Savings and interest

[Frankieola]

What is the best rate of interest you could get if you put an amount into an everyday savings account operated by a high street bank? How would this work on an amount of say £2000 over 12 months? Many thanks.

[hc4361]

Lucky if you get 3%. That's £60 less tax.

[BAKERS DOZEN]

Hopefully will soon have three nice lump sums going into my bank account from my redundancy pay, pension lump sum and deferred state pension. Have decided to get the max in premium bonds for OH and myself and take a chance. The interest rates at the moment are rubbish.

[factor-fiction]

Nice position to be in!
Just a thought- I know the pension lump sum (like the first £30K of redundancy pay) is tax free but have you taken financial advice on this as it may mean your pension is reduced significantly assuming it's a company pension.

[BAKERS DOZEN]

Thanks Factor - realise I will get a reduced pension when I take the lump sum but want the money in our account just in case I pop my clogs in the near future. OH would only get my pension for 5 yrs I believe then a very small pension after that. We can manage on his teachers pension, my pension and our two state pensions as long as we don't go berserk with it.