)
I don't have enough direct debits or another £750 a month to pay into it. Also was hoping if anyone knew a better rate than it as after tax it's only 2.4%. Thanks
Set up a couple of £1/ month charity donation direct debits.

Setup standing orders to move monet between accounts to recycle the £750.

Good luck getting 5x bank rate after tax... my mortgage is 2.79% after all.
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SerotoninAddict
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(Original post by Zerforax)
You can use Tesco Saver account to set up a standing order which pulls money from another bank account like a direct debit which fulfills the criteria.

Also if you have other bank accounts you can just cycle money through them i.e. use the same £750 to go through the accounts since the money doesn't have to stay there.

I have two Santander 123 accounts and never had any problems.

Nothing that is low risk has better returns than the current account.
One of the accounts has to be a joint one though doesn't it?
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Zerforax
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(Original post by SerotoninAddict)
One of the accounts has to be a joint one though doesn't it?
Don't think so. I just called them up and said I wanted another 123 account and they did it for me.
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tim_123
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Invest it in a stocks and shares isa?
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SerotoninAddict
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(Original post by Zerforax)
Don't think so. I just called them up and said I wanted another 123 account and they did it for me.
How long ago was that?

On their website it now says "You may only hold a maximum of two 1|2|3 Current Accounts, one in your own name and one in joint names."
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claireestelle
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get a regular savings account, could be a little better rate on that than a isa but then that means tax. Anything else would have risk attached to it, my 16k savings only attract 1.75% at the moment so 2.5% isnt all that bad.
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Zerforax
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(Original post by SerotoninAddict)
How long ago was that?

On their website it now says "You may only hold a maximum of two 1|2|3 Current Accounts, one in your own name and one in joint names."
Oh this was a while ago now..
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