5% Savings Loophole

gazwaldo8

Just wondering how many bank accounts people have - I have over 30

Just makes me realise how far behind everyone else on here I am in my quest to be even slightly financially savvy!! :-/

Carnival789

gazwaldo8 wrote: »

Just makes me realise how far behind everyone else on here I am in my quest to be even slightly financially savvy!! :-/

I wouldn't worry, I've been sniffing around this forum for ages and only have 7 and that does me fine.

when my first year with nationwide is over (and therefore the 5% rate that goes with it) then I'll be down to 6!

gazwaldo8

I wouldn't worry, I've been sniffing around this forum for ages and only have 7 and that does me fine.

when my first year with nationwide is over (and therefore the 5% rate that goes with it) then I'll be down to 6!

I gotta say - that sounds more manageable - I was worrying Id lose complete track with so many accounts!

Do you mind sharing how you service all 7 with the SO and DD roundabout?
SO's obviously wont be so much of a problem - but I genuinely only have about 6 DDs so not enough for the 2 DDs required in many of the other accounts.

Carnival789

Sure no problem...

1) first direct - this account was forced upon me as I am a FDmortgage holder (they insist the mortgage payment comes from one of their own current accounts). The actual account offers no benefits other than that it allows me to have one of their 6% regular savers.

2 and 3) TSB 5% - no DDs required

4) nationwide - no DD required

5) Halifax - direct debits for two credit cards which I use every month

6) Santander sole account - DDs for phone, a 3rd credit card that is used every month and also a couple of annual DDs too

7) Santander joint account - all household DDS (eg - energy, TV, water, council tax etc)

As for meeting the funding requirements, one of the accounts gets my salary which I then manually daisy chain round the other accounts (picking up the interest along the way!)

It only takes 10 minutes or so, once a month. Dead easy to keep on top of.

Hope that helps

YorkshireBoy

gazwaldo8 wrote: »

...I genuinely only have about 6 DDs so not enough for the 2 DDs required in many of the other accounts.

You quoted post #181 above. Did you read that post in full?...if not, the first bit of the 3rd paragraph offers an opportunity.

gazwaldo8

You quoted post #181 above. Did you read that post in full?...if not, the first bit of the 3rd paragraph offers an opportunity

Yes I did read it - and re-read it - and then read it again!......... I'm still a little bamboozled tbh!
A bit much for me at this stage I think - Ive just been accepted for the santander 123 and trying to open tsb online but it keeps showing me at the penultimate screen "technical problems" and unable to complete my application! Looks like I will have to visit a branch or phone them!

So slowly starting but on my way! - Carnival789 approach seems to appeal to me at this stage til I get my head around it.

gazwaldo8

and also a couple of annual DDs too

Now that sounds better - I have 2 of them I think - will they still qualify or do they have to be monthly dd's for these ac's?

Eco_Miser

gazwaldo8 wrote: »

Now that sounds better - I have 2 of them I think - will they still qualify or do they have to be monthly dd's for these ac's?

Annual is fine for Santander, the other banks require monthly (if any required).

Eco_Miser

EishMoney wrote: »

And I currently have a first direct open for the switching and will probably keep it to close it in 6 months as the app sucks and the website is awful -

I thought the point of having First Direct was the 6% regular saver it accesses.

gazwaldo8

EishMoney wrote: »

Just wondering how many bank accounts people have - I have over 30 but a good chunk are savings?
Singleton here, well not with anyone I want to share money with anyway, so I have a 123 with 123 card and phone as the dd, then two tsb and the 500 circulates between them

Opened tesco savings for dd and will apply them to Halifax and Barclays to get the bonuses - the transfer will come from the tesco current accounts and a £800 shift between all 4 of them will look after the requirements - but will loose a day of interest maybe fro the tesco accounts.

And I currently have a first direct open for the switching and will probably keep it to close it in 6 months as the app sucks and the website is awful - and have an account that will switch for m&s to co op to clynsdale to get the switching bonuses with tesco dd where needed

My parents think I have too many account but you have to work the system! Will probably do a club lloyds in the future but need to save up for it

Eco_Miser wrote: »

I thought the point of having First Direct was the 6% regular saver it accesses.

I understood the post to mean the £100 received for switching to the first direct current account as opposed the regular saving account.