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what to do with 10K

BobbyD
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Re: what to do with 10K

#98728

Postby BobbyD » November 25th, 2017, 11:23 am

melonfool wrote:
BobbyD wrote:Santander is 1.5% before fees.

https://www.santander.co.uk/uk/current- ... gI3CvD_BwE

5% at NW on £2500 for a year, 3% at Tesco on 2 x £3000, 2% on 3 x £5000 at BOS. Minimum payment and DD requirements as with (but not the same as Santander, but easily overcome with a standing order in standing order out).


It's £3,000 at NW, as it's £250pm.
Also, First Direct does a 5% one too, £300pm.

And TSB 1.5% on £1,500, have to pay in £500pm, but I transfer it straight back out again anyway.

M&S also have one - 5% on £250pm: https://bank.marksandspencer.com/save-i ... hly-saver/

Not sure what the terms of them all are.

Mel


I was talking about the bonus rate on the flexdirect account not the regular saver.

https://www.nationwide.co.uk/products/c ... d-benefits.

If you are looking for a shortish term hidaway with a return, low admin and no need to renew whilst maintaing the ability to withdraw the lot without penalty or loss of interest it seemed more logical.

M&S is a rebrand of the HSBC, you won't get both, just like you won't get a First Direct and an HSBC.

There's a decent reg saver behind most decent current accounts, or two in some cases like Lloyds. TSB is about the only one I don't have... apparently I failed the credit check!

melonfool
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Re: what to do with 10K

#98739

Postby melonfool » November 25th, 2017, 11:49 am

"M&S is a rebrand of the HSBC, you won't get both, just like you won't get a First Direct and an HSBC."

I have M&S and FD though?

I didn't know that about the N'wide FlexDirect thing. I've had my N'wide account over 40 years so a 12m introductory rate is no good to me. Though, obvious, fine for the OP.

Mel

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Re: what to do with 10K

#98741

Postby kempiejon » November 25th, 2017, 12:08 pm

I have FD and HSBC current accounts and regular savers with both.

Here's a complicated way to maximise one's cash interest but a little too elaborate for me. https://www.moneywise.co.uk/saving-bank ... -portfolio

BobbyD
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Re: what to do with 10K

#98743

Postby BobbyD » November 25th, 2017, 12:21 pm

melonfool wrote:"M&S is a rebrand of the HSBC, you won't get both, just like you won't get a First Direct and an HSBC."

I have M&S and FD though?

I didn't know that about the N'wide FlexDirect thing. I've had my N'wide account over 40 years so a 12m introductory rate is no good to me. Though, obvious, fine for the OP.

Mel


Maybe it's changed... I couldn't get the M&S and I'm sure it used tobe said that FD and HSBC were exclusive.

You can get back on it after a period off promotional rates apparently, although I'm currently on the Flexplus until I get back from abroad in January.

kempiejon wrote:I have FD and HSBC current accounts and regular savers with both.

Here's a complicated way to maximise one's cash interest but a little too elaborate for me. https://www.moneywise.co.uk/saving-bank ... -portfolio


My method of maximising return is a bit simpler, I open and fund every account I can... I'll be damned if I'm going to lend the bank money for gratis!

Now I've got to go apply for a FD account...

didds
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Re: what to do with 10K

#108063

Postby didds » January 5th, 2018, 9:36 am

didds wrote:I've gone the premium bonds route.

In my name. (so shoot me ;-) She doesn;t know the molney even exists. Wife/mother is aware etc)

cheers all for your kind advice

didds



UPDATE: This was the first month's draw for my newly purchaed PBs.

I've won £25 ! :-)

didds

AleisterCrowley
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Re: what to do with 10K

#108069

Postby AleisterCrowley » January 5th, 2018, 10:11 am

And me !!! a whole £25 :-)
I recently checked my PBs, holding currently circa £12k. Returns as below.
2014 -1.28%
2015 - 1.68%
2016 - 0.83%
2017 - 1.43%

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Re: what to do with 10K

#110007

Postby quelquod » January 12th, 2018, 9:13 pm

You're doing OK.
I've got £5 worth (Mum bought them for me 70 years ago and I've kept them as a memento).
Never won a bean ;) .

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Re: what to do with 10K

#110014

Postby XFool » January 12th, 2018, 9:39 pm

quelquod wrote:You're doing OK.
I've got £5 worth (Mum bought them for me 70 years ago and I've kept them as a memento).
Never won a bean ;) .

