is it worth it? transferring between accounts

innovate

100saving wrote: »

ok then i understand.

how about listing all the account names you have and their benefits? i'd love to know how you make up over two dozen current accounts.

The information is all on the MSE forum in one form or another. I don't believe in creating a financial "cookbook" for several reasons, such as

1. too many people would jump on the same bandwaggons, thereby killing the bandwaggons stone-dead in no time
2. what works for one person might not work for the next - - - e.g. different circumstances, different ages, different attitudes to risk call for different approaches
3. quite a number of people would jump on the bandwaggon like lemmings, i.e. not do one bit of thinking themselves. This could lead to things such as unintended, and unauthorised overdrafts, or investments in areas that are great for one person but totally unsuitable for the other - - clearly not something anyone on here wants to promote

The MSE forum is a cornucopia of information and a great sounding board for all sorts of ideas and issues. Everyone with a bit of initiative, and prepared to invest a little of their time, can work out how to exploit the relevant available options to their maximum.

Also, the MSE forum is a public forum, and it isn't beyond the wits of any bank or investment house employee to sign up as a "private" user even though they act in an official, or semi-official, capacity. In fact, I would be surprised if not every single bank, BS and fund supermarket in the land has at least one spy on MSE. (Same applies to insurance companies, and a whole host of other companies). They must love some of the stuff they read on here.

Dr_Cuckoo3

100saving wrote: »

how about listing all the account names you have and their benefits? i'd love to know how you make up over two dozen current accounts.

something like this (multiple accounts with the same bank)


3 x Lloyds vantage
3x Halifax rewards
3x BOS rewards
3x Santander 123
3x Nationwide Flex Direct
3x BOS vantage
1x First Direct (for the Reg saver)

(thats 7 Bank brands and 4 Banking groups)

The poster concentrates on current accounts as an alternative to savings accounts (due to low savings account interest rates) and doesn't make use of credit cards (eg the £5 credit for £10 AMEX spend , 123 card 3%etc)

Bloomberg

NowRetired wrote: »

I have, for the past few months, been transferring £1,000 between 3 bank accounts to make money.

I have been totalling up what I gain each month.

£8 approx. from Nationwide for £2,500 in a Flex account,

£5 from the Halifax reward account and the rest of my money making £1 or less a month in my BoS vantage account.

So £14 per month max.

Do you think it is worth it?

My wife thinks I'm mad. :eek: So do my sons and daughters.

What do others think?

Time to go back to 1 bank account that I can forget all about as what goes in is more than what comes out each month?

You are not mad. What is mad about making a bit of extra money especially in a recession? Keep going, you will end up with a tidy sum eventually. All the best.

100saving

Dr_Cuckoo3 wrote: »

something like this (multiple accounts with the same bank)

3 x Lloyds vantage
3x Halifax rewards
3x BOS rewards
3x Santander 123
3x Nationwide Flex Direct
3x BOS vantage
1x First Direct (for the Reg saver)

just from that i work is out to be a little under £3000 a year in interest. on about £95000 so not a bad return thats depending on if all the accounts are full that is not that it matters i was just interested to see how others get the best out of what they have.

i am in the small league to you lot but i think i am getting better/closer at getting the best out of what i have.