getting organised

YorkshireBoy

trailingspouse wrote: »

my concern is that with lots of accounts the opportunities for getting it wrong are greatly increased.

The worst that can happen is you lose interest one month. That's why SOs are better for the less well organised, but they're only any good on accounts that always carry a balance. You wouldn't want to use them on Halifax Reward accounts for example, where the name of the game is zero, or close to zero, balance.

bsms1147

1 x FlexPlus @3% = £2,500 (£60 interest, £120 fee)*
3 x FlexDirect @5% = £7,500 (£300 interest)
6 x TSB Plus @5% = £12,000 (£480 interest)
2 x Club Lloyds @4% = £10,000 (£320 interest)
1 x Santander 123 @3% = £4,000 (Upwards of £96 interest, minus fees plus cashback)
3 x Halifax Reward £5/mo (£180 a year)
And capacity for a third Club Lloyds after a few months of saving.

2 x Tesco Savings accounts for DDs

Would cover £36,000+ (giving £1292 net interest, plus cashback on DDs) and generate the equivalent of 3.59% after tax.

I do appreciate though that I'm suggesting opening 16 current accounts...

(*You could do slightly better if the £2,500 was sat in a higher paying account instead of the FlexPlus itself)

YorkshireBoy

bsms1147 wrote: »

Would cover £36,000+ (giving £1292 net interest, plus cashback on DDs) and generate the equivalent of 3.59% after tax.

I do appreciate though that I'm suggesting opening 16 current accounts...

OP, Bearing in mind some £816 net (plus cashback on 7 of your DDs) could be made from a brace of Santander 1-2-3 accounts, you may consider the 'workload' required to get the other £400 or so to be not worth your while?


I'm a member of the 20+ current account club, but you may not wish to join it?

jennifernil

Post Office saver is easy to set up and also takes deposits by DDs, so you could add a couple of those.

jennifernil

YorkshireBoy wrote: »

OP, Bearing in mind some £816 net (plus cashback on 7 of your DDs) could be made from a brace of Santander 1-2-3 accounts, you may consider the 'workload' required to get the other £400 or so to be not worth your while?


I'm a member of the 20+ current account club, but you may not wish to join it?

Yes, I also have 20+ at the moment, but will be closing a few of them soon to tidy things up a bit!

YorkshireBoy

jennifernil wrote: »

Yes, I also have 20+ at the moment, but will be closing a few of them soon to tidy things up a bit!

Me too. I'm finally opening a 1-2-3 account!

trailingspouse

OMG, I thought we were being a bit 'out there' with 3!!!

Not sure I want to join the 20+ club (although I'm sure you all have a whale of a time when you're not checking your 20+ online bank accounts...). But I can see how 5-6 might work in our favour. I guess it's a trade off between the hassle involved and the potential gain.

The direct debits will reduce the overall balance as time goes on, and although there's a small salary going in every month it doesn't cover the outgoings. There should be more dividend in July, and there are no plans to spend the lot before then.

I feel I need to do a full, what I call 'budget'. Such fun!!

innovate

I have been a member of the 20+ club for some time myself. The original set up does take a little time but assuming you document everything and have your monthly deposits sorted (I do SOs), it will all run with very little further effort. My mandatory monthly DDs are all one pounders with Tesco and some old Egg account, but people say you can do it with Tesco only. Well worth your while IMO since you are talking about hundreds a year. Goferit!!

innovate

YorkshireBoy wrote: »

Me too. I'm finally opening a 1-2-3 account!

Crickey, I always thought you had at least 4 of these :cool:

innovate

jennifernil wrote: »

Yes, I also have 20+ at the moment, but will be closing a few of them soon to tidy things up a bit!

I'll just mothball my spare ones, in case I need them for some switching deal.