How to save £60k

badger09

innovate

in one of his earlier posts, OP said he wanted to keep his money on instant access as it is for a house deposit and could be needed at any time.

Or were you addressing your funds and S&S remarks to guitarman?

guitarman001

I think innovate was addressing me there - and thank you.. glad to hear my Lloyds accounts will still get me 3% (or rather 1.8% after HRT)!
I have ~10% in a LifeStrategy fund (and some in Rolls Royce) but I'm wary of putting more in as unless I move abroad, I'll be using the money.

innovate

badger09 wrote: »

innovate

in one of his earlier posts, OP said he wanted to keep his money on instant access as it is for a house deposit and could be needed at any time.

Or were you addressing your funds and S&S remarks to guitarman?

Apologies, didn't see the OP's post saying the money was for a deposit. Nonetheless, all my observations stand, and I can add that it is easy enough to find an ISA that allows transfers in and pays better than the 1.55% inflation loser.

guitarman001: your TSB Enhance accounts are TSB accounts, not Lloyds accounts (even though TSB is presently still part of LBG). I don't know your circumstances and can't offer an opinion on whether keeping cash at 1.8% would be better than other options, such as lopping the lot into a pension and perhaps getting back into BR tax by doing so.

eskbanker

Prof_FrinkProf wrote: »

Due to only having three direct debits at the moment (phone, broadband and dentist) on my Lloyds Current account, and potentially needing six to trigger the interest on the Club Lloyds, Santandar and Halifax accounts. I plan to add a further three direct debits with £1 charity donations, but when I switch from my Lloyds current account to the three new accounts that require 2x direct debits each (Club Lloyds, Santandar 123 and Halifax Reward Plus) can I choose to only switch two of my direct debits to each account at each time?

You can only switch an account to one other, if you're referring to the standard Current Account Switching Service (which will transfer all DDs to the new account and close the old one), but you can open others and transfer DDs manually at your convenience. You can get the £100 switching bonus with Halifax but the phone and broadband DDs would be better moved to Santander for the cashback, which would therefore have to be done separately after the switch.

Prof_FrinkProf wrote: »

Also do the payments into each of these accounts need to be from my employer or will they accept bank transfers that I can do online from my other accounts?

Bank transfers are fine.

Eco_Miser

Prof_FrinkProf wrote: »

when I switch from my Lloyds current account to the three new accounts that require 2x direct debits each (Club Lloyds, Santandar 123 and Halifax Reward Plus) can I choose to only switch two of my direct debits to each account at each time?

You wouldn't switch from Lloyds current account to Club Lloyds, just upgrade (click the upgrade button on your account and choose Club Lloyds)

Prof_FrinkProf

Thanks for the feedback and advise everyone, and I'm glad to see my thread is helping other people.

MY current banking stands like this:

Lloyds Vantage 1 £5,000 - Phone, Broadband and Dentist DDs
Lloyds Vantage 2 £5,000
Lloyds Vantage 3 £5,000
Lloyds Vantage 4 £5,000
Halifax Vantage 1 £5,000
Halifax Vantage 2 £5,000
Halifax Vantage 3 £5,000
Halifax ISA £15,000

The remaining £10k to make the total up to £60k will come in within the next few months.

I think my next move is to set up a Tesco account, then add direct debits so:

Lloyds Vantage 1 £5,000 - Phone, Broadband and Dentist DDs
Lloyds Vantage 2 £5,000 - 2x Tesco £1 DD's
Lloyds Vantage 3 £5,000 - 2x Tesco £1 DD's
Lloyds Vantage 4 £5,000
BoS Vantage 1 £5,000
BoS Vantage 2 £5,000
BoS Vantage 3 £5,000
Halifax ISA £15,000

Then switch Lloyds Vantage 1 to Santandar 123, upgrade Lloyds Vantage 2 to Club Lloyds and switch Lloyds Vantage 3 to Halifax Reward account. I'll also move the funds around so I'll end up with:

TSB Plus Account 5% £2,000
TSB Plus Account 5% £2,000
Club Lloyds 4% £5,000 - With 2 x Tesco £1 DDs
(With Club Lloyds Saver £400 PM)
BoS Vantage 3% £5,000
BoS Vantage 3% £5,000
BoS Vantage 3% £5,000
Santandar 123 3% £20,000- With phone, broadband and dentist DDs
Santandar ISA £26,400
Halifax Reward £10 float - With 2 x Tesco £1 DDs

Then I'll bounce £1000 through the accounts that require it on the first of each month

Will that work?

Thanks!

mel48rose

That looks spot on!!

scoot65

Don't forget that Club Lloyds requires £1500 p/m to be deposited NOT £1000!!

Prof_FrinkProf

Thanks scoot65, I'll just bounce £1500 between all the accounts. I think the TSB accounts only require £750 but I may as well make life easier for myself and bounce the same figure across.

I set up my Tesco account this morning and have four direct debits of £1 set up, two for Vantage 2 and two for Vantage 3. They should be active in ten days. Once they are I can upgrade Vantage 2 to Club Lloyds and switch Vantage 3 to Halifax Reward account!

Prof_FrinkProf

Can anyone else confirm I have this correct please?

Prof_FrinkProf wrote: »

Thanks for the feedback and advise everyone, and I'm glad to see my thread is helping other people.

MY current banking stands like this:

Lloyds Vantage 1 £5,000 - Phone, Broadband and Dentist DDs
Lloyds Vantage 2 £5,000
Lloyds Vantage 3 £5,000
Lloyds Vantage 4 £5,000
Halifax Vantage 1 £5,000
Halifax Vantage 2 £5,000
Halifax Vantage 3 £5,000
Halifax ISA £15,000

The remaining £10k to make the total up to £60k will come in within the next few months.

I think my next move is to set up a Tesco account, then add direct debits so:

Lloyds Vantage 1 £5,000 - Phone, Broadband and Dentist DDs
Lloyds Vantage 2 £5,000 - 2x Tesco £1 DD's
Lloyds Vantage 3 £5,000 - 2x Tesco £1 DD's
Lloyds Vantage 4 £5,000
BoS Vantage 1 £5,000
BoS Vantage 2 £5,000
BoS Vantage 3 £5,000
Halifax ISA £15,000

Then switch Lloyds Vantage 1 to Santandar 123, upgrade Lloyds Vantage 2 to Club Lloyds and switch Lloyds Vantage 3 to Halifax Reward account. I'll also move the funds around so I'll end up with:

TSB Plus Account 5% £2,000
TSB Plus Account 5% £2,000
Club Lloyds 4% £5,000 - With 2 x Tesco £1 DDs
(With Club Lloyds Saver £400 PM)
BoS Vantage 3% £5,000
BoS Vantage 3% £5,000
BoS Vantage 3% £5,000
Santandar 123 3% £20,000- With phone, broadband and dentist DDs
Santandar ISA £26,400
Halifax Reward £10 float - With 2 x Tesco £1 DDs

Then I'll bounce £1000 through the accounts that require it on the first of each month

Will that work?

Thanks!