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Savings Account Advice
19 Answers
My family has inherited a quite large sum of money from my late Mum. I'm thinking of putting it in a decent interest bank account until we are in a position to share it out. Any suggestions please? TIA
Answers
1 to 19 of 19
Many of the best paying accounts are high st current accounts, though it does mean putting a bit in each Open a Santander 123 Current Account and put £20,000 in that to get 1.5%. You get even more if you set up all your direct debits to go from that account. I get around £30 or £35 a month interest on my account....
21:41 Wed 19th Dec 2018
On a more serious note, I don't want to know how much you're talking about but bear in mind that the Financial Services Compensation Scheme only provides protection up to £85k (or twice that for a joint account). Also bear in mind that many banks share a FSCS licence and only provide £85k protection for the total held under one licence.
Many of the best paying accounts are high st current accounts, though it does mean putting a bit in each
Open a Santander 123 Current Account and put £20,000 in that to get 1.5%. You get even more if you set up all your direct debits to go from that account.
I get around £30 or £35 a month interest on my account.
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Open a Nationwide FlexDirect current account and get 5% on the first £2,500 (as long as you pay in £1,000 each month)
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Open a NatWest Savings Builder account and put £10,000 in that and get 1.5% (you have to put £50 in each month)
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Open a Santander Regular ESaver account put £200 a month for a year and get 3% on that.
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Open a Nationwide Flex Regular Online Saver and put in £250 a month for a year and get 5% on that
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I know this is a bit of hassle but they beat many of the normal "instant release" savings accounts that pay less than 1%
Open a Santander 123 Current Account and put £20,000 in that to get 1.5%. You get even more if you set up all your direct debits to go from that account.
I get around £30 or £35 a month interest on my account.
https:/
Open a Nationwide FlexDirect current account and get 5% on the first £2,500 (as long as you pay in £1,000 each month)
https:/
Open a NatWest Savings Builder account and put £10,000 in that and get 1.5% (you have to put £50 in each month)
https:/
Open a Santander Regular ESaver account put £200 a month for a year and get 3% on that.
https:/
Open a Nationwide Flex Regular Online Saver and put in £250 a month for a year and get 5% on that
https:/
I know this is a bit of hassle but they beat many of the normal "instant release" savings accounts that pay less than 1%
You would need agreement with the eventual recipients, but you could consider putting SOME - not all - of the money into Zopa or Ratesetter. Ratesetter is giving about 6% today for a five year rolling loan. You lose 1.5% if you need instant access. The important point is that your capital is not protected. Nobody has yet lost any money with Ratesetter, but there is no guarantee what will happen in the future. Definitely, a gamble.
guilbert- the Santander regular saver pays 5% if you hold a 123 accoun, but as you need to drip feed the money in the effective rate is as little as half of that unless you can invest it elsewhere until needed.
But still all this is academic as we don't know whether we are talking about £5000 or £500000 and how long before the money needs to be accessed. If the amounts are large or the executor is 40% tax payer then tax on interest needs to be considered too.
But still all this is academic as we don't know whether we are talking about £5000 or £500000 and how long before the money needs to be accessed. If the amounts are large or the executor is 40% tax payer then tax on interest needs to be considered too.
-- answer removed --
So sorry for the late response...
Christmas and that.
The amount is well under the 85k mentioned.
I am the executor of the will and as such I've been able to close Mams Santander current account and transfer everything into a new account in my name
There are only 5 beneficiaries all close family.
We don't to divide everything up until we have the sale of the house and car included
Thank you all so much for your replies
Christmas and that.
The amount is well under the 85k mentioned.
I am the executor of the will and as such I've been able to close Mams Santander current account and transfer everything into a new account in my name
There are only 5 beneficiaries all close family.
We don't to divide everything up until we have the sale of the house and car included
Thank you all so much for your replies
-- answer removed --
there are nt any
Santander 123 has a monfly charge and also highish interest.
Santander is run by a svelte morena who said
'zee days of free banking are over baybee'
do the IHT and probate as quick as poss
so those members of your family who say
' you should be getting free per cent per monf!' are off your hands along with their unreasonable demands
[clearly I have had experience of this]
Santander 123 has a monfly charge and also highish interest.
Santander is run by a svelte morena who said
'zee days of free banking are over baybee'
do the IHT and probate as quick as poss
so those members of your family who say
' you should be getting free per cent per monf!' are off your hands along with their unreasonable demands
[clearly I have had experience of this]
// I would have thought the money would have to stay in the solicitors client account before it was shared out.//
is the answer to - "do solicitors hang onto money for as long as possible?" - and not where can I get a decent rate of interest.
on the facts - you are trustee of the money and so
you SHOULDN'T really gamble with it - but go into something solid ( and low) - I suppose it is different if all your siblings agree which I can tell you they wont
[ will want high interest wivvart the risk ]
is the answer to - "do solicitors hang onto money for as long as possible?" - and not where can I get a decent rate of interest.
on the facts - you are trustee of the money and so
you SHOULDN'T really gamble with it - but go into something solid ( and low) - I suppose it is different if all your siblings agree which I can tell you they wont
[ will want high interest wivvart the risk ]
1 to 19 of 19
