What is the Highest Interest Rate / Cashback / Rewards You Can Get?

Special_Saver2 · 15 October 2016 at 11:43PM

I have updated the first post of this thread with the following information:

- Halifax Reward current account reward dropping to £36 per year from 1st February 2017
- Nationwide FlexDirect account entry updated to include a note that posters on pages 225 and 226 of my regular savings thread report that despite the terms and conditions, they have been able to continue getting 5% on this account after 12 months by downgrading and upgrading the account
- TSB Classic Plus account entry updated to show this will pay 3% interest on £1,500 from 4th January 2017
- Lloyds Bank Club Lloyds current account entry updated to show this account will pay 2% interest on £1 - £5,000 from 8th January 2017

SS2

Biggles · 16 October 2016 at 8:49AM

Special_Saver2 wrote: »

Nationwide FlexDirect account entry updated to include a note that posters on pages 225 and 226 of my regular savings thread report that despite the terms and conditions, they have been able to continue getting 5% on this account after 12 months by downgrading and upgrading the account

I can confirm this.

Initially, I was told (via secure message) that it wasn't possible but was given a freefone number (0800 302011). I rang that and it was no problem, I was downgraded to FlexAccount and told that I could then upgrade online the next day back to FlexDirect and qualify for the 5% again, which I've now done.

Interestingly, after I'd done that, the secure messager seemed to have taken other advice and came back and said, "I'm pleased to say that if you've not had the 5% rate for over 12 months, you're eligible to have it again. I've sent a request to the relevant team to get your interest rate reinstated to 5%. This should be completed within 3 working days."

badger09 · 16 October 2016 at 11:35AM

Re Nationwide Flexdirect 5%, see my post 81 here. No downgrade/upgrade necessary.

http://forums.moneysavingexpert.com/showthread.php?t=5424775&page=5

ratechaser · 16 October 2016 at 3:40PM

badger09 wrote: »

Re Nationwide Flexdirect 5%, see my post 81 here. No downgrade/upgrade necessary.

http://forums.moneysavingexpert.com/showthread.php?t=5424775&page=5

But in your case, you had already had a 12 month break in getting 5%, whereas what Biggles is saying is that you can pretty much continue straight after your 12 month period through a downgrade and immediate re-upgrade.

Sounds odd but if it genuinely works, I'll be giving it a try in a months time!

Biggles · 16 October 2016 at 6:09PM

ratechaser wrote: »

But in your case, you had already had a 12 month break in getting 5%, whereas what Biggles is saying is that you can pretty much continue straight after your 12 month period through a downgrade and immediate re-upgrade.

Though I had already had a 12-month break in 5% interest; had I not, the answer could have been different.....

Eco_Miser · 5 March 2017 at 12:52AM

We're now in March, and the January interest drops are still marked as forthcoming, rather than the accounts in question being moved to the new rate.
Is the first post no longer being updated? If so, I'll stop pointing people to it.

Special_Saver2 · 5 March 2017 at 8:52PM

Hi Eco Miser,

I have updated the first post of this thread with all the forthcoming changes now shown as having happened!

SS2

Eco_Miser · 6 March 2017 at 5:19PM

Thanks Special_Saver2, I'll keep pointing people here when they complain that interest rates are negligible.

eskbanker · 5 May 2017 at 12:20AM

Special_Saver2 wrote: »

5% on... £2,000 lump sum plus £1,300 per month (£419.34 interest)... Nationwide Flexclusive Regular Saver account (£500 per month, earns £161.29 per year), First Direct Regular Saver account (£300 per month for 12 months, earns £96.77 per year gross interest), Marks and Spencer Bank Monthly Saver (£250 per month for 12 months, earns £80.64 per year), HSBC Regular Saver (£250 per month for 12 months, earns £80.64 per year). You could also use the Nationwide FlexDirect account to get 5% on £2,500 lump sum but that only lasts for the first 12 months, so I have not counted it here. (Additional note: posters on pages 225 and 226 of my regular savings thread have informed us that despite the terms and conditions of this account, they have been able to continue getting 5% on this account after 12 months by downgrading and upgrading the account. Click on the 225 link in the last sentence to see more details.)

4% on... £5,000 lump sum (£64.61 interest)... Norwich & Peterborough BS Gold Savings account (£250 per month, earns £64.61 interest).

3% on... £21,000 lump sum plus £400 per month (£791.48 interest)... Bank of Scotland Current Account with Vantage option (can open three accounts, £15,000 lump sum, earns £450), Tesco Bank current account (can open two of these, £6,000 lump sum total, earns £180), Club Lloyds Monthly Saver (£400 per month, earns £77.65 per year interest), TSB Classic Plus current account (£1,500 lump sum, earns £45 per year), Santander Regular eSaver (£200 per month, earns £38.83 per year)

Unless I'm missing something, the totals at each level no longer reconcile with the actual accounts listed in each section, after the main text was adjusted to reflect all the changes over the past 6-12 months?

I make it that the 5/4/3% lump sums should be £0, £0 and £22,500 respectively, and the regular savers £1,300, £250 and £600.

eskbanker · 7 May 2017 at 11:15AM

Another change worth adding is the reduction in BoS Vantage to 2% from 11 June 2017, after which 3%+ interest on lump sums will be very slim pickings!

What is the Highest Interest Rate / Cashback / Rewards You Can Get?

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