Just want to run a savings idea I have by MSE users...

ninetynine

YorkshireBoy wrote: »

Bearing in mind you can hold 4 accounts, it's 5% on £10K. Is that worth the hassle?

Personally I have 3 of them, and I'm planning on dumping the £7.5K total O/D facility elsewhere...and making circa 3% on their money. Just dipped my toe in the water this month for a couple of days. If I don't incur any charges the whole lot will go elsewhere for the remaining 11 months.

The 5% interest offer is only for one account, isn't it? Pretty sure I read that somewhere.

ctdctd

sophia1989 wrote: »

The 5% interest offer is only for one account, isn't it? Pretty sure I read that somewhere.

It is now.
Some people opened several accounts in March before Nationwide caught on!

HTH

gkerr4

sophia1989 wrote: »

I already have the account (with £55 cashback!) but don't have that much money to put into at the moment - the only money I can play with at the moment is the 2500 from the ISA.

in that case - it's a cracking deal for you - easily the best on the market.

gkerr4

YorkshireBoy wrote: »

Bearing in mind you can hold 4 accounts, it's 5% on £10K. Is that worth the hassle?

Still no, not really - you have three accounts to meet the criteria for in terms of paying money in etc - probably still too much work for too little return - but i can understand why you might do it.

I do the "income shuffle" for the 1-2-3, although i just transfer the total amount of the direct debits which go out every month so it starts and ends pretty much bang on the £20k and its just like paying all our DD bills in one day from our "real" current account.