Chasing interest rates down, what are people doing?

bellagirl69

FLAPJACK wrote: »

I take it with already being with Lloyds you have your Vantage accounts up and running.

six between us!!

rb10

Bear in mind that you'd be better off by switching your direct debits from Lloyds to Santander - as you get 1-3% cashback on them at Santander, and nothing at all at Lloyds.

FLAPJACK

That was my next thought....has "him indoors got his 3 too"!!

Well done

We are facing the exact situation next year, at the moment one of our bonds is getting 7.22 gross...remember those days???

Hopefully by next year rates "may" be moving .....slowly I think though.

Thrugelmir

bellagirl69 wrote: »

Trouble is we are retired and will not risk the vagaries of the stock market as cannot take the long term view. We are only prepared to hold in savings accounts.

Inflation is your enemy too. As the buying power from the income will diminish over time.

robotrobo

my wife as 1/ 123 account.
myself 1/ 123 account.
and we hold a joint 123 account

---

3 in total.

my question is . are we allowed anymore accounts or is my santander advisor not in the know?, she tells me 3 accounts only.
thankyou.

YorkshireBoy

robotrobo wrote: »

my wife as 1/ 123 account.
myself 1/ 123 account.
and we hold a joint 123 account

---

3 in total.

my question is . are we allowed anymore accounts or is my santander advisor not in the know?, she tells me 3 accounts only.
thankyou.

You're allowed two each...which is what you have now.

So you're only option is to make the joint account a sole account, and the one who's name comes off the account opens another sole account in their own name.

Ifts

robotrobo - You would be better off having 2 each (thats what I have, didn't go for a joint account on top myself and don't know if its possible) that way you will have 4 accounts that benefit from 3% on the balance.

Joint account is ok for the protection of up to £170K re FSCS but you can only earn 3% up to £20k.

You could have 4 accounts, 2 each.

Some that got in early have 3 123 accounts each! (another user Archi Bald said they have 3 accounts) but from what I know you are limited to having 2 each now.

robotrobo

thanks for quick reply!, so if i remove my name from the joint account& open another sole account, that means that i will have 2 sole accounts, have i got it right or what?.
thankyou

YorkshireBoy

robotrobo wrote: »

so if i remove my name from the joint account& open another sole account, that means that i will have 2 sole accounts, have i got it right or what?

If you have one sole account now and you open another sole account, you will indeed have two sole accounts, yes.

Ifts

robotrobo wrote: »

have i got it right or what?

Yes correct (providing Santander let you do it), close the joint one and open an extra one each in your names that way you will have 2 accounts each that can benefit from £20K (3% on up to 80K instead of 60K).

edit: YorkshireBoy beat me to it.... again!