5% Savings Loophole

YorkshireBoy

riteofreply wrote: »

"So let's imagine you want to open two Nationwide FlexDirect*, two Tesco Bank and two TSB Classic Plus accounts to earn over 4% on up to £19,000"

I must be doing the sums wrong, but using the example quoted I make the amount you can save to be £14,000?

Previous discussion...


https://forums.moneysavingexpert.com/discussion/5093350

kingrulzuk

Good Info. I have 3x BOS and No ISA

st1sof

Signed up to buy a new house and started raising the cash and as I will need it in pretty short order tying up in fixed rates not an option so I've utilised the current account available on the market to store the savings whilst the house is slowly being built.

In Interest Rate order, I have:

Nationwide FlexDirect 1x£2,500@5%
TSB Classic Plus 2x£2,000@5%
Club Lloyds 1x£5,000@4%
Bank of Scotland Classic Vantage 2x£5,000@3%
Santander 123 1x£20,000@3%-£2pcm

The Mrs and I are about to open a joint Santander 123 so from the article it then looks like we could get a Club Lloyds (joint), NW FlexDirect (joint) and one further Tesco Bank account.

Does anyone know how many Bank of Scotland Classic Accounts an individual can have?

I also have a few regular saver accounts that allow early closure without drastic penalties.

The balance I had then opted to pay into a Birmingham Midshires Online Extra @ 1.6% but they have just dropped the rate to 1.35% so it'll stay in a Nationwide Loyalty Saver @1.5%. Anyone know of anything better?

st1sof

badger09

Individual can have 3 x BoS Classic Vantage accounts.

You mention additional Tesco, but no Tesco accounts in your list? Individual can have 2.

Also Club Lloyds for your wife?
Club Lloyds Monthly Saver each?

st1sof

Hi Badger09,

Thanks for responding. I do have 1 Tesco CA, table updated below.

In Interest Rate order, I have:

Nationwide FlexDirect 1x£2,500@5%
TSB Classic Plus 2x£2,000@5%
Club Lloyds 1x£5,000@4%
Bank of Scotland Classic Vantage 2x£5,000@3%
Tesco Bank Account 1x£3,000@3%
Santander 123 1x£20,000@3%-£2pcm

Club Lloyds Monthly Saver already in operation.

Getting individual accounts for the Mrs is asking a lot really. It's taken ages to persuade her to go for the Santander 123 and only because you can squirrel away £20k in one go. She's not interested in all the hassle of setting up these accounts and looking after them so I choose to fight the battles I have a chance to win, joint accounts are such a battle.

st1sof

badger09

Is your wife buying this house with you?

Does she have savings in accounts earning less than 3%?

If so, she is definitely missing a trick

Can you persuade her to read this forum?

If so, as she is a woman, so obviously is blessed with superior intellect, then I'm sure she'll see the advantage of opening her own high interest current accounts. It really isn't much hassle

Futuristic

Would this work (I assume yes, just making sure)

Club Lloyds current account - £5000 initial
Setup £500 standing order from my main bank account of £500 say 15th of each month and setup standing order from Lloyds to my main account 16th of each month?

I assume if I add another account, eg tsb I can do Main > Lloyds > TSB > Main

Thanks!

B_G_B

Futuristic wrote: »

Would this work (I assume yes, just making sure)

Club Lloyds current account - £5000 initial
Setup £500 standing order from my main bank account of £500 say 15th of each month and setup standing order from Lloyds to my main account 16th of each month?

I assume if I add another account, eg tsb I can do Main > Lloyds > TSB > Main

Thanks!

Best not to assume.

A minimum of £1500 required to waive the monthly fee. This funding can be moved back out immediately.

At least 2 DDs paid out each month to gain interest.

See T&C’s.

Futuristic

B_G_B wrote: »

Best not to assume.

A minimum of £1500 required to waive the monthly fee. This funding can be moved back out immediately.

At least 2 DDs paid out each month to gain interest.

See T&C’s.

Yup my bad. Thx

moneyfoolish

st1sof wrote: »

Hi Badger09,

Thanks for responding. I do have 1 Tesco CA, table updated below.

In Interest Rate order, I have:

Nationwide FlexDirect 1x£2,500@5%
TSB Classic Plus 2x£2,000@5%
Club Lloyds 1x£5,000@4%
Bank of Scotland Classic Vantage 2x£5,000@3%
Tesco Bank Account 1x£3,000@3%
Santander 123 1x£20,000@3%-£2pcm

Club Lloyds Monthly Saver already in operation.

Getting individual accounts for the Mrs is asking a lot really. It's taken ages to persuade her to go for the Santander 123 and only because you can squirrel away £20k in one go. She's not interested in all the hassle of setting up these accounts and looking after them so I choose to fight the battles I have a chance to win, joint accounts are such a battle.

st1sof

I have every sympathy as my wife is exactly the same. She moans so much every time I ask her to open an account that I've given up! I managed to get her to sign for a Santander account and also a joint one so we have 3 as I've also got one. I didn't bother for the TSB Classic (I have 2) or the Tesco (I've got one) because it wasn't worth the aggravation. It's quite annoying as she's a non-taxpayer!