Tsb plus account 5%

nearlyretired2004

just out of interest would love to know the maximum number of accounts people are currently doing the '£1000 shuffle' (as its known in our house) with.


My current total is 16 accounts but soon hopefully to rise to 24 if we get the maximimum 8 from TSB and maybe a couple more from Clydesdale (just looking at those now.....)


I realise that some banks only require £500 to meet funding requirements but as its only there for seconds I do £1000 to all of them to save remembering who needs what)


In fact (as I've posted several times on here before) my 9 Halifax accounts NEVER have any real money in them as I have an overdraft facility on the first account and cycle a theoretical £1000 from that, through the other 8 accounts and back to the first ....!!!

innovate

The only purpose boasting will serve is that banks will limit the number of accounts you can have even further than they already have. Bankers do read these forums.

Aquamania

nearlyretired2004 wrote: »

just out of interest would love to know the maximum number of accounts people are currently doing the '£1000 shuffle' (as its known in our house) with.


My current total is 16 accounts but soon hopefully to rise to 24 if we get the maximimum 8 from TSB and maybe a couple more from Clydesdale (just looking at those now.....)


I realise that some banks only require £500 to meet funding requirements but as its only there for seconds I do £1000 to all of them to save remembering who needs what)


In fact (as I've posted several times on here before) my 9 Halifax accounts NEVER have any real money in them as I have an overdraft facility on the first account and cycle a theoretical £1000 from that, through the other 8 accounts and back to the first ....!!!

Why?

Unless you have enough spare cash to maintain all accounts at the maximum amount to earn interest on, why bother???

And then I wouldn't hold so much in cash anyway - better to invest it. You could earn a lot more money than the 2-6% these accounts typically pay if you have that sort of money to play with.

FOREVER21

nearlyretired2004 wrote: »

just out of interest would love to know the maximum number of accounts people are currently doing the '£1000 shuffle' (as its known in our house) with.


My current total is 16 accounts but soon hopefully to rise to 24 if we get the maximimum 8 from TSB and maybe a couple more from Clydesdale (just looking at those now.....)


I realise that some banks only require £500 to meet funding requirements but as its only there for seconds I do £1000 to all of them to save remembering who needs
In fact (as I've posted several times on here before) my 9 Halifax accounts NEVER have any real money in them as I have an overdraft facility on the first account and cycle a theoretical £1000 from that, through the other 8 accounts and back to the first ....!!!

I am surprised that you can be bothered with so many accounts,I know this is a money saving forum,but there are limits to how far one can go! how often do you log on to check the accounts, Even with standing orders from account to account it must take some looking after.
I have had 4 of these type accounts for a year now and yes the interest is good but it is starting to do my head in, but that's just me, each to their own.
Incidentally where do you keep all the debit cards, I used to carry mine around with me but got fed up of sorting through them in shops to find my everyday usage card.

KTF

FOREVER21 wrote: »

Incidentally where do you keep all the debit cards, I used to carry mine around with me but got fed up of sorting through them in shops to find my everyday usage card.

Generally, mine get chopped up and binned.

Why bother carrying them around with you when they are for 'savings' accounts?

FOREVER21

KTF wrote: »

Generally, mine get chopped up and binned.

Why bother carrying them around with you when they are for 'savings' accounts?

Some of them must be kept Nationwide for instance need to be used with the card reader for some transactions.
I have stopped carrying them around but now left at home safely up to now!

DragonQ

KTF wrote: »

Generally, mine get chopped up and binned.

Why bother carrying them around with you when they are for 'savings' accounts?

I used to do this but not any more because your debit card number is needed for the new account transfer system.

Gers

Found my two new Classic Plus accounts now both linked to my existing three Enhance accounts and showing under my first login details. :j assume I can ditch the other details.

And got the 44p interest on both too.

nearlyretired2004

As you may guess from my username I do have the time to manage this (I must update my username to fullyretired....)


I understand the long term benefits of investment rather than saving and have done well from one of my pensions invested in funds....however my only other foray into equities ( an ISA recommended by an IFA) has actually lost a good bit of money over two years!!!


I have good reasons for keeping a relatively large amount of money in cash as it may be needed to fund a move abroad at short notice..... (and no, I'm not running from the taxman!!) so I do all I can to legally make it work as hard for me as it can .....

pauljoecoe

An interesting aside...the log in method for TSB is exactly the same as Halifax. So much easier than First Direct and Nationwide. (I also prefer it to Santander but I guess thats just cause I've been with Halifax the longest.