Really optimising interest from banks

Shark

I have opened a few of these accounts after getting a letter this week saying my current savings account paying 3.6% is ending at the end of the month...seems bad when best I can get is 3% at Santander, hoping I can open up a couple of the accounts though.

Alex92_2

bsms1147 wrote: »

Sounds good, where's it all coming from?

3.30% Santander Flexible ISA (issue 3)
3x 4% Lloyds Classic Vantage accounts
1x 5% Nationwide FlexDirect (for now, until I know if interest is paid on more than 1 account or not)
Halifax Reward Account. £60 PA, £5 PCM
First Direct 1st Account, £100 Cashback, £8.33 PCM
1x Santander 3% 123 Account £55 Cashback, £4.58 PCM.

That's all for now. Obviously got a few other little accounts for direct debits, but in terms of interest/cashback they are the ones im using for now.

My life is consisting of DD and standing orders at the moment lol.

Trying to keep my eyes open for anymore. I want to knock the annual interest over £2K, £166.66 PCM. I'd be happy with that. Obviously with more capital, or getting into investing would help.

Shark wrote: »

What do you do at 20 to earn that income?

Don't really want to go into too much detail about it on a public board, but work in sales/business for an internet company. Obviously, due to the sales bit, if I get new business in, I will get commission on this. Also, do a LOT of buying and selling and make very good money from this (see £500 thread where I take £500 and invest it as best I can until 31st December 2013).
Also, do a few odd jobs like babysitting for neighbors, giving parents lifts around/picking them up after parties and other bits like that).
Not so much that my income is massive, it's great for my age, but it's more to do with the fact that I am very good with my money and use it grow for me. I have fun, I just dont blow it like the majority of people my age do. This and I work 2 miles from home so my commute to work is very cheap and quick, so save a lot of money not having to commute into a large city.

Alex92_2

Shark wrote: »

I have opened a few of these accounts after getting a letter this week saying my current savings account paying 3.6% is ending at the end of the month...seems bad when best I can get is 3% at Santander, hoping I can open up a couple of the accounts though.

Abuse all cashback/reward accounts and deals. Lloyds vantage 4% closed on October 31st 2012 for new applicants and is closing for me on same date but 2013.

I'd say definitely look into Nationwide 5% account. If you can get 5% interest on multiple accounts then it's probably worth opening as many accounts as you can afford as that will smash everything on the market.

I really want to open some sort of Monthly Saver, but the rates are SO awful at the moment. I am looking at 3.5% best case scenario.. Kicking myself for not starting up the 8% FD one and getting £125 cashback instead of £100. Same goes for the 6% M&S and HSBC ones. Hopefully something similar will come out soon (anyone know of anything due?)

curlygirl1971

Alex92 wrote: »

That could be interesting! Is it 0% card?

work.

No. But I don't use it for stoozing, just get my £5 every month.

bsms1147

The same spending would get you around £100 on the Aqua Reward card, just FYI.

curlygirl1971

Alex92 wrote: »

I really want to open some sort of Monthly Saver, but the rates are SO awful at the moment. I am looking at 3.5% best case scenario.. Kicking myself for not starting up the 8% FD one and getting £125 cashback instead of £100. Same goes for the 6% M&S and HSBC ones. Hopefully something similar will come out soon (anyone know of anything due?)

You don't live in Derbyshire do you?

http://www.thederbyshire.co.uk/Savings/monthlysavings/platinummonthlysaver.aspx

But actually you might find something comparable with a local provider....according to Savings Champion there are a few of them around

http://www.savingschampion.co.uk/best-buys/tables/regular-savings/

MrsCautious

Hello, I have Santander 123 opened through Topcashback for the extra £55 and 2 Lloyds Vantage alongside a variety of fixed rate savings accounts where the amounts saved are higher and the interest rate is a tiny bit higher. They're one, three and five years.

On TopCashback you get £10 for everyone who signs up with your referral code and then earns a certain amount of cashback, so I'm sharing news with friends of them being able to get money through TC (now gone down to £40 something I think) by opening a Santander account - and getting the account benefits as well, with my referral code Two friends have said they will so far, so there's another £20 if they get round to it/I bore them enough some more to get them to actually do it! Their eyes are glazing over a bit. . .

