Which Account ?

[seanne]

I have around £5000 and wonder which is the best interest savings account to use. I don't want to tie it up for too long, maybe a year, any ideas TIA

[Old_Geezer]

Check the expert financial sites as to which instant access account is paying most.

[VHG]

A Nationwide Flex Direct account pays 5% on saving up to £2,500 for the first year. You do however have to pay in £1,000 each month. However once you have paid it in, a few days later you can transfer it out again.

http://www.nationwide.co.uk/products/current-accounts/flexdirect/features-and-benefits

I believe TSB have a similar account (read about it in the Which magazine yesterday)

So maybe you can split the money between Nationwide and TSB.

[seanne]

I am retired so dont pay in each month now

[ubasses]

The best place to look would be one of the comparison sites like money supermarket. Rates will depend on whether you can tie it up for a year or two or more, or want access with being able to give notice. If you want instant access I do not think you will get a a very good rate.

[seanne]

I was with Ing Direct but they changed to Barclays and to stay with them you had to go through a load of palaver with machines and things, I could not understand it

[factor-fiction]

Although you don't have money to pa in each month you could pay some in, draw it out, then pay it back again, and so on. But it may not be worth the hassle. For £5000 even if you can get 3% it's only £150 a year before tax. Depending on your financial position only you can decide how much trouble you want to go to to chase a pound or two extra a week in interest