Do I still have the best accounts/deals at the moment?

Alex92_2

Archi_Bald wrote: »

You now need to switch your old account to get the Quidco/TCB cashback

ah that sucks. I've already got the cashback though, which is £65/£2 (monthly charge) = 32.5 months worth.

This means that it will cover 32.5 months of £2 charges. Or i could open up another 123 account and it would cover 16.25 months - still over a year.

Seems like I just have to grab the nettle with 123 accounts and slowly fill those up. Got like £5K in one of the 123 accounts, so will work on filling that up and then empty the remaining lloyds accounts into another 123 account -unless lloyds comes up with anything that can compete.

Chjaka

If I were you I'd definitely start by opening up additional flexdirect accounts as soon as you have the funds to fill them. They seem to be paying out 5% interest on up to four accounts, they certainly are in my case.

I wouldn't close down the vantage accounts and move the funds to the 123 account when the 4% deal expires though as if you're not profiting from any direct debits on the 123 account it knocks the interest rate on that account down to circa 2.85%. You may as well leave it where it is and earn that little bit of extra interest and you can also open another three vantage accounts with Bank of Scotland that also pay 3% on balances up to £5000, that's a potential £30k, instant access, at a clean 3% rate.

There's always the Halifax reward account that's gives you £5 every month, though you may struggle with the two direct debit's you need to be taken from the account each month if you don't have many overheads.

HSBC have a 4% regular saver but it's up to you to decide if the relatively small gains are worth the trouble of opening it and setting up the standing orders.

Finally consider getting either a cashback or a 0% purchases credit card. That way, as long as you make the minimum payments on the 0% card or the full balance on a cashback card, the money stays in your bank account a little longer earning interest and with the cashback card you get a little back too.

castle96

3 x Bank of Scotland Classic Vantage Accouts ? 3% on each £5k max

Alex92_2

Chjaka wrote: »

If I were you I'd definitely start by opening up additional flexdirect accounts as soon as you have the funds to fill them. They seem to be paying out 5% interest on up to four accounts, they certainly are in my case.

I wouldn't close down the vantage accounts and move the funds to the 123 account when the 4% deal expires though as if you're not profiting from any direct debits on the 123 account it knocks the interest rate on that account down to circa 2.85%. You may as well leave it where it is and earn that little bit of extra interest and you can also open another three vantage accounts with Bank of Scotland that also pay 3% on balances up to £5000, that's a potential £30k, instant access, at a clean 3% rate.

There's always the Halifax reward account that's gives you £5 every month, though you may struggle with the two direct debit's you need to be taken from the account each month if you don't have many overheads.

HSBC have a 4% regular saver but it's up to you to decide if the relatively small gains are worth the trouble of opening it and setting up the standing orders.

Finally consider getting either a cashback or a 0% purchases credit card. That way, as long as you make the minimum payments on the 0% card or the full balance on a cashback card, the money stays in your bank account a little longer earning interest and with the cashback card you get a little back too.

I tried getting halifax reward before but they messed up the process and I never got around to sorting it again. I cant be bothered to deal with the hassle for the sake of £5 a month now.

Forgot about the BoS accounts and I forgot about the lloyds classic vantage at the 3x£5000 @ 3% interest rate accounts. I remember the days when it was 3x£7000@4% :'(

Seems like I will fill up FlexDirects, so put £7,500 into that, and look into opening BoS accounts.

I did notice however with the 123 account, that they dont remove £2 monthly charge if you have £0 in there .

YorkshireBoy

castle96 wrote: »

3 x Bank of Scotland Classic Vantage Accouts ? 3% on each £5k max

That's the way I'd go in the OP's position (and have done). However, they said...

as id rather have it in bigger lump sums and less "bnak accounts"

...so we have to accept that they're not happy setting up 3 SOs to cross feed the accounts each month (which takes very little effort at all) and would be happy getting (a net, after the fees) 2.88% with Santander instead.

YorkshireBoy

Alex92 wrote: »

Seems like I will fill up FlexDirects, so put £7,500 into that...

I'd suggest testing the water first, with a few quid deposited for a few days in the first month. That way, you won't lose a lot if they don't pay 4.89% gross.

I have 3 FlexDirect accounts, opened in early April from memory, and they all pay 4.89% gross. Indeed, for the first couple of months I was stoozing the £7.5K total O/D facilities (fee-free for the first 12 months) at 2.8% AER with Halifax. Sadly I can't get a rate now that would make that worthwhile so they're all sat with £2.5K in them.