vickster
Legendary Member
But that’s tying money up for several years. I don’t want to do that
Premium bonds - weird coincidence
- Thread starter PK99
- Start date
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But that’s tying money up for several years. I don’t want to do that
Chislenko
Veteran
Good point vickster, especially as pay away monthly saving accounts are very hard to find.
vickster
Legendary Member
The best instant access is 1.9% at the mo.
people can save or spend in whatever way they wish ultimately!
- Location
- Somewhere wet & hilly in NW England.
Investec Bank 4.15% One Year Bond. fSCS protected to £85k.
Atom Bank, Nationwide BS & Shawbrook Bank all offering just a tad less.
What I would ask @Chislenko is is what are you going to spend £100k on in the next year? Rhetorical, I don't really want an answer.
Quite often the 'can't access' the funds philosophy can be irrelevant.
If it was me I'd leave whatever I think I may have to access in the next year in PB's and get that bond with the rest.
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Chislenko
Veteran
To be honest Spokey I would like a bond where I could stick an amount in that pays a monthly pay away into my bank for just living on. Most term bonds only pay on maturity.
Skipton do (or used to) a monthly pay away but we are both maxed out on the 85K limit with them wish Cash ISAs.
If they are still offering a monthly pay away next tax year it may be that I may move the ISAs and do a term bond with them.
What am I gonna spend 100k on next year.....not a Tesla!
Mo1959
Legendary Member
- Location
- Perthshire,Scotland
3.56% if you take it monthly with Tesco and lock it away for 5 years.
Chislenko
Veteran
Nice one Mo, up to 4.42% today. That is exactly the sort of account we are looking for.
Mo1959
Legendary Member
- Location
- Perthshire,Scotland
I've got one myself and wish I had held off for the interest rate rise now. Wasn't expecting it to go up as much.
Chislenko
Veteran
As you have one can I pick your brains as the online instructions a bit vague.
Did you have to be an existing Tesco Bank account holder to open it?
Will they pay away into a non Tesco Bank account?
As a non Tesco Bank Account holder how do they do all the personal checks online? (usually if you open a new account with a bank they validate who you are, passport, utility bill etc)
Thanks for any info you may have.
Mo1959
Legendary Member
- Location
- Perthshire,Scotland
I can't remember much about the checks but I don't have any other Tesco accounts and have mine paid into my TSB account. I had one originally which finished a couple of months ago so just phoned them to take out another so can't remember back to when I initially took it out what was required.
- Location
- Somewhere wet & hilly in NW England.
We are fortunate that our monthly living expenses are covered by my pension.
We don't bother with monthly pay aways but avoid like the plague Bonds that pay at the end of term for me and usually go for annual payments. I have to work hard to stay within the £1k interest allowance. These inflows are managed on our finance spreadsheet.
Mrs SD is in a better position as she is a kept woman 😁 so we shunt the bulk of our Bonds in her direction to keep the tax take down. The £5k starting rate allowance is a god-send. Gets more difficult in 8 years time when she gets her State Pension. With her we are not fussed having EOT interest payments - at least at the moment.
Fortunately looks like cash Isa's are starting to look rosier - these used to be our default investment vehicle but the ***s-poor rates over the last decade+ have seen us ship the funds to pastures new. We may well start to reverse the flow next year.
bikingdad90
Guru
Bugger all again this month.
