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  • FIRST POST
    • Mimi Arc en ciel
    • By Mimi Arc en ciel 17th Oct 16, 9:41 PM
    • 4,410Posts
    • 5,711Thanks
    Mimi Arc en ciel
    Help - bank savings
    • #1
    • 17th Oct 16, 9:41 PM
    Help - bank savings 17th Oct 16 at 9:41 PM
    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
    Very proud mummy of 2!
Page 1
    • jimjames
    • By jimjames 17th Oct 16, 10:07 PM
    • 10,837 Posts
    • 8,903 Thanks
    jimjames
    • #2
    • 17th Oct 16, 10:07 PM
    • #2
    • 17th Oct 16, 10:07 PM
    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 )
    Originally posted by Mimi Arc en ciel
    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
    Remember the saying: if it looks too good to be true it almost certainly is.
    • xylophone
    • By xylophone 17th Oct 16, 10:28 PM
    • 19,168 Posts
    • 10,881 Thanks
    xylophone
    • #3
    • 17th Oct 16, 10:28 PM
    • #3
    • 17th Oct 16, 10:28 PM
    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
    • By TheShape 17th Oct 16, 10:45 PM
    • 425 Posts
    • 210 Thanks
    TheShape
    • #4
    • 17th Oct 16, 10:45 PM
    • #4
    • 17th Oct 16, 10:45 PM

    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
    Originally posted by Mimi Arc en ciel
    You're moving £996 to Co-Op but £998 and 4 DDs out, is this correct?
    • Mimi Arc en ciel
    • By Mimi Arc en ciel 17th Oct 16, 10:55 PM
    • 4,410 Posts
    • 5,711 Thanks
    Mimi Arc en ciel
    • #5
    • 17th Oct 16, 10:55 PM
    • #5
    • 17th Oct 16, 10:55 PM
    You're moving £996 to Co-Op but £998 and 4 DDs out, is this correct?
    Originally posted by TheShape
    No, brain frazzled sorry!
    Very proud mummy of 2!
    • Mimi Arc en ciel
    • By Mimi Arc en ciel 17th Oct 16, 11:04 PM
    • 4,410 Posts
    • 5,711 Thanks
    Mimi Arc en ciel
    • #6
    • 17th Oct 16, 11:04 PM
    • #6
    • 17th Oct 16, 11:04 PM
    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?!
    Very proud mummy of 2!
    • Mimi Arc en ciel
    • By Mimi Arc en ciel 17th Oct 16, 11:07 PM
    • 4,410 Posts
    • 5,711 Thanks
    Mimi Arc en ciel
    • #7
    • 17th Oct 16, 11:07 PM
    • #7
    • 17th Oct 16, 11:07 PM
    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
    Very proud mummy of 2!
    • badger09
    • By badger09 18th Oct 16, 5:24 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    • #8
    • 18th Oct 16, 5:24 PM
    • #8
    • 18th Oct 16, 5:24 PM
    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?!
    Originally posted by Mimi Arc en ciel
    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
    • By Westie983 18th Oct 16, 5:46 PM
    • 3,219 Posts
    • 12,583 Thanks
    Westie983
    • #9
    • 18th Oct 16, 5:46 PM
    • #9
    • 18th Oct 16, 5:46 PM
    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?
    Originally posted by badger09
    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
    Save 12k in 2016 #16 Total £14650/£12000 = 122.08%
    Sealed Pot Challenge ~ 10 #97 Total (£252) +£13/£300 = 88.33% ( x 10)
    Xmas 2017 £1 a Day #6 Total £34.00/£365 = 9.31%
    Virtual Sealed Pot #1 Total £800/£800 = 100.00%
    £2 Savers Club 2016 #104 Total (£1060)+£386/£2000 = 72.30%

    Total £17195.78/£15465 = 111.18%
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