MSE News: Savvy MoneySaver plays bank system to make £1,000s

anon_ymous

It all seems a bit "captain obvious" to me. I mean I have six (and want two more) bank accounts, to get the benefits at different banks

And the person spends 20 minutes once/month? I spent 10 minutes setting every thing up, and absolutely every thing is automated. I don't have to do any thing

laptop80

The £5/month Halifax reward is worth having, but at £60/year it's not going to make you rich. They have now 'cottoned on' that people have been qualifying for the reward then transferring the money back out to a current account that pays interest (I certainly do).

From this month you need to have at least 2 direct debits paid out of your Halifax account so it makes it a little trickier, but the majority of us probably have quite a few DDs (credit cards, utilities, mobile phones, broadband, TV licence etc) so can carry on doing the same by splitting them between current accounts. Just got to remember to leave enough in there to cover the DDs.

chanz4

MSE_Andrea wrote: »

Thank you Herbalus

Many of you replying have been using the site and forum for a long time so for you this is second nature and probably rather basic.

The story aims to encourage other people who aren't as savvy as our regular forum users by showing them it's not so difficult to do.

Andrea

It would be worth going back to basics with storys, as I agree they used to be good but are rather a let down for the past few months. I know its a money saving site, and debt help but the average post seems to be these days how can I avoid. And we all wonder why intrest rates are poor and lending low

edinburgher

All sounds very familiar would not touch Santander though. Lol ;-)

I used to think that, but have actually been pleasantly surprised by them of late. We now have our main current account and mortgage with them. No problems in 18 months (touch wood).

stphnstevey

Disappointed in MSE - Drumming up business for the links in the article!

Nothing more (and alot less!) than many on here have been doing for years

Wywth

If this guy has been doing this for 3 years, I'm surprised he hasn't got some better paying accounts

e.g the old Northern Rock (now VirginMoney) easy access e savings account usedto pay 2.85% gross and now still pays 2.4% gross (1.92% net) http://bank.virginmoney.com/savings/PDF/Virgin_Easy_Access_E_Saver-key_product_info.pdf

Beats 1.25% any day, and he could have put £100k in that and earned £2400 a year before tax.
(product withdrawn to new applicants 10 may 2012)

Even better, the 90 day notice account still pays 2.85% gross on balances over £5k - and could save £500k in that
http://bank.virginmoney.com/savings/PDF/Virgin_90_Day_Notice_E_Saver-key_product_info.pdf
That could earn him £14,250 a year before tax

(product withdrawn to new applicants 24 Oct 2012)


There were probably even better deals he could have opted for.

grumbler

Wywth wrote: »

...
Beats 1.25% any day,...

There were probably even better deals he could have opted for.

The same Santander was offering 3% for 12 months e-saver untill last September (dropped to 2.8% in September).

hanlou007

Should of just stuck all his money on red or black !!!

Herbalus

hanlou007 wrote: »

Should of just stuck all his money on red or black !!!

Wonder how grumbler is going to feel when "should of" appears just below his signature of "should have"...!

innovate

Herbalus wrote: »

Wonder how grumbler is going to feel when "should of" appears just below his signature of "should have"...!

I reckon he will just shake his head in disbelief every time he sees another one. As will hundreds of others probably, me included.

I have started coming across young adults now who actually say "should of". The education system in this country is obviously shot to pieces.