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innovate

bryanb wrote: »

My experience of some of the interest bearing CAs is that they require you to pay in wages/transfer direct debits etc. This limits the number of accounts I can hold without spending a lot of my spare time moving money around and changing dd and standing order instructions. Perhaps I'll just spend more.

I have been doing all sorts of interest paying accounts for several years now. There is none that requires any wages to be paid in. There are also none that require the transfer of DDs - you can set up new ones, and it's a one-off 10-minute job per account if you do it right. I have probably spent a total of 4-6 hours in total over a period of 4 years in setting up the required SOs, and confirming they are happening each month. I have absolutely definitely spent twice that amount of time telling people on MSE that it is easy to do.

You also conveniently ignored that I did list the popular default approach to cash savings - a cash ISA.

However, you are absolutely right if you say an alternative for some people is to just spend your money. After all, you can't take it with you, and I am a fully signed up member of the SKI brigade myself.

bryanb

innovate wrote: »

I have been doing all sorts of interest paying accounts for several years now. There is none that requires any wages to be paid in. There are also none that require the transfer of DDs - you can set up new ones, and it's a one-off 10-minute job per account if you do it right. I have probably spent a total of 4-6 hours in total over a period of 4 years in setting up the required SOs, and confirming they are happening each month. I have absolutely definitely spent twice that amount of time telling people on MSE that it is easy to do.

You also conveniently ignored that I did list the popular default approach to cash savings - a cash ISA.

However, you are absolutely right if you say an alternative for some people is to just spend your money. After all, you can't take it with you, and I am a fully signed up member of the SKI brigade myself.

Didn't ignore Cash ISAs, I'm maxed out.

I'll have to look more deeply for CAs that don't require a certain amount monthly. Already using N/wide for pension payments.

Can you suggest others that pay interest and don't require monthly payments in?

ColdIron

bryanb wrote: »

Can you suggest others that pay interest and don't require monthly payments in?

What's the problem with monthly payments? Probably the easiest of the hoops to jump through

Eco_Miser

They all require monthly payments in, but that's not really a problem, as the money can be taken straight out again, and it's just the total for the month that is specified, so you could run £50 ten times round the system to meet the TSB's requirement, if you wanted to.