Working out a savings strategy

Extra

Ah OK. Not to worry. It's something to bear in mind if I ever want to switch in the future.

carly

innovate wrote: »

Sorry to rain on your parade but for Quidco/TCB cashback you need to switch, which closes your old current account.

Have they recently changed their terms and conditions then?

I certainly received cashback without switching or closing my FD account, but it was over a year ago.

Apologies if I have inadvertently misled OP

F1F93

Extra wrote: »

I'm nervous about pumping £1000 between all the accounts. Is there nothing in the small print that prohibits this? If not, what's to stop people setting up a cycle with 2 or more accounts with no income at all?

No, thats what I do!
I am a full time student so currently have no income, and it hasn't stopped me yet! Although my Fiancee works, I don't and I still operate several accounts in this way.

Extra

carly wrote: »

Apologies if I have inadvertently misled OP

No, don't worry. I know cashback site deals are fickle and that MSE recommends not treating the money as a sure thing. The important message for me here is to at least check out what the cashback sites say whenever I open or switch an account.

F1F93 wrote: »

No, thats what I do!
I am a full time student so currently have no income, and it hasn't stopped me yet! Although my Fiancee works, I don't and I still operate several accounts in this way.

This sounds really good news to me. It means I can set up my savings to look after themselves with minimal input from my current account. The only additional transfers I would have to make would be money I'm actually adding to savings and money to cover direct debits from these accounts.

ozzage

carly wrote: »

Have they recently changed their terms and conditions then?

I certainly received cashback without switching or closing my FD account, but it was over a year ago.

Apologies if I have inadvertently misled OP

I'm the same - I used the switching service to the 123 account, and still have my old account open, so I would double-check exactly what the current situation is.