Really optimising interest from banks

Alex92_2

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.)

Definitely is a euphemism haha, where are you based anyway?

All details are here ; http://www1.firstdirect.com/1/2/savings/regular-savings-account?WT.ac=FSDT_CTA_SAV_REG1003

You need to have a 1st Account with them and make the monthly payments through standing order via the 1st Account.

If you dont have a first account, i'd suggest you make up another quick account, slap in 2 DDs or Standing orders and use their Easy Switch service and get £100 Cashback. If you have a savings account with them it waivers the £10 monthly fee, the regular saver will count as this. It's a win win situation really.

Interest is paid at a fixed rate for 12 months so long as you make the required 12 monthly payments to the account from your first direct 1st Account.

Interest is paid on the anniversary of account opening.

You must already hold a first direct 1st Account to apply for a Savings Account. The account can be operated online, by telephone.

Alex92_2

curlygirl1971 wrote: »

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.

Yeah, I just read that on the M&S account. Not worth it for me at all. Never shop there. My mum may like it though.

MrsCautious

I'm afraid the thought of me opening another current account is a step too far for me. I should be more organised and get round to opening two Halifax kids' savers which pay 6 per cent though as my children get a small monthly pension and have had a small lump sum payment which is still sitting in my account so that needs sorting sharpish.

I have found Lloyds to be so very helpful to me and have had such great customer service that this also influences my thoughts on sticking with them. Mine are extreme circumstances but I suppose I could have done without a lady in there introducing me to her colleague the other week as "This is ...., she has lost her husband in tragic circumstances."

While I wouldn't want to blow £300 in a night in Chelsea, I do hope you can use your money to enjoy life. I'm sure it's a conversation that has been had many times on MSE but there has to be a balance, doesn't there?

Alex92_2

MrsCautious wrote: »

I'm afraid the thought of me opening another current account is a step too far for me. I should be more organised and get round to opening two Halifax kids' savers which pay 6 per cent though as my children get a small monthly pension and have had a small lump sum payment which is still sitting in my account so that needs sorting sharpish.

You know you could just open up an acount online through lloyds (another classic account) and they will make it "live" within 30 mins. Then you just setup DDs/SOs and EasySwitch with FD. Probably took me about 10 minutes of actual work and get £100 for it and get to have access to the 6% savers.

I have found Lloyds to be so very helpful to me and have had such great customer service that this also influences my thoughts on sticking with them. Mine are extreme circumstances but I suppose I could have done without a lady in there introducing me to her colleague the other week as "This is ...., she has lost her husband in tragic circumstances."

That is horrible of her!

I have 4 accounts with Lloyds TSB. I love them. Think the customer service is very good, online banking is very clear and easy too. Dont see myself stopping using them. When I say "Switch your account to get £100", I mean, setup a dummy account with £1 balance, and switch that. Not one of your actual regular accounts.

While I wouldn't want to blow £300 in a night in Chelsea, I do hope you can use your money to enjoy life. I'm sure it's a conversation that has been had many times on MSE but there has to be a balance, doesn't there?

Yeah, I've said in another thread (cant remember where) that I cant stress theFinance/Career and Social life ratio needs to be in balance.. Last year had 3 holidays (one to Egypt with girlfriend, one to Canada skiing and one to Hong Kong with a close mate), also went to unis and saw a lot of friends regularly and went out for nice meals/hotels/spas. This year I have 2 holidays already booked and will inevitably go skiing again in December for the opening week.

I believe in Work hard/play hard. It's just i'd rather spend an extra £300 on a week skiing and go out enjoying apres ski and live DJ sets every night than one night in chelsea drinking overpriced vodka and champagne and waking up with an awful headache and no recollection of the night before.

I think the trouble with a lot of people my age group is that they all want to enjoy the playboy/luxury lifestyle, without the salary/income to justify it. At least im lucky enough to be enjoying myself and saving a lot at the same time.

Think it's healthy for the mind. If I work too hard for too long at work without a break, then I will get stressed. If I get stressed out then I start underperforming and subsequently get more stressed out. Also, doubt I could eat out a few times a month at nice restaurants and take 3 holidays if I have a mortgage or kids to pay for. Better enjoy it whilst im young

curlygirl1971

MrsCautious wrote: »

I'm afraid the thought of me opening another current account is a step too far for me. ..............I could have done without a lady in there introducing me to her colleague the other week as "This is ...., she has lost her husband in tragic circumstances."

Me too - I've been very keen on maximising a number of opportunities such as making interest where I can, earning points etc. and so far it's all worked well. But I've had some near misses with the management of too many current accounts / savings / credit cards, over the years.

