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  • FIRST POST
    • Mimi Arc en ciel
    • By Mimi Arc en ciel 21st Sep 16, 9:14 AM
    • 4,378Posts
    • 5,686Thanks
    Mimi Arc en ciel
    What to do with bonus?
    • #1
    • 21st Sep 16, 9:14 AM
    What to do with bonus? 21st Sep 16 at 9:14 AM
    I've been given a £3k bonus and I've now have a additional surplus of £200 a month which I would like to put away (but still have access to it!)

    I currently have:

    Main account with Halifax
    TSB Current account @ 5% (Full)
    TSB Current account @ 5% (Also full)
    TSB Monthly saver (can only transfer £200 a month into this and I already do this)

    I don't have any ISA's - I have only just started going over my personal allowance for the year


    Thanks in advance
    Very proud mummy of 2!
Page 1
    • xylophone
    • By xylophone 21st Sep 16, 9:50 AM
    • 18,403 Posts
    • 10,321 Thanks
    xylophone
    • #2
    • 21st Sep 16, 9:50 AM
    • #2
    • 21st Sep 16, 9:50 AM
    Open a couple of Tesco current accounts....

    Open a Tesco current account and an FD account which allows access to the 6% regular saver....

    Open a Nationwide Flex direct and Flex monthly saver...
    • Eco Miser
    • By Eco Miser 21st Sep 16, 12:17 PM
    • 2,318 Posts
    • 2,151 Thanks
    Eco Miser
    • #3
    • 21st Sep 16, 12:17 PM
    • #3
    • 21st Sep 16, 12:17 PM
    http://forums.moneysavingexpert.com/showthread.php?t=5374614
    Eco Miser
    Saving money for well over half a century
    • jimjames
    • By jimjames 21st Sep 16, 12:18 PM
    • 10,425 Posts
    • 8,417 Thanks
    jimjames
    • #4
    • 21st Sep 16, 12:18 PM
    • #4
    • 21st Sep 16, 12:18 PM
    Depending if or when you need the money then S&S ISA or pension may be an option if you already have sufficient cash emergency funds.
    Remember the saying: if it looks too good to be true it almost certainly is.
    • Mimi Arc en ciel
    • By Mimi Arc en ciel 21st Sep 16, 12:27 PM
    • 4,378 Posts
    • 5,686 Thanks
    Mimi Arc en ciel
    • #5
    • 21st Sep 16, 12:27 PM
    • #5
    • 21st Sep 16, 12:27 PM
    Open a couple of Tesco current accounts....

    Open a Tesco current account and an FD account which allows access to the 6% regular saver....

    Open a Nationwide Flex direct and Flex monthly saver...
    Originally posted by xylophone


    I started to do something similar to this before knowing I was getting bonus. I've opened up a Co-Op account (£48per year for having DD and money going in) I then opened up a Barclays Blue (again £48) but haven't fully set them up yet (lost the pin numbers, waiting on replacements..)


    Neither has to have money in the accounts though so maybe if I bounce it between those two and a FD ?
    Very proud mummy of 2!
    • Mimi Arc en ciel
    • By Mimi Arc en ciel 21st Sep 16, 12:28 PM
    • 4,378 Posts
    • 5,686 Thanks
    Mimi Arc en ciel
    • #6
    • 21st Sep 16, 12:28 PM
    • #6
    • 21st Sep 16, 12:28 PM
    Depending if or when you need the money then S&S ISA or pension may be an option if you already have sufficient cash emergency funds.
    Originally posted by jimjames

    Savings: I have around £2k saved just for "emergencies" - The rest (Xmas, boiler cover, car insurance etc) I put away for monthly (I pay the bills yearly)


    I cant see me needing the money (It was unexpected anyway) but I want to make sure I'm making it work for me if that makes sense
    Very proud mummy of 2!
    • Mimi Arc en ciel
    • By Mimi Arc en ciel 21st Sep 16, 12:53 PM
    • 4,378 Posts
    • 5,686 Thanks
    Mimi Arc en ciel
    • #7
    • 21st Sep 16, 12:53 PM
    • #7
    • 21st Sep 16, 12:53 PM
    OK, I think I got this.... does this make sense?

    Put bonus into FD current account

    Transfer £1012 into co-op account
    Terms of co-op are £800 in and Have 4 direct debits
    Set 4 DD from Co-op go to Tesco for £2 each

    From Co-op, transfer £1004 to Barclays
    Barclays terms are £800 in and 2 DD
    Set 2 DD from Barclays go to Tesco for £2 each
    Transfer the remaining £1000 back to FD

    From Tesco transfer the £12 back into FD

    Each month from my "regular" bank transfer the surplus of £200.00 into FD account then shift it to FD Reg savers

    My FD will average at around £1000 balance (not including the money I am shifting around) so I wont have the fee
    Very proud mummy of 2!
    • badger09
    • By badger09 21st Sep 16, 4:16 PM
    • 4,088 Posts
    • 3,324 Thanks
    badger09
    • #8
    • 21st Sep 16, 4:16 PM
    • #8
    • 21st Sep 16, 4:16 PM
    OK, I think I got this.... does this make sense?