1948? That's what I call prescient, Premium Bonds didn't even exist till 1956! So you were definitely ripped off for eight years. ;)

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Re: what to do with 10K

#110025

Postby melonfool » January 12th, 2018, 10:39 pm

XFool wrote:
quelquod wrote:You're doing OK.
I've got £5 worth (Mum bought them for me 70 years ago and I've kept them as a memento).
Never won a bean ;) .

1948? That's what I call prescient, Premium Bonds didn't even exist till 1956! So you were definitely ripped off for eight years. ;)


Would still have been a better interest rate than now though!

Mel

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Re: what to do with 10K

#111733

Postby bulltraderpt » January 18th, 2018, 7:36 pm

With IR effectively worthless go to the stock market. If he doesn't know you have it, go to the HYP board and look to get a return there, you may even get some capital appreciation on it.

Cheers!

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Re: what to do with 10K

#111774

Postby paulnumbers » January 18th, 2018, 10:43 pm

It all boils down to how much hassle you can be bothered with.

http://bankaccountsavings.co.uk/

Club Lloyds Account - 2% on 5k

You'll need to setup two direct debits for that, Post Office Instant Access savings account, and Birmingham Midshires savings account will do the job.

Then with that account you also get a 3% regular save for £400 per month.

And you could also open nationwide Flexdirect, £2500 @ 5% and their £250 a month regular saver, no direct debit requirement.

Leeds BS Regular Saver, £250 a month at 2.3%

Really depends how much hassle you want in your life.

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Re: what to do with 10K

#111776

Postby AleisterCrowley » January 18th, 2018, 11:01 pm

I'm a Lloyds customer and they really do mess one around with the savings accounts. They are limited to (typically ) max £400 a month in and last a year so difficult to get a good rate on any sort of reasonable amount (you only get the full rate for a year on the first £400 effectively) Come the end of the term you get whacked down to 0.2% or something dire, and have to close, set up new account and standing order and wait for money to build again.
If you remember...

melonfool
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Re: what to do with 10K

#111808

Postby melonfool » January 19th, 2018, 9:26 am

AleisterCrowley wrote:I'm a Lloyds customer and they really do mess one around with the savings accounts. They are limited to (typically ) max £400 a month in and last a year so difficult to get a good rate on any sort of reasonable amount (you only get the full rate for a year on the first £400 effectively) Come the end of the term you get whacked down to 0.2% or something dire, and have to close, set up new account and standing order and wait for money to build again.
If you remember...


All regular savers are like that.

I currently have First Direct £300 at 5% (I think) and Nationwide £250 at 5%. They will end in Oct and I will need to move the money and start again. I'm intending to take another with M&S in the meantime as I already have the current account. I also have a TSB and a Halifax current account so I need to work out what they offer.

Best plan would be to have four that all start each new quarter then have them ending each quarter the following year.

Mel

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Re: what to do with 10K

#111819

Postby AleisterCrowley » January 19th, 2018, 10:07 am

melonfool wrote:...

Best plan would be to have four that all start each new quarter then have them ending each quarter the following year.

Mel

Like a 'Bond ladder'
http://www.telegraph.co.uk/finance/inve ... ncome.html

I really should do more of this, but I can't stand the faffing around - plus most of my cash is in ISAs and I don't want to lose the tax wrapper, although the current rates are derisory

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Re: what to do with 10K

#111824

Postby pochisoldi » January 19th, 2018, 10:23 am

melonfool wrote:And TSB 1.5% on £1,500, have to pay in £500pm, but I transfer it straight back out again anyway.


(It's 3% on £1500 at TSB)

If you have two accounts with a funding requirement, and the minimum balance for both accounts equals the higher of the two funding requirements simply setup a standing order for the highest amount on each account on the same day.

For example "Club Lloyds" has a £1500 funding requirement, "TSB Classic" needs £500, if you can keep the minimum balance of the Lloyds account at £1500 you can setup a standing order from "TSB Classic" to "Club Lloyds" for £1500, and on the same day have a standing order from "Club Lloyds" to "TSB Classic" for the same amount.

No manual intervention required, aside from decanting non-interest earning interest payments into a more suitable location at the start of the month.

PochiSoldi
(who, back in the day, had 3 Lloyds Vantage accounts with £1000 doing a merry-go-round #1>#2>#3>#1 once a month...)

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Re: what to do with 10K

#111834

Postby melonfool » January 19th, 2018, 11:05 am

AleisterCrowley wrote:
melonfool wrote:...

Best plan would be to have four that all start each new quarter then have them ending each quarter the following year.

