ISA or Current Account on £13500

innovate

You can get £9K of the £15K into 4 and 5% accounts very easily. You can also dripfeed at least £950 a month into 4 and 6% Regular Savers. All making a lot more than any ISA would, even a dripfed one.
Although a couple of the regular savers lock up your money for 12 months.

SmithR

So from all of this i open two TSB accounts transfer £2000 in both
setup direct debits each month from one to another = £160 interest
Does this only last a year or is it ongoing?

Then from my 123 Santander drip feed £1250 a month into a Nationwide ISA at 2.5% with interest earnt from 123 account and ISA as the its then under the ISA banner

SmithR

Hi Lazer, ive been reading your other post and i now understand more on what your doing and will probably do the same, but regarding the first direct savers account, how have you go around the current account issue you have to have open first and the (either pay £10 a month or deposit at least £1000 or hold a selected first direct additional product)

Rob

lazer

SmithR wrote: »

Hi Lazer, ive been reading your other post and i now understand more on what your doing and will probably do the same, but regarding the first direct savers account, how have you go around the current account issue you have to have open first and the (either pay £10 a month or deposit at least £1000 or hold a selected first direct additional product)

Rob

I have the current account as well, my salary goes into and it and I manually transfer straight out on pay day.

If you use the account switching service there is also £100 incentive to open a new account

Edit - if you hold a savings account (other than the regulare saver, the £10 fee is waived)
http://www1.firstdirect.com/1/2/rates-and-charges/charges

Therefore you could simply open an e-saver with them and have £1 balance.

SmithR

lazer wrote: »

I have the current account as well, my salary goes into and it and I manually transfer straight out on pay day.

If you use the account switching service there is also £100 incentive to open a new account

Sorry for so many questions, so if get my wages to into the first direct current account and then straight out on payday into another account, reducing the balance down to £0 again that covers the £10 charge as my wages are over £1000

lazer

SmithR wrote: »

Sorry for so many questions, so if get my wages to into the first direct current account and then straight out on payday into another account, reducing the balance down to £0 again that covers the £10 charge as my wages are over £1000

Yes, thats exactly what I did with mine.

However if you don't want to do this i have edited the above post, you can simply open and e-saver and have £1 in it

SmithR

lazer wrote: »

Yes, thats exactly what I did with mine.

However if you don't want to do this i have edited the above post, you can simply open and e-saver and have £1 in it

So that's even better i don't even have to transfer my salary in then just open a e-saver and put £1 in

lazer

SmithR wrote: »

So that's even better i don't even have to transfer my salary in then just open a e-saver and put £1 in

Just onaother thing - be aware that the regular saver is fixed - you cannot access the money for a year, unless you close the account and therefore lose the interest

SmithR

After all this think i will be following your guide letter for letter,
Open the nationwide deposit £2500, have my salary transferred from my employer to a nationwide account which is over £1500 a month, then transfer it out the same day to my Santander 123 account. (can this be setup as a standing order or manally?)
As well as the above setup two TSB accounts with £2000 in each transfering £500 between them each month by standing order (i'm guessing 2 accounts is the limit?)
Dripfeed my 123 Balance at £300 a month to the firstdirect saver (i understand its fixed)
And then leave at least £3000 in my 123 but drip feed the £1250 a month into the the nationwide ISA at 2.5% until my 123 balance reaches the £3000

Am i right on all that, this is the last post now lol

Rob

lazer

SmithR wrote: »

After all this think i will be following your guide letter for letter,
Open the nationwide deposit £2500, have my salary transferred from my employer to a nationwide account which is over £1500 a month, then transfer it out the same day to my Santander 123 account. (can this be setup as a standing order or manally?)
As well as the above setup two TSB accounts with £2000 in each transfering £500 between them each month by standing order (i'm guessing 2 accounts is the limit?)
Dripfeed my 123 Balance at £300 a month to the firstdirect saver (i understand its fixed)
And then leave at least £3000 in my 123 but drip feed the £1250 a month into the the nationwide ISA at 2.5% until my 123 balance reaches the £3000

Am i right on all that, this is the last post now lol

Rob

Rob,

Yes that all sounds perfect!

Just one small thing to remember - doesn't make any difference in the scheme of things, but does maximise the interest, in the TSB and the nationwide the interest is paid monthly, so either set up a standing order or transfer this manually out into the 1,2,3 account.

I do all my transfers (except TSB) manually, but there is no reason you can't do it by standing order