How to save £60k

Prof_FrinkProf

somethingcorporate wrote: »

Do you have a partner? that 1.55% in an ISA is pathetic.

Nope, what difference does that make?

1.55% was the second best percentage I could find, the best being 1.6% but I'd rather lose 0.05% and stick with Halifax

Prof_FrinkProf

Eco_Miser wrote: »

All the direct debits you need.

So those accounts listed would show up as a DD? So I could transfer £1 a month into one of those to give me an additional DD, therefore giving me 4 monthly DDs which is enough for two Santandar 123 accounts?

Eco_Miser

That's the idea.

Prof_FrinkProf

Although saying that, my monthly income is closer to £1800 rather than £2000 so not enough to trigger the interest rates on two Satandar 123 accounts.

Could I have my wage paid into a maxed out (£5k) club lloyds account, then do a standing order for that to transfer into my Santandar 123 account to trigger the interest on that, then withdraw that and dump it into another account?

latecomer

simply transfer £1000 from any account around all accounts which have the funding criteria and then back again. Using faster payments it takes me around 5 minutes to pass it through 4 bank accounts. Standing orders are slow and subject to weekends, bank holidays etc so I prefer to do it manually.

Prof_FrinkProf

Ah ok, just as I do with my vantage accounts then? I think the Santandar 123 account requires the transfer to be from a non Santandar account but that won't be a problem.

So my combination of accounts will be:

Club Lloyds 4% £5,000
Santandar 123 3% £20,000
BoS Vantage 3% £5,000
BoS Vantage 3% £5,000
BoS Vantage 3% £5,000
Halifax ISA 1.55% £26,400

Which gives me a capacity of £66,400.

If I exceed this I'll get a second Santandar 123 account triggered by two dummy direct debits.

Careful_ly

With the Club Lloyds account open the regular saver which is one of the perks of the account, monthly funding of £400 @ 4% instant access.


What about TSB you can have 2 accounts £2000 in each @ 5%

Prof_FrinkProf

Careful_ly wrote: »

With the Club Lloyds account open the regular saver which is one of the perks of the account, monthly funding of £400 @ 4% instant access.

So with this account you are limited to depositing £400 per month?

somethingcorporate

Prof_FrinkProf wrote: »

Nope, what difference does that make?

1.55% was the second best percentage I could find, the best being 1.6% but I'd rather lose 0.05% and stick with Halifax

You could double up on accounts (and often triple up) by having one in their name and then a joint one. This way you could get all your money into decent paying accounts.

1.55% really is a low amount but ISA interest rates are so low at the moment, hardly seems worth it!

Prof_FrinkProf

somethingcorporate wrote: »

You could double up on accounts (and often triple up) by having one in their name and then a joint one. This way you could get all your money into decent paying accounts.

1.55% really is a low amount but ISA interest rates are so low at the moment, hardly seems worth it!

Thanks, what is the equivalent AER from a 1.55% ISA?