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  • FIRST POST
    • MSE Tony
    • By MSE Tony 18th Oct 16, 6:55 PM
    • 56Posts
    • 10Thanks
    MSE Tony
    Are you a bank savings tart?
    • #1
    • 18th Oct 16, 6:55 PM
    Are you a bank savings tart? 18th Oct 16 at 6:55 PM
    We’ve heard from MoneySavers armed with spreadsheets tracking their cash between several different bank savings accounts. Some just set up the standing orders and direct debits and leave the system to manage itself.

    Do you have several bank accounts? How do you keep track? And what do you do when you run out of bills to meet accounts’ direct debit requirements.

    Let us know here
Page 1
    • bigadaj
    • By bigadaj 18th Oct 16, 7:21 PM
    • 7,816 Posts
    • 4,764 Thanks
    bigadaj
    • #2
    • 18th Oct 16, 7:21 PM
    • #2
    • 18th Oct 16, 7:21 PM
    The first rule of current account tarting club is.....
    • ceredigion
    • By ceredigion 18th Oct 16, 7:56 PM
    • 1,680 Posts
    • 1,703 Thanks
    ceredigion
    • #3
    • 18th Oct 16, 7:56 PM
    • #3
    • 18th Oct 16, 7:56 PM
    MSE Tony: Money saving expert official.


    Yeah right you are.
    • pinkdalek
    • By pinkdalek 18th Oct 16, 8:34 PM
    • 1,176 Posts
    • 666 Thanks
    pinkdalek
    • #4
    • 18th Oct 16, 8:34 PM
    • #4
    • 18th Oct 16, 8:34 PM
    I switched a few accounts last year, it was a faff but must admit £500 did help towards spending money in Florida last November.

    Have to say Halifax's was the easiest of the offers to get paid. Did not feel I had to jump through lots of hoops to get it.
    • colsten
    • By colsten 18th Oct 16, 8:39 PM
    • 8,144 Posts
    • 6,638 Thanks
    colsten
    • #5
    • 18th Oct 16, 8:39 PM
    • #5
    • 18th Oct 16, 8:39 PM
    The first rule of current account tarting club is.....
    Originally posted by bigadaj
    Can't say that often enough
    • bobobski
    • By bobobski 18th Oct 16, 8:41 PM
    • 398 Posts
    • 1,021 Thanks
    bobobski
    • #6
    • 18th Oct 16, 8:41 PM
    • #6
    • 18th Oct 16, 8:41 PM
    Splitting my dual fuel has helped - two DDs instead of one
    #86: Save £12k in 2016: £7,792.18 / £10,000 (77.92%) | #[ ]: Save 12k in 2017: £0 / £12,000 (0%)
    House deposit by 31/12/2020: £10,763.60 / £60,000 (17.93%)
    Emergency fund by 31/12/2020: £294.91 / £5,000 (5.89%)
    • agrinnall
    • By agrinnall 18th Oct 16, 8:50 PM
    • 15,639 Posts
    • 11,339 Thanks
    agrinnall
    • #7
    • 18th Oct 16, 8:50 PM
    • #7
    • 18th Oct 16, 8:50 PM


    Let us know here
    Originally posted by MSE Tony
    Why do we need to let you know here when there are already many threads covering the subject in exhaustive detail? Or is it just that you can't be bothered to look for them?

    Has anybody ever seen a post by a MSE "Expert" that was worth reading?
    • enthusiasticsaver
    • By enthusiasticsaver 18th Oct 16, 11:28 PM
    • 2,554 Posts
    • 4,372 Thanks
    enthusiasticsaver
    • #8
    • 18th Oct 16, 11:28 PM
    • #8
    • 18th Oct 16, 11:28 PM
    I did but not for much longer now interest rates coming down on all of them and all my regular savers maturing. Only ones I intend keeping for now are Tesco which require no funding and no direct debits. Stocks and shares isa, emergency fund in Santander 123 and back up in Tesco.
    Debt and mortgage free and saving for early retirement
    • Westie983
    • By Westie983 18th Oct 16, 11:51 PM
    • 3,219 Posts
    • 12,599 Thanks
    Westie983
    • #9
    • 18th Oct 16, 11:51 PM
    • #9
    • 18th Oct 16, 11:51 PM
    Wouldn't you like to know.....

    Check out the threads, or search for 'funding requirements' or 'Top bank accounts' which has over 1k comments or maybe 'Cycling money through bank accounts' which has 40 comments, which will answer your questions

    Just a thought...
    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%
    • Jeff A
    • By Jeff A 19th Oct 16, 7:44 AM
    • 1 Posts
    • 1 Thanks
    Jeff A
    I've been a Savings Tart for years. Having recently taken redundancy and early retired need to have my money work for me. Importantly I have the time to every Thursday check my accounts. My wife and I have 3 Santander 123 accounts, Bank Of Scotland, TSB and First Direct Current accounts. We also have the Natiowide Flexdirect and enjoy the Insurance benefits of Nationwide FlexPlus. We do standing order transfers on 4th, 8th, 12th of each month and manage it with Quicken 2014 (later versions got too complex). Yes it's complicated but it's giving us a fair return.
    • 33q
    • By 33q 19th Oct 16, 11:02 AM
    • 6 Posts
    • 1 Thanks
    33q
    Excel Spreadsheet. Multiple Bank of Scotland and Tesco. Couples can also add joint accounts as well. Regular savers from FD and HSBC and others are still good. Again doubled up if a couple. Feed all these from your Santander Accounts. Some Smaller Building Societies are worth doing too....beware local restrictions.
    I counted up yesterday....89 accounts!. I just hope my spreadsheet continues to cope!
    • ratechaser
    • By ratechaser 19th Oct 16, 11:25 AM
    • 406 Posts
    • 311 Thanks
    ratechaser
    For heavens sake man, shhhhhh!!!!!
    • YorkshireBoy
    • By YorkshireBoy 19th Oct 16, 11:36 AM
    • 28,313 Posts
    • 16,125 Thanks
    YorkshireBoy
    Did anyone see the football last night?

