account advice for weekly wages not many bills

PeejAroo

Hi everyone. Thought id come to the place where ill likely get the best advice about my situation. I currently bank with Halifax. I have online banking, with a current account, share dealing account, online savings account and small mortgage (3 months left on it).

Im not very savvy when it comes to which account makes the most for me or where to put what money ect. Tonight I was on my online banking and seen that Halifax offer a Reward current account which pays 5 pound per money if you deposit 750pound per month, have 2 dd's and stay in credit each money. I deal with Halifax regularly and no one has mentioned this to me and left me on a basic current account.

I make around 1200 after tax per month and have around 180 coming out in bills. I now know that the reward account would make more sense than sitting on a current account getting nothing. My question is though, Are there any even better accounts for a money reward or interest paid to me, that I should move my banking to? I have searched around the internet but find it quite confusing knowing what to do.

Many thanks to anyone who can shed a bit of light on this and give me some advice :money:

Pat

Edit: Sorry forgot to post some information. Im 25 Male and from Belfast in Northern Ireland. And my job is secure and permanent in the NHS

BaxUk

If you can keep a balance of £2500 in credit, the FlexDirect with Nationwide could be a decent account for you.

http://www.nationwide.co.uk/current_account/flexdirect/default.htm

CKhalvashi

BaxUk wrote: »

If you can keep a balance of £2500 in credit, the FlexDirect with Nationwide could be a decent account for you.

http://www.nationwide.co.uk/current_account/flexdirect/default.htm

If more than £2.5k (but under £15k), Lloyds could also be good account, too.

CK

matttye

Santander 123 account pays cashback on bills and interest on balances up to £20k. Have a look at the account on Santander's website for more info.

If you qualify for the credit card, that pays cashback on supermarket shopping and petrol too.

CKhalvashi wrote: »

If more than £2.5k (but under £15k), Lloyds could also be good account, too.

CK

If you're referring to lloyds vantage, that pays 3% interest on balances of £3-5k.

CKhalvashi

matttye wrote: »

If you're referring to lloyds vantage, that pays 3% interest on balances of £3-5k.

I was, but thought it was 5%.

Thanks for correcting, as Santander, IMO, would be the way to go on this, even with small bills (£200 a month of approved bills will pay the fee and more. Council Tax/Water should make up at least 60% of this), so you'll need £40 a month at 2%, so phone/internet and mobile, and your £2 is back.

CK

PeejAroo

Thanks for the advice everyone. I have 2250 saved up at the moment believe it or not. So I definitely think the 5% Nationwide Flex account is a good idea, will go to Nationwide on Monday morning and open it as im off work all next week Thanks for the replies

PeejAroo

is the interest on the nationwide account paid monthly? does that mean if I put in like 2500 or 3000 or so ill get paid every month for nothing? how much would I make does anyone know?

Gromitt

Yes it's paid monthly.

£2500 * 0.05 = £125 per year.
BRT would eat £25 of that.

Money-Saving-King

PeejAroo wrote: »

Thanks for the advice everyone. I have 2250 saved up at the moment believe it or not. So I definitely think the 5% Nationwide Flex account is a good idea, will go to Nationwide on Monday morning and open it as im off work all next week Thanks for the replies

Or if you don't mind a few minutes on the morning you get paid each week. Open all 3, and transfer the money to your advantage. Have the bills go out of Santander & any direct debits from Halifax (your salary in that then on the same day a SO to Nationwide) & keep any money not needed in Nationwide.

The whole thing could be pretty much set up through standing orders tbh.

PeejAroo

When I seen 125 I got excited then noticed that its paid monthly... that would mean id get like 9 pounds per month right? Hardly seems worth the hassle of changing banks for 9 quid a month :P

badger09

Gromitt wrote: »

Yes it's paid monthly.

£2500 * 0.05 = £125 per year.
BRT would eat £25 of that.

Its a bit less than that, because you don't get 'interest on the interest' if you have £2500 in the account

so £2500 x 0.0489 x 0.8 = £97.80 after basic rate tax:
£8.15 per month

PeejAroo wrote: »

When I seen 125 I got excited then noticed that its paid monthly... that would mean id get like 9 pounds per month right? Hardly seems worth the hassle of changing banks for 9 quid a month :P

But you don't have to change bank accounts. You could have both. Maximum of a few minutes work each month for (nearly) an extra £100 - your decision