Halifax £5 per month current account

guitarman001

Thanks. This sort of thing really takes TIME!

OK... already got Vantage accounts.

Getting First Direct Internet Banking details tomorrow. Will apply for Regular Saver.

Need to check out HSBC 6% rate, as well as cash ISAs.

Finally, need to switch share dealing broker.

Gromitt

guitarman001 wrote: »

-Put £300 first in the 1st account then into the regular 8% gross saver.

Just put the £300 into the 1st account, it'll automatically be moved into the regular saver on the same day every month. Don't forget or the payment will bounce and you'll be paying charges. So setup an SO for £300 to the FD 1st account. You can't change the date once the RS is setup.

Secondly, if you DO put £1500 into the FD for the first few months (can be withdrawn again afterwards) then you'll get a £100 gift as long as you've never had an FD accout before.

MoneySaverLog

If you are looking to save £550 into regular savers then HSBC is a good one, you have to deposit a minimum of £500 into their bank account to get that one, but nothing stopping you moving it in there and out again into the HSBC regular saver (£250) and then £300 to the First Account for another standing order to go from the First account to the First Direct Regular saver.

Seems complicated but it's not.

MoneySaverLog

Gromitt wrote: »

Secondly, if you DO put £1500 into the FD for the first few months (can be withdrawn again afterwards) then you'll get a £100 gift as long as you've never had an FD accout before.

You'd also have to switch your DD's and SO to first direct using their switching service.

Personally not eligible for this, previous customer, and so just happy to use them for their regular saver accounts and not as my main bank.

guitarman001

Gromitt wrote: »

Just put the £300 into the 1st account, it'll automatically be moved into the regular saver on the same day every month. Don't forget or the payment will bounce and you'll be paying charges. So setup an SO for £300 to the FD 1st account. You can't change the date once the RS is setup.

Secondly, if you DO put £1500 into the FD for the first few months (can be withdrawn again afterwards) then you'll get a £100 gift as long as you've never had an FD accout before.

I think you only get the gift if you use their EASYSWITCH service?

Wait I don't get your comment about payments bouncing and getting charged... If I have £1 in this e-saver then I will NEVER get charged, right? My plan is to set up a standing order for £300 from Lloyds to First Direct every month. And then you indicate the £300 will go straight into the regular saver (if I instruct it to do so?).

guitarman001

MoneySaverLog wrote: »

If you are looking to save £550 into regular savers then HSBC is a good one, you have to deposit a minimum of £500 into their bank account to get that one, but nothing stopping you moving it in there and out again into the HSBC regular saver (£250) and then £300 to the First Account for another standing order to go from the First account to the First Direct Regular saver.

Seems complicated but it's not.

I need to check HSBC now. Are you saying I just need to put £500 in their once a month, and then take it out a minute later so I can put £300 into First Direct and £250 into HSBC 6% saver?

Think I've got this down now lol... Must get onto HSBC.

I can hardly believe that FirstDirect let you RE-APPLY for the regular savers every year! Do you get to make interest on the sum you saved the year prior while you make your new monthly savings?

guitarman001

Many thanks to all of you, by the way - massive help!

MoneySaverLog

It will just make sure you leave enough time for the SO to go from Lloyds to First Direct. Though it goes faster payment if the payment was made on a weekend or bank holiday the payment wont hit first direct until the first working day after.

They might debit the standing order before the money has gone in, unlike lloyds where they give you until 3.30pm to put things right, first direct don't :-(

Could mean it bounces if funds are not available. Though unlikely I just want to cover myself so leave a 5 day window between SO's going out between the banks.

guitarman001

I assume the interest from First Direct and HSBC is paid monthly?


Just saw your new post. I will probably set up all SOs with plenty of notice. E.g. £550 to HSBC 1st of the month. £300 to 1st Account (then regular saver) 5th of the month. £250 to HSBC saver on the 5th of the month as well.

MoneySaverLog

guitarman001 wrote: »

I need to check HSBC now. Are you saying I just need to put £500 in their once a month, and then take it out a minute later so I can put £300 into First Direct and £250 into HSBC 6% saver?

Think I've got this down now lol... Must get onto HSBC.

I can hardly believe that FirstDirect let you RE-APPLY for the regular savers every year! Do you get to make interest on the sum you saved the year prior while you make your new monthly savings?

Yes what I do....

LTSB to HSBC Bank Account 16th of Month SO £550 (Meets their requirement to fund the account with at least £500 a month)

HSBC Bank Account to HSBC Regular Saver 20th of Month SO £250

HSBC Bank Account to First Direct First Account 20th of Month SO £300

First Account to First Direct Regular Saver 6th of Month SO £300