How to save £60k

Archi_Bald

You should be able to apply for the 2nd TSB Plus online. Weirdly though, you must do it when not logged into TSB internet banking. This has worked for lots of people.

Prof_FrinkProf

Thanks Archi Bold, I'll give it a go! Saves a trip to my local branch, I'll let you know how I get on

DiamondLil

Prof_FrinkProf wrote: »

Thanks Archi Bold

Love it !
(Must be the result of living with the pirates)

badger09

Prof_FrinkProf wrote: »

Thought I'd revist this thread,

I've almost got everything setup and the money moved to where I want it.

Well done for getting it all sorted! Hope you find it rewarding

Just a couple of points:

I'm sure you've got it covered, but you need to set up paperless Statements and Correspendence on your TSB account(s) to qualify for the interest.

Also, if you need them :cool:... you can get 3% up to £3k on a pair of Tesco current accounts.

Prof_FrinkProf

badger09 wrote: »

Well done for getting it all sorted! Hope you find it rewarding

Just a couple of points:

I'm sure you've got it covered, but you need to set up paperless Statements and Correspendence on your TSB account(s) to qualify for the interest.

Also, if you need them :cool:... you can get 3% up to £3k on a pair of Tesco current accounts.

Thanks for the advice badger09. I finally managed to get my second TSB Classic Plus account opened. I did this by applying for a Classic account through my online banking and then upgrading it to Classic Plus. I just checked and paper statements/corresponedance were turned on by default, so I've now turned this off... thanks for the tip off! I've now funded that with £2,000.

My tesco direct debits have also shown on my two dead Vantage accounts, so I upgraded the first to Club Lloyds and also opened the Club Lloyds saver and funded this with £400.

I also opened a Halifax Reward account but when I tried switching the second dead vantage account to it, I hadn't realised I'd miss placed my debit card for this account, which is needed to switch. I've requested a new card online, so as soon as it arrives I'll switch which will give me £100 switching bonus and then the £5 a month reward.

So I've very nearly got my money where I want it now. Once I fill my Santander account back up to £20k (I withdrew £2000 for the second TSB Plus Account and £400 for the Club Lloyds saver) I'll apply for the two Tesco accounts at 3% that badger09 has recommended. I still have some allowance left in my ISA but these accounts will pay more!

I haven't worked it out accurately, but when finished my monthly income (including the ISA) should be around £110-£115

:j

ShootForTheMoon

Prof_FrinkProf wrote: »

In case anyone wants to know, I thought I'd show funding and direct debit requirements along with interest rates on the high interest current accounts I'm using.

TSB Plus Account £500 monthly funding / No DD requirement / 5% interest
Club Lloyds £1500 monthly funding / 2x DD requirement / 4% interest
Halifax Reward Account £750 monthly funding / 2x DD requirement / £100 initial payment then £5 per month
BoS Vantage £1000 monthly funding / No DD requirement / 3% interest
BoS Vantage £1000 monthly funding / No DD requirement / 3% interest
BoS Vantage £1000 monthly funding / No DD requirement / 3% interest
Santander 123 £500 monthly funding / 2x DD requirement / 3% interest & cashback on certain DDs (£2 monthly fee)

Lastly I also have a credit card with Santander which has interest free for 19 months and a £6,000 limit. I may make all my purchases on this, pay the minimum monthly payment and then earn interest on the saved money until the 18/19th month. I believe this is called stoozing?

Just wanted to say a massive thank you, Prof Frinkprof, for this very helpful thread... Great advice from all the other posters too. It's good to see someone else following the model that I'm aspiring to for saving a mortgage deposit... Although, I'm a long way off filling all these at the moment, but got to start somewhere!!

I've filled two TSB Plus accounts and a nearly there with the Lloyds Club account - time to start planning what to build next for 2015!! Halifax looks like a good starting point...

Cheers!! :beer:

N1AK

Prof_FrinkProf wrote: »

Nope, what difference does that make?

If you did then you could have 3 accounts between you (one each and a shared one) with most banks allowing you to put considerably more money in the best current accounts.

Unless you're a higher rate tax payer I can't see the point in getting 1.55% on an ISA. I expect you'll be able to beat that with a current account and if you intend to spend it soon it's not like the tax relief in future would matter.

N1AK

Prof_FrinkProf wrote: »

Lastly I also have a credit card with Santander which has interest free for 19 months and a £6,000 limit. I may make all my purchases on this, pay the minimum monthly payment and then earn interest on the saved money until the 18/19th month. I believe this is called stoozing?

That's a pretty good way to make free money. It's on my to do list but I've got caught up in constantly moving between credit card signup offers.

We earnt 33,000 Avios (worth ~£250 imo) for using an Amex gold card for 3 months. We're now doing it again on another one (in my name this time). After that we'll probably get a BA premium card for more Avios and a 241 redemption voucher. Should be enough to get both of us to the other side of the globe and back in business at the end of next year. For us that's a 'income' for having a credit card than stoozing could earn.

Prof_FrinkProf

So, I have received the following interest for last month:

Santander £36.57 (after £2 fee)
Halifax Reward £0.00
Halifax V1 £10.65
Halifax V2 £10.71
Halifax V3 £10.69
Club Lloyds Current Acc £13.95
Club Lloyds Saver £0.00
TSB Plus 1 £7.08
TSB Plus 2 £6.86

Total: £96.51 :j

I'm not sure why the Reward account paid, I did see on their website they require "two different" direct debits, so I guess my two Tesco direct debits don't count, even though I got my £100 switching bonus.

The Club Lloyds Saver didn't pay either, but I may have the interest payment set to annually. I'll call Lloyds

eskbanker

Prof_FrinkProf wrote: »

The Club Lloyds Saver didn't pay either, but I may have the interest payment set to annually. I'll call Lloyds

If it's the Club Lloyds Monthly Saver (regular saver paying 4%) then there's no need to phone them, the published product info states that it's paid annually:

The interest on your account is paid on maturity

If it's actually a Club Lloyds Saver you have, get your money out of it asap as it only pays 0.75%!

This page compares the two....