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rogue_elements

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

Ok so it says things like this is one best if you earn this much, or if not go for this one, etc.

Can you not just open all of those first three - the firstdirect, get the £100, get the £5 a month from HSBC and then get the 5% from A&L. You don't need to leave your money in the other two, so why not get the bonus money, get the monthly bonus and then after that leave your cash in the highest percentage account.

Baldur

rogue_elements wrote: »

...£5 a month from HSBC..

You seem to be confusing HSBC with Halifax.

If you have the available income or cash to meet the minimum monthly funding requirements of each account, you could certainly do this.

Many posters are using multiple Halifax/BoS Reward accounts for the £5 reward, simply by passing £1,000 through them each month and, rather than A&L, multiple LTSB Vantage accounts which offer 4% on much higher levels of balance than A&L (£5,000 to £7,000).

rogue_elements

i am not confusing anything i just wrote the wrong name cos i'm in a rush... yes i mean halifax of course...

rogue_elements

well, its lucky for them that they have that many thousands of pounds but if they already have £5000 maybe they can give the £5 a month to me cos i need it more...

onlypaddy

rogue_elements wrote: »

well, its lucky for them that they have that many thousands of pounds but if they already have £5000 maybe they can give the £5 a month to me cos i need it more...

i dont think baldur means that everyone has £5000....people just usually cycle the same £1000 through all accounts using faster payments and internal transfers

Old_Wrinkly

onlypaddy wrote: »

i dont think baldur means that everyone has £5000....people just usually cycle the same £1000 through all accounts using faster payments and internal transfers

Baldur means exactly what Baldur says ...

Of course not everyone has £5000. Baldur simply stated that many posters do have the £5000 balance required to take advantage of the Lloyds Vantage accounts, which need a balance of £5000-£7000 in them to make them worthwhile, i.e. to get 4%.
(You only get 0.1% if your balance is below £1000, 2% if it's £1000-£2999, 3% if it's £3000-£4999)

We are in somewhat confusing times, with many posters on this forum and the Savings forum in the rather strange position of using current accounts to get a good return on their savings. That is why the Lloyds Vantage accounts are being used. For example, having 3 accounts enables people to keep £21,000 of their savings in these accounts.

The Halifax accounts are different. They are essentially free money for a small amount of online work or the setting-up of Standing Orders.

One-off 'joining' bonuses for certain current accounts are available from time to time, and if there are no over-burdensome conditions attached, many posters will take up the offer (and then pretty well do nothing with the account). Sometimes the conditions attached to the bonus ('you must make it your main current account', 'you must allow us to transfer all your DDs, SOs etc') put people off doing so.

rogue_elements

why doesnt everyone use the one where youget 5% instead of lloyds i tihnk it is santander

blueberrypie

rogue_elements wrote: »

why doesnt everyone use the one where youget 5% instead of lloyds i tihnk it is santander

Maybe because they've got more than £2500 to find a home for. (4% of £5k is about £25 more than 5% of £2.5k plus 2% of £2.5k.)

Maybe they've already filled the Santander 5% account - it's one per customer, whereas the LTSB allows more than one account.

Maybe because the Santander one is 5% for one year, whereas the LTSB is ongoing.

Maybe because they want to be able to move money in and out of the account quickly and easily and Santander doesn't support FPs.

Maybe because they've had dealings with Santander in the past and don't want to deal with the dreadful on-line banking and poor customer service - that 1% more means just over £2 gross per month - a lot of people would happily pay that to avoid Santander!

rogue_elements

whatever all i knowis 5% is higher than you 4% lol

ajharris

blueberrypie wrote: »

Maybe because they've got more than £2500 to find a home for. (4% of £5k is about £25 more than 5% of £2.5k plus 2% of £2.5k.)

Maybe they've already filled the Santander 5% account - it's one per customer, whereas the LTSB allows more than one account.

Maybe because the Santander one is 5% for one year, whereas the LTSB is ongoing.

Maybe because they want to be able to move money in and out of the account quickly and easily and Santander doesn't support FPs.

Maybe because they've had dealings with Santander in the past and don't want to deal with the dreadful on-line banking and poor customer service - that 1% more means just over £2 gross per month - a lot of people would agree happily pay that to avoid Santander!

A great answer:T

Santander the world's local circus:rotfl: