£4k savings. What is the best rate account I should open?

jimjames

kteara wrote: »

really appreciate the advice.

Is there anything wrong with this plan:

2k in TSB account 1
2k in TSB account 2

2 Standing orders in both accounts for a transfer of £500 between eachother and another of £750 (total) to the Halifax account.

I'd say it was better to have £2k in TSB and £2k in Nationwide.

You can then make transfers between them that count as the deposit for the month. Transfers between TSB accounts won't count for that.

YorkshireBoy

jimjames wrote: »

Transfers between TSB accounts won't count for that.

Yes they do.

jimjames

YorkshireBoy wrote: »

Yes they do.

Really? Is that the only one that does?

Archi_Bald

No, Lloyds, BOS and TSB have always allowed it.

YorkshireBoy

Archi_Bald wrote: »

No, Lloyds, BOS and TSB have always allowed it.

...and Halifax (for the fivers).


CB/YB, Santander, & Nationwide demand 'new' money.

kteara

So guys if I transfer Money to and from the tsb account... I loose my interest on the day I do these transfers? So I essentially miss out one day of every month on the full interest on the 2k limit because of the one day I do transfers and essentially leave the accounts with 1500 for a single day?

kteara

??????????

jimjames

kteara wrote: »

So guys if I transfer Money to and from the tsb account... I loose my interest on the day I do these transfers? So I essentially miss out one day of every month on the full interest on the 2k limit because of the one day I do transfers and essentially leave the accounts with 1500 for a single day?

Nope.

Move it there and back on same day and you won't lose any interest.

kteara

My only issue now is finding a 2nd direct debit for my Halifax account. I already have one for my gym membership but Im unsure what I can use for my 2nd one. I was thinking about paying my parents tv license and have them pay me? Any problems with this?

Another alarming issue that has come up was I was refused a credit card. I opened the Halifax and TSB account in the same week and then went into barclays to get a credit card to build my credit score. I have never gone into my overdraft, would I be right in thinking the fact I opened 2 accounts in the same week would result in me lowering my credit score? What is the solution to this problem?

My thinking is that I should get a credit card with barclays (or halifax) so in the next 10 years or so, It would be more likely to get a better mortgage rate with this bank than having had a credit card with someone else. Is this correct thinking?

thanks.

YorkshireBoy

kteara wrote: »

My only issue now is finding a 2nd direct debit for my Halifax account. I already have one for my gym membership but Im unsure what I can use for my 2nd one. I was thinking about paying my parents tv license and have them pay me? Any problems with this?

Sounds messy to me. There are lots of options with savings accounts, eg Tesco. Or how about donating the fiver to charity by DD? Don't forget to use Gift Aid so they get a little more.

Another alarming issue that has come up was I was refused a credit card. I opened the Halifax and TSB account in the same week and then went into barclays to get a credit card to build my credit score. I have never gone into my overdraft, would I be right in thinking the fact I opened 2 accounts in the same week would result in me lowering my credit score?

Possibly, although unlikely if there were no overdraft facilities attached.

What is the solution to this problem?

Time is a good healer!

My thinking is that I should get a credit card with barclays (or halifax) so in the next 10 years or so, It would be more likely to get a better mortgage rate with this bank than having had a credit card with someone else. Is this correct thinking?

No.