Help - bank savings

Mimi_Arc_en_ciel · 17 October 2016 at 9:41PM

Me again!

Well I need to move all of my cash about now as the rates are dropping ... can someone help/suggest?

I have:

TSB current accounts x2 which are at £2k each (however I use one to hold my 'yearly' bills - car insurance etc - so will need access to this cash when I move it into another account)

I've opened up a few accounts recently to drip feed which I think I'm doing wrong....

First direct (for reg saver account)
Barclay blue
Co-Op

And tesco for the direct debits

First payments/transfers haven't happened yet. I've set up:

First direct £1000

To

Barclay blue
(2 direct debits to tesco £4)

To co-op £996
(4 DD to tesco)

To first direct £998

I then plan on moving money from tesco back to fd

However, since Halifax are stopping their monthly reward I'm thinking of moving my main bank to FD (been told if I switch within 3 months I get the bonus )

I know I shouldn't leave the ,£1000 in FD but I'm not sure where to move it to and to be honest, my brain is getting frazzled now - Inc kids banks I'm trying to run 16 accounts :-o

jimjames · 17 October 2016 at 10:07PM

Mimi_Arc_en_ciel wrote: »

However, since Halifax are stopping their monthly reward I'm thinking of moving my main bank to FD (been told if I switch within 3 months I get the bonus )

I'd stick with an account that pays interest for your main account. Halifax are not stopping the monthly reward, just reducing it to £3

xylophone · 17 October 2016 at 10:28PM

After the January changes you will still keep the two TSB accounts but need only keep £1500 in each to earn interest of 3% - one of the accounts may be changed to an enhance current account but you will be given two months' notice if this is to happen.

Have you opened a couple of Tesco current accounts?

With regard to First Direct, there is no need to pay in £1000 a month to avoid the fee or to keep £1000 a month in the account.

You simply need to open another savings account in addition to the regular saver and fund it with a pound or two.

The Nationwide Flexdirect account and its associated regular saver may be worth considering.

TheShape · 17 October 2016 at 10:45PM

Mimi_Arc_en_ciel wrote: »

First payments/transfers haven't happened yet. I've set up:

First direct £1000

To

Barclay blue
(2 direct debits to tesco £4)

To co-op £996
(4 DD to tesco)

To first direct £998

I then plan on moving money from tesco back to fd

You're moving £996 to Co-Op but £998 and 4 DDs out, is this correct?

Mimi_Arc_en_ciel · 17 October 2016 at 10:55PM

TheShape wrote: »

You're moving £996 to Co-Op but £998 and 4 DDs out, is this correct?

No, brain frazzled sorry!

Mimi_Arc_en_ciel · 17 October 2016 at 11:04PM

OK, so ive spent a good time on this tonight and hopefully I'm somewhere!

OK... I have:

Halifax 1 - main account for DDs/bills getting ,£5
Halifax 2 - soley for groceries/petrol - no interest etc

TSB 1 - 'yearly' bills 5%
TSB 2 - savings 5%
TSB Reg saver 5%

Barclay blue - drip feed
Co-Op - drip feed
First direct - just opened for reg saver

OK... if I:

Move Halifax 1 to FD I get £100 (FD bonus if I move within 3 months of opening account)
Halifax 2 *should* then get £3 month - still use this account for groceries/petrol but add to drip feed to run money through

TSB 1 will drop to 3% (has £2000 in at Mo)
TSB Reg stays at 5%

TSB 2 may/may not move to another account I need to check and move this £2000

Open flex direct with money that's currently in FD

Drip feed to hit targets:
Flex direct
Barclays
Co-Op
Halifax

Use tesco for direct debits

Does that sound OK?!

Mimi_Arc_en_ciel · 17 October 2016 at 11:07PM

Sorted kids out....

Halifax reg won't change
I need to move JISA and easy access from nationwide to HSBC and Coventry but I heard HSBC were dropping kids rate (in branch) but not heard when

badger09 · 18 October 2016 at 5:24PM

Mimi_Arc_en_ciel wrote: »

OK, so ive spent a good time on this tonight and hopefully I'm somewhere!

OK... I have:

Halifax 1 - main account for DDs/bills getting ,£5
Halifax 2 - soley for groceries/petrol - no interest etc

TSB 1 - 'yearly' bills 5%
TSB 2 - savings 5%
TSB Reg saver 5%

Barclay blue - drip feed
Co-Op - drip feed
First direct - just opened for reg saver

OK... if I:

Move Halifax 1 to FD I get £100 (FD bonus if I move within 3 months of opening account)
Halifax 2 *should* then get £3 month - still use this account for groceries/petrol but add to drip feed to run money through

TSB 1 will drop to 3% (has £2000 in at Mo)
TSB Reg stays at 5%

TSB 2 may/may not move to another account I need to check and move this £2000

Open flex direct with money that's currently in FD

Drip feed to hit targets:
Flex direct
Barclays
Co-Op
Halifax

Use tesco for direct debits

Does that sound OK?!

I really don't understand your reference to 'drip feed' in relation to Co-op & Barclays. 'Drip feed' usually means from a current account into a high interest regular saver.

Neither Co-op nor Barclays offer that. Do you mean you are using them for the monthly rewards/blue/cashback and have to meet minimum monthly funding to qualify? If so, why are you paying your main DDs and bills from Halifax?

Westie983 · 18 October 2016 at 5:46PM

badger09 wrote: »

I really don't understand your reference to 'drip feed' in relation to Co-op & Barclays. 'Drip feed' usually means from a current account into a high interest regular saver.

Neither Co-op nor Barclays offer that. Do you mean you are using them for the monthly rewards/blue/cashback and have to meet minimum monthly funding to qualify? If so, why are you paying your main DDs and bills from Halifax?

I Think the OP means they will drip feed into Barclays and Coop to meet the funding requirements, The OP could either use their main DD from Halifax or either Coop or Barclays, but dont forget Halifax still need 2 DD to pay out to get the reward payment.

OP doesn't say how many DD are paid out of Halifax but it maybe for the ease of knowing all bills are accounted for and paid from one account on first glance.
So I suppose it depends on how many DD are paid out of Halifax.

Westie983

Help - bank savings

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free