    Put bonus into FD current account

    Transfer £1012 into co-op account
    Terms of co-op are £800 in and Have 4 direct debits
    Set 4 DD from Co-op go to Tesco for £2 each

    From Co-op, transfer £1004 to Barclays
    Barclays terms are £800 in and 2 DD
    Set 2 DD from Barclays go to Tesco for £2 each
    Transfer the remaining £1000 back to FD

    From Tesco transfer the £12 back into FD

    Each month from my "regular" bank transfer the surplus of £200.00 into FD account then shift it to FD Reg savers

    My FD will average at around £1000 balance (not including the money I am shifting around) so I wont have the fee
    Originally posted by Mimi Arc en ciel
    But you're wasting the permanent £1k balance in FD because it won't earn a penny

    The FD regular saver is a good one, and you need their current account, BUT you don't need to pay in £1k a month and you certainly don't need to keep a £1k balance earning 0! Read the T&Cs of the FD current account again in relation to the monthly fee, and come back if you need clarification.

    As others have said - a Nationwide Flexdirect & regular saver would be good.
    • Mimi Arc en ciel
    • By Mimi Arc en ciel 22nd Sep 16, 9:06 AM
    • 4,378 Posts
    • 5,686 Thanks
    Mimi Arc en ciel
    • #9
    • 22nd Sep 16, 9:06 AM
    • #9
    • 22nd Sep 16, 9:06 AM
    But you're wasting the permanent £1k balance in FD because it won't earn a penny

    The FD regular saver is a good one, and you need their current account, BUT you don't need to pay in £1k a month and you certainly don't need to keep a £1k balance earning 0! Read the T&Cs of the FD current account again in relation to the monthly fee, and come back if you need clarification.

    As others have said - a Nationwide Flexdirect & regular saver would be good.
    Originally posted by badger09

    I didn't see the 6 months bit ... I was going from the "average balance" section

    Our 1st Account costs £10 per month unless:

    - Your account has been opened for less than 6 months
    at least £1000 is paid in each month (not including transfers from other first direct accounts)
    - Your average account balance is £1000
    - You have a mortgage, CC or savings (excluding Regular savings)
    - There are no transactions on your 1st account for more than 90 days

    I'm so confused about what I'm meant to be doing now though
    Very proud mummy of 2!
    • chockydavid1983
    • By chockydavid1983 22nd Sep 16, 9:57 AM
    • 198 Posts
    • 91 Thanks
    chockydavid1983
    You only have to do 1 of these things so you don't need to pay in £1000 per month AND keep a balance of at least £1000
    http://www1.firstdirect.com/1/2/banking/current-account
    • atush
    • By atush 22nd Sep 16, 11:40 AM
    • 15,155 Posts
    • 9,067 Thanks
    atush
    S&S isa or pension.

    200 a month going forwards, into S&S isa.
    • Eco Miser
    • By Eco Miser 22nd Sep 16, 8:19 PM
    • 2,318 Posts
    • 2,151 Thanks
    Eco Miser
    I didn't see the 6 months bit ... I was going from the "average balance" section

    Our 1st Account costs £10 per month unless:

    - Your account has been opened for less than 6 months
    at least £1000 is paid in each month (not including transfers from other first direct accounts)
    - Your average account balance is £1000
    - You have a mortgage, CC or savings (excluding Regular savings)
    - There are no transactions on your 1st account for more than 90 days

    I'm so confused about what I'm meant to be doing now though
    Originally posted by Mimi Arc en ciel
    A nominal amount in a savings account other than a regular savings account, qualifies.
    Eco Miser
    Saving money for well over half a century
    • TheShape
    • By TheShape 22nd Sep 16, 9:25 PM
    • 56 Posts
    • 6 Thanks
    TheShape
    You only have to do 1 of these things so you don't need to pay in £1000 per month AND keep a balance of at least £1000
    http://www1.firstdirect.com/1/2/banking/current-account
    Originally posted by chockydavid1983
    You don't need to do EITHER of these. You can avoid the fee by having a savings account (not Regular savings)

    I just opened a Savings Account. It has a £1 balance and I'm not even sure it requires a balance at all.

    Hadn't seen the reply from Eco Miser.
    Last edited by TheShape; 22-09-2016 at 9:26 PM. Reason: ...
    • eskbanker
    • By eskbanker 23rd Sep 16, 12:12 AM
    • 3,413 Posts
    • 3,026 Thanks
    eskbanker
    ^^^ That all just sounds like a very long-winded way of saying that the 5% AER on a Nationwide FlexDirect and associated regular saver can be augmented with a one-off £100 referral bonus, and if you choose to add this figure in then it obviously inflates the percentage return for that one year!

    While it's true as far as it goes, as an academic exercise it would be feasible to come up with an astronomical notional single-year AER if taking this approach to its logical conclusion by doing the rounds of all the switching incentives (I've earned over £500 this year and know that many on here have been way above that), plus Nationwide's refer-a-friend, plus all the various schemes like Halifax/Barclays/Co-op Rewards, plus Quidco/TCB, and other cashback promotions, etc, etc....

    Edit: this makes little sense now the post I was replying to has been deleted! The poster made a long story out of adding a bonus from a referral site to the Nationwide 5% AER.
    Last edited by eskbanker; 23-09-2016 at 11:20 AM.
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