    Or if you're not into sport have you booked your summer 2017 holiday yet?
    • karlie88
    • By karlie88 19th Oct 16, 12:30 PM
    • 8,204 Posts
    • 105,759 Thanks
    karlie88
    Did anyone see the football last night?

    Or if you're not into sport have you booked your summer 2017 holiday yet?
    Originally posted by YorkshireBoy
    No and no.

    --------------------------------------------

    Do you have several bank accounts? How do you keep track? And what do you do when you run out of bills to meet accounts’ direct debit requirements.
    Originally posted by MSE Tony
    In answer to MSE Tony's questions:

    1. Yes, I do have several bank accounts.

    2. I keep track by logging into them online or via mobile apps.

    3. I never run out of bills to pay via Direct Debits - there's plenty around: council tax, gas, electricity, landline/broadband, mobile phone, water, satellite TV, life insurance, car insurance, home insurance, My Little Pony magazine subscription etc.
    Official MSE canny forumite and HUKD VIP badge member
    • Yorkshire Pud
    • By Yorkshire Pud 19th Oct 16, 1:56 PM
    • 620 Posts
    • 341 Thanks
    Yorkshire Pud
    We’ve heard from MoneySavers armed with spreadsheets tracking their cash between several different bank savings accounts. Some just set up the standing orders and direct debits and leave the system to manage itself.

    Do you have several bank accounts? How do you keep track? And what do you do when you run out of bills to meet accounts’ direct debit requirements.

    Let us know here
    Originally posted by MSE Tony
    Why do you want to know?

    There must be a reason.

    Is there a new series of The Martin Lewis Money Show coming up?
    • agrinnall
    • By agrinnall 19th Oct 16, 2:03 PM
    • 15,639 Posts
    • 11,339 Thanks
    agrinnall
    Why do you want to know?

    There must be a reason.

    Is there a new series of The Martin Lewis Money Show coming up?
    Originally posted by Yorkshire Pud
    Martin was talking about it on his segment on 5Live on Monday (he wanted to know who had the most accounts, although I never heard the answers) so you might be on the right lines.
    • Yorkshire Pud
    • By Yorkshire Pud 19th Oct 16, 2:36 PM
    • 620 Posts
    • 341 Thanks
    Yorkshire Pud
    Encouraging more people to take a bigger slice of an ever diminishing in size cake!?
    • badger09
    • By badger09 19th Oct 16, 3:19 PM
    • 4,266 Posts
    • 3,480 Thanks
    badger09
    We’ve heard from MoneySavers armed with spreadsheets tracking their cash between several different bank savings accounts. Some just set up the standing orders and direct debits and leave the system to manage itself.

    Do you have several bank accounts? How do you keep track? And what do you do when you run out of bills to meet accounts’ direct debit requirements.

    Let us know here
    Originally posted by MSE Tony
    If I told you, I'd have to kill you

    Did anyone see the football last night?

    Or if you're not into sport have you booked your summer 2017 holiday yet?
    Originally posted by YorkshireBoy
    No and no, not yet.

    But I am going on a Caribbean cruise next month and I've booked my flights to spend New Year in Hong Kong with my son

    I don't intend to be the richest badger in the cemetary
    • Martinsaxby
    • By Martinsaxby 19th Oct 16, 10:21 PM
    • 1 Posts
    • 1 Thanks
    Martinsaxby
    I recently sold a house and had around £160k to invest for about six months before buying a new house. I opened accounts in my name and my wife's plus joint accounts in Santander, Lloyds, BoS, TSB, Nationwide plus regular saver accounts with Nationwide, TSB and Santander - a total of over 20 accounts.
    The created an Excel spreadsheet with several sheets. One recorded all the account details and security information.
    Another recorded the necessary requirements for each account e.g. Credits and Direct Debits. I did run out of the necessary DD to service all the accounts.
    Another set out the actual payments made every month between each of the accounts. All Standing Orders were set up for the same day of the month so money went in and out on the same day so the net effect was no change.
    Once set up this all happened automatically.
    I was able to achieve monthly interest well in excess of £200.

    It became more complicated when I then needed to start closing accounts to access the capital and ensuring the correct credits and transfers were happening.

    The whole process was complex and slightly stressful but it was the most I had ever earnt for about 2 days work in total hours.
    Last edited by Martinsaxby; 19-10-2016 at 10:23 PM.
    • boyo2
    • By boyo2 20th Oct 16, 12:55 PM
    • 11 Posts
    • 8 Thanks
    boyo2
    Advice- use paypal as a direct debit
    I've set up a PayPal account, one each for my wife and I.
    If you set the direct debit up, you can add money to your PayPal account through it. Just add 1p on the first of each month. You can set up as many direct debits with different banks as you want to.

    For the sake of 1p you could loads of interest.

    Also if you are in a relationship of trust, then set up any of the accounts suggested by MSE, one in each name. Then just move money there.

    The 1st of the month is "money moving day" in my house and all
    I do is move the amount needed for minimum payin and move it straight back again seconds later.! I've got 9 bank accounts between my wife and I and we just move the money around to max out the interest!

    Don't hate the player, hate the game!
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