Mel

Like a 'Bond ladder'
http://www.telegraph.co.uk/finance/inve ... ncome.html

I really should do more of this, but I can't stand the faffing around - plus most of my cash is in ISAs and I don't want to lose the tax wrapper, although the current rates are derisory


I'm less bothered about the tax wrapper these days, I never save £20k pa anyway, so I can put it in a reg saver and at the end put it in the ISA if I feel like it.

But I try to keep as basic rate tax payer (by putting a lot into the pension) which means I have £1k of interest pa tax free anyway - well, when I say "I have", I mean "there is an allowance of", no idea where I might actually obtain £1k in interest!

I will admit I am slightly less interested in faffing these days, which is why I do most of my saving into the [current] work pension, as it is salary sacrifice and the employer gifts back half the NI saving.

Mel

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Re: what to do with 10K

#111836

Postby melonfool » January 19th, 2018, 11:08 am

pochisoldi wrote:
melonfool wrote:And TSB 1.5% on £1,500, have to pay in £500pm, but I transfer it straight back out again anyway.


(It's 3% on £1500 at TSB)

If you have two accounts with a funding requirement, and the minimum balance for both accounts equals the higher of the two funding requirements simply setup a standing order for the highest amount on each account on the same day.

For example "Club Lloyds" has a £1500 funding requirement, "TSB Classic" needs £500, if you can keep the minimum balance of the Lloyds account at £1500 you can setup a standing order from "TSB Classic" to "Club Lloyds" for £1500, and on the same day have a standing order from "Club Lloyds" to "TSB Classic" for the same amount.

No manual intervention required, aside from decanting non-interest earning interest payments into a more suitable location at the start of the month.

PochiSoldi
(who, back in the day, had 3 Lloyds Vantage accounts with £1000 doing a merry-go-round #1>#2>#3>#1 once a month...)


Yes, I don't do it *manually*!

I leave £1,500 in TSB (sorry, yes re the 3%, I remembered afterwards - I also had a 5% reg saver with them but it ended and their new one is 2%) and transfer by SO £500 a month in, and by SP at TSB £500 out on the same day. Works fine.

Though I am not sure I follow all your wording, but what I do with the TSB actually does work, so that's fine! :)

Sometimes I set up a £2 DD to a charity in an odd account I don't use, just to keep it live. I get a tax offset anyway for the £24pa (if I tip into HR tax).

Mel

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Re: what to do with 10K

#111840

Postby AleisterCrowley » January 19th, 2018, 11:14 am

Any spare cash (that doesn't keep breweries afloat) is going in my Shares ISA currently.
I can't pay in to a Cash ISA (already do a regular payment into a HTB ISA @ 3.5%)
Trouble is I've got about 25% of Shares ISA sitting in cash at the moment as I feel most stuff is 'fully valued' - still trying to find a safe 'cash like' home for it. Best guess so far is a short bond fund (ERNS)

I do pay a bit (10% ) into my pension as salary sacrifice. May look at boosting this, although I'm not good at deferred gratification...

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Re: what to do with 10K

#111841

Postby melonfool » January 19th, 2018, 11:23 am

AleisterCrowley wrote:Any spare cash (that doesn't keep breweries afloat) is going in my Shares ISA currently.
I can't pay in to a Cash ISA (already do a regular payment into a HTB ISA @ 3.5%)
Trouble is I've got about 25% of Shares ISA sitting in cash at the moment as I feel most stuff is 'fully valued' - still trying to find a safe 'cash like' home for it. Best guess so far is a short bond fund (ERNS)

I do pay a bit (10% ) into my pension as salary sacrifice. May look at boosting this, although I'm not good at deferred gratification...


Not *that* deferred now, eh? :)

I too am wary of share buying at the moment, but my last investment was into the YouInvest AJ Bell passive fund, at the cautious end, mostly bonds. Seems a useful offset to the currently bullish market. I need to buy some more as I have some accumulated dividends. Can do the same with Vanguard and go for the bond-heavy one.

Putting it pension you still have to make these decisions though.

I have £26k in a cash ISA fixed at 2.5%, ends in two years that one.

Mel

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Re: what to do with 10K

#111844

Postby AleisterCrowley » January 19th, 2018, 11:34 am

melonfool wrote:
AleisterCrowley wrote: although I'm not good at deferred gratification...


Not *that* deferred now, eh? :)
.
Mel

Harrumph! I'm only early 50s... :-)
Retirement (officially) is 7.5 years away, unless my EuroMillions numbers come up.


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