To maximise interest I pay a standing order each month to the West Brom BS to get 4.1, the standing order is the maximum £250 a month allowed and while not all of it comes from interest on money paid as monthly interest, I do look at it as boosting that interest. I hope that makes sense.

I'm also tempted to drip feed into either the Cheshire or Derbyshire where there's 5 per cent available as a regular saver. But these accounts can only be opened in branch, perhaps I should have identification documents handy the next time I'm heading in either of those directions for work! On the amount you are allowed to save each month and the way the interest works, some people would say it's not worth the bother but I have relished finding ways to squeeze as much out of my money as I can.

I have a cashback credit card paying 5 per cent for the first three months and am putting family shopping and petrol on that then paying in full each month, I paid a bigger bill on there too, there's a maximum of £200 (may be £100) in the first three months cashback, whole new way of thinking for me but every little helps.

Good luck. Not sure I'm being helpful but hope so.

Alex92_2

curlygirl1971 wrote: »

You don't live in Derbyshire do you?

http://www.thederbyshire.co.uk/Savings/monthlysavings/platinummonthlysaver.aspx

But actually you might find something comparable with a local provider....according to Savings Champion there are a few of them around

http://www.savingschampion.co.uk/best-buys/tables/regular-savings/

Nope, I live in Surrey.

Just clicked on the link and seen that FD have opened up a new monthly saver at 6% that allows upto £300 PCM, thats is 4.8% after tax, so £86.40 per year. Definietly will welcome that!

Does anyone know if there is a limit on regular/monthly savers? I presume that you could only have 1 saver PER bank (e.g. cant open 3X monthly savers with FD and get 6% on £900 per month*12(months/6 (to work out average).

Dont know if im allowed to open M&S 6% and FD 6%? If someone could clarify that would be great!

MrsCautious wrote: »

Hello, I have Santander 123 opened through Topcashback for the extra £55 and 2 Lloyds Vantage alongside a variety of fixed rate savings accounts where the amounts saved are higher and the interest rate is a tiny bit higher. They're one, three and five years.

I found my old, old, old vantage documents whilst sorting out my filing cabinent. Used to be 4% on upto £7k. Luckily I managed to get 4% on upto £6K which expires 31st October. Will have to think of what to do with this money come then. Will have to decide whether I want 3 accounts with £5,000 (think thats what the offer is) at 3% with Lloyds Vantage or BoS, or put £22K into Santander 123 account.

May open up a few 6% monthly savers to throw any money into each month and pay my interest from all other accounts (drip feed) into these too.

If I bore them enough some more to get them to actually do it! Their eyes are glazing over a bit. . .

Try explaining the importance of ISAs or saving to 20 year olds who reply with "NOPE, you only live once!" and then go and blow £300 on a night out in Chelsea that they cant even remember the next day. Even when I tell my mum I could save her tons of money and make lots of money for her, her eyes seem to glaze over lol.

T
I'm also tempted to drip feed into either the Cheshire or Derbyshire where there's 5 per cent available as a regular saver. But these accounts can only be opened in branch, perhaps I should have identification documents handy the next time I'm heading in either of those directions for work!

Check out the FD 6% monthly saver. It's a better interest rate and allows you to enter more money per month. Not to mention can be setup online or through telephone! M&S could be worth a shot too.
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MrsCautious

Alex92 wrote: »

Nope, I live in Surrey.



Check out the FD 6% monthly saver. It's a better interest rate and allows you to enter more money per month. Not to mention can be setup online or through telephone! M&S could be worth a shot too.

Do you need a current account with them to open one?

Shame to see you live so far away, I was banking on you coming to see to my lawn. (Still not a euphemism.)

curlygirl1971

You definitely need an M&S Premium Current Account to open one of their 6% regular savers. The Premium Current Account costs £15 a month, and the gross monthly interest you would get on the max £250 pm is......£15. So not worth it unless you are a heavy M&S shopper (other benefits)

The FD regular saver also requires a FD current account.