Playing the Current Account Bonuses

SCooper24

Hi All,

Just entering into an IVA (maybe more on this in the appropriate forum), so looking to make the msot of whatever money I have.

I saw the halifax advert the other day for their reward current accounts that pay you £5.00, I currently have the santander 1-2-3 account and their IVA (paying 1% interest). So i'm thinking of playing the accounts to earn as much cash just for banking as possible.

EDIT: I've also found the Natwest Flexdirect account that has 5% AER Interest, which i'm initally going to opt for over the ISA.

Before I start to flesh out the bones of it, I was wondering two things:

1) has soemthing like this been discussed before I had a quick search but couldn't find anything - probably because i'm unsure of the correct terminology.

2) are there any other real-cash paying bank current accounts, or high interest, easy access, web managed savings/isa's I should look at to make this work?

Thanks in Advance.

SCooper24

So here's the current "plan" I'd be grateful if anyone could read it over, critque it and offer idea's for improvements etc.

1) get my salaray ~£1500.00 paid into the a NATIONWIDE FLEX DIRECT account (meeting their £1000.00 funding requirement), on the last day of every month.

2a) SO to transfer £750.00 from nationwide into Halifax account (meeting their £750.00 funding requirement earning me £5.00). 1st of month

2b) SO to transfer £500.00 from nationwide into Santander, (meeting £500.00 funding requirement, and covering £440.00 outgoing eligable for cashback earning me £7.50 after account fee) 1st of month.

3a) SO £735.00 from HALIFAX back into nationwide (leaving £15.00 + £5.00 for two small DD's (Central Heating over and Lottery), 2nd of month to maximise 5% interest

3b) SO £80.00 + £7.50 from Santander to Nationwide (leaving £420.00 to cover cashback eligable DD's, to maximise interest). 2nd of month.

4) All remaining DD's to leave nationwide account from 3rd of month onwards.

ADHOC) - tidy up of accounts transferring "loose change" to Nationwide account.

On paper this would "earn me" upwards of £160.00 for the year.

jhp

Loads of discussions on this subject in the Bank Account Forum.


EG: https://forums.moneysavingexpert.com/discussion/4897140


Also see: https://forums.moneysavingexpert.com/discussion/4897140

FinanciallyUnsavvy

I think you will struggle opening any new bank accounts whilst in an IVA to be honest. Even your current bank account may close - it seems Co-operative Bank is the only one happy to have customers on IVAs:

https://forums.moneysavingexpert.com/discussion/4899386

Good luck!

SCooper24

Christ didn't consider that - did ask StepChange re: the Santander 123 account and the lady said as long as I don't have an overdraft it harness the main thing.

Larac

I think you will find you are restricted to the most basic of bank accounts which don't have these nice frills. I am on DMP and could only a basic account from the Nationwide i.e. no cheque book or overdraft. Good luck to you if you can open one of these accounts.

SCooper24

Thanks all, fingers crossed time I guess. in the meantime I'll postpone world domination.