Using same 1k to service multi accounts?

jennifernil

Manually is safer, but that assumes that you do actually remember to do it! And do not go on holiday somewhere that has no internet access.

The SOs are OK as long as you know how they will work.

karatedragon

Sounds like a lot of hassle for £12 x 5 = £60 is it really worth bothering?

gallygirl

karatedragon wrote: »

Sounds like a lot of hassle for £12 x 5 = £60 is it really worth bothering?

I completely agree. But £60 plus £100 after tax from each Santander account is £260 in my pocket - that is worthwhile for a few minutes work each month :T

blueberrypie

karatedragon wrote: »

Sounds like a lot of hassle for £12 x 5 = £60 is it really worth bothering?

Six Reward accounts between my partner and me = £30/month, or £360/year. Add the interest from the two A&L Premier Direct accounts - that's another £240/year. Then the money lands in the LTSB Vantage and makes 4% until I find something better to do with it...keeping 5k in there adds another £160ish. That's a total of £760/year. Hm, yeah, I think it's worth bothering :-)

jamesd

If you're on benefits, say, it's well worth bothering. At £360 a year an extra £7 a week is significant.

karatedragon

jamesd wrote: »

If you're on benefits, say, it's well worth bothering. At £360 a year an extra £7 a week is significant.

I am concered that someone can actually afford to do that on national assistance and benefits. Fund multiple bank accounts with £1000 a month plus to gain interest/bonuses to boost their income.

That said, nothing would surprise me with the UK. The world's welfare state.

Clearly I am in the wrong "job". (Rolls Eyes)

YorkshireBoy

blueberrypie wrote: »

Six Reward accounts between my partner and me = £30/month, or £360/year. Add the interest from the two A&L Premier Direct accounts - that's another £240/year. Then the money lands in the LTSB Vantage and makes 4% until I find something better to do with it...keeping 5k in there adds another £160ish. That's a total of £760/year. Hm, yeah, I think it's worth bothering :-)

Similar situation here, except I'm using someone elses money!

My £21,000 stooz pot (curtesy of A&L, Abbey, Tesco, and M&S) sits in 3 x LTSB Vantage accounts making 3.2% net. It's cycled through 4 (yes I was lucky ) x Halifax Reward accounts and back again each month.

Makes me £852 a year after taxes and fees.

noh

karatedragon wrote: »

Sounds like a lot of hassle for £12 x 5 = £60 is it really worth bothering?

Of course it's worth bothering.
It would be worth it for £10.

jennifernil

We were lucky with the HBOS Reward accounts, so my £1000 goes through our 6 plus daughter's one, and then onto 4 Vantage accounts. All by SO since we take holidays where we have no internet access.

So that is £420 plus another £67 or so tax reclaimed, and the interest on the Vantages, say possibly up to another £1100 depending on how much is in them.

Unfortunately not all mine to keep, but still well worth it.

blueberrypie

karatedragon wrote: »

I am concered that someone can actually afford to do that on national assistance and benefits. Fund multiple bank accounts with £1000 a month plus to gain interest/bonuses to boost their income.

The first (and possibly most important) piece of advice given to newbies on this site is that they should build an emergency fund. That applies whether they are on benefits or earning six figures.

Fortunately we don't live in a society which expects people to be completely penniless before it provides some support. Those who are living on means-tested benefits are allowed to have a certain amount of savings before it affects those benefits. Indeed, I'd say it's a good thing if someone on benefits is able to budget carefully enough to build/maintain an emergency fund. And once they do, better that they make it work for them than leave it languishing in an account paying 0.1% interest (or none at all).

The £1000 deposits into these accounts doesn't have to be "new" money. It can easily be the same £1000 simply going around in a circle each month. Indeed, it could easily be the same £100 going around in a circle ten times each month. Or it could just be careful timing - I know there is one poster on this forum who is paid weekly but whose rent (£500) is paid monthly, and who, just before paying the rent, cycles the £500 through three Reward accounts twice.