Everything is on spreadsheet (I've learnt to back-up regularly! - nothing worse than loosing your spreadsheet and not knowing where you need to move money too) but even so for me there is a point where it becomes not worth it and any benefit would be negated by an overdraft charge. So I do look out for opportunities (Have just opened the Nationwide Account) but don't always take them up if the benefit to me isn't good enough (Santander 123).

Could kick myself with the FD account though. I've kind of refused to open one as I won't qualify for their switching offer. I guess I keep hoping they'll waiver the 'previous account' clause at some point. Unlikely, and I may just be spiting myself and missing out on a good savings account in the meantime. Hmmmmm


People can say things......and sometimes mean it not at all unkindly......but blurt it out and it can be the wrong thing and cause distress. Once it's been said, the damage is done. I've done it myself and afterwards have really wanted to kick myself. And then there are people like my mother who say things, mean them, don't care and then deny all knowledge they said it in the first place! :rotfl:

Alex92_2

I think if my bank statement from debit card I use was messier (e.g. more outgoings, as expected if I had my own place, telephones, mobiles gas, electricity, water, mortgage, food/drinks, insurance all that stuff) then I probably wouldnt bother so much with all the accounts.

I will spend an hour or two setting up Direct Debits and Standing orders so that in the unfortunate event of something happening to me that prevents me having access, then it will all do it automatically until the account deal/interest rate ends.

The Santander appeals to me because it's the highest interest rate current account out there (excluding Nationwide 5%, which is possible capped to only that interest rate on ONE account of £2500). With the Cashback, after the first years monthly fees (£24), I am still £31 better off. Then the interest rate is 3%, which like I say is the highest rate excluding monthly savers and ISAs, which i'd have both of anyway.

The way I see it, i'd rather have £22K lumped in one account, than 3accounts with £5K in with Bank of Scotland, then a a lloyds classic vantage at 3% for £5000. Easier to deal with, less passwords/logins to remember and can see it all in one place.

Also, I have a sneaky suspicion that the new Santander ISA rate (comes out 11th March 2013) will be linked somehow if you have Santander 123 account. E.g. 2.5% to new customers, if you hold 123 Account, then you can get 3% or something along those lines. So worth me holding one for those 3 reasons.

Where else will I put the £18K from my Lloyds Classic Vantages come October 31st when the 4% rate drops to 3% (same as Santander). Only options for that much capital is 3% accounts for now.

curlygirl1971

Alex92 wrote: »

Also, I have a sneaky suspicion that the new Santander ISA rate (comes out 11th March 2013) will be linked somehow if you have Santander 123 account. .

All your accounts - Completely agree with your reasoning - all well thought out

Think you will be proved correct by Santander - and that may just sway me. I have an ordinary CA with them (opened to get £155 in 2011) so would just need to convert it. I'll wait and see what happens

innovate

curlygirl1971 wrote: »

I have an ordinary CA with them (opened to get £155 in 2011) so would just need to convert it.

If you don't convert, you can get another £55 via Quidco

Alex92_2

curlygirl1971 wrote: »

All your accounts - Completely agree with your reasoning - all well thought out

Think you will be proved correct by Santander - and that may just sway me. I have an ordinary CA with them (opened to get £155 in 2011) so would just need to convert it. I'll wait and see what happens

Do what Innovate says. I did it yesterday and theyve confirmed it all. Sent me over some forms that I need to sign and send off to their freepost address, with photocopies of driving license, passport and bank statement, then it's all good to go.

Think i've used now all the reward/bonus accounts there are. Will focus after this month on filling up Nationwide account, then when that is done put any excess (after monthly saver £300 to FD) in the 123 account

londoner1998

Alex92 wrote: »

That could be interesting! Is it 0% card? I currently have a Lloyds Platinum credit card, but only buy petrol with it to build up my credit rating. Trouble is, I dont think I spend over £300 a month on stuff that could be purchased with a CC (first world problems! haha). Monthly outgoings is usually around £300-380, £200 rent to my dad (standing order) and Petrol is now only £40, was £120 (changed gym to one that is £5 cheaper and in walking distance from where I work, so £0 on petrol and save myself £80 petrol a month! Brilliant or what?! Could be worth doing this though should my outgoings increase.



I will let you know the banks/accounts tomorrow. My finance spreadsheet and wordsheet are saved on my removable hard drive which I left at work.

The Clarity Credit card from Halifax also gives you commission-free spending when you use it abroad: like you I don't spend £300 on credit cards every month, but I take this one with me every time I go abroad on holiday and when I got to my hometown in Spain twice a year: only on that, it has saved me a lot of £££ in a couple of years. I have used it all over Europe and for a whole month in India and I couldn't have been happier. Just let them know if you are going away and plan to use it so that they don't block it to avoid fraud. It is not 0% but if you pay it in full every month it doesn't matter...