5% Savings Loophole

jimjames

caveman38 wrote: »

Attaining the 3% is the problem unless investing in S&S or depositing with some unknown banks.

Any reason why you/she aren't looking at S&S for at least part of it? That would help get a higher average rate of income if that is a priority.

caveman38

jimjames wrote: »

Any reason why you/she aren't looking at S&S for at least part of it? That would help get a higher average rate of income if that is a priority.[/QUOTE


No reason except my belief that the market is overbought and that the market will correct some time soon.
I would on her behalf be more than happy to get a return of nearly 4% as my figures were based on 3% interest and 3% price index rise per year.

roddydogs

Can someone answer this, if you open multiple a/c to get the best rates, do they never query "Is this your main a/c" or "Why have you not used the switching service, or never query why youve got so many a/cs? Ta

colsten

They might ask you pushy questions if you open the accounts in Branch - after all, most of them are sales people. There's no need to go there. Do it all online, so there's limited opportunity for them to ask. In any case, it is none of their (or anyone else's) business how many current accounts you have, and there are no laws, or even guidelines, as to how many current accounts you can have.

After disasters like the Natwest/RBS/Ulster outage a few years ago, anybody relying on a single current account is pushing their luck.

jimjames

roddydogs wrote: »

Can someone answer this, if you open multiple a/c to get the best rates, do they never query "Is this your main a/c" or "Why have you not used the switching service, or never query why youve got so many a/cs? Ta

I've never had a question like that. TSB asked the purpose of the account and others ask you to pay in a certain amount. None has asked if it is a main account but to me all of them would be a main account for the purpose I opened them for.

Lady_Inversneckie

Lady_Inversneckie wrote: »

Hi All,
I have read this whole thread and ask can someone check what I plan to do;

My main account is with Santander 123, £1500 leaves Santander pays TSB leaves TSB pays Nationwide leaves Nationwide pays Bank of Scotland 1 leaves pays BofS 2 leaves Pays BoS 3 leaves to pay Club Lloyds leaves to pay Santander.

The above would be done in one day, by faster payments.

The only part I don't quite understand is the 2 direct debits for Lloyds. Can I set up any amount to be pulled from Lloyds using my Tesco Current Account & then same again using my second Tesco account?

Does it have to be Tesco? Can I do this from Santander?
Or is it only Tesco that it would show up as a Direct Debit with Lloyds.

Please advise if the above is correct - any tweaking?

Thanks

Hi All,

Thank you for all your help so far.

I am baffled how I pull money from my 2 Tesco Current Accounts to Lloyds. I have looked on both Lloyds and Tesco Accounts and cannot see how I can pull money. I phoned Tesco Banking and she advised I must contact Lloyds. Really?

YorkshireBoy

Lady_Inversneckie wrote: »

Hi All,

Thank you for all your help so far.

I am baffled how I pull money from my 2 Tesco Current Accounts to Lloyds. I have looked on both Lloyds and Tesco Accounts and cannot see how I can pull money. I phoned Tesco Banking and she advised I must contact Lloyds. Really?

You've totally misunderstood what's been said!


You need to pull money FROM Lloyds TO Tesco savings accounts.



You do this by setting up DDs on your Tesco savings accounts.

Lady_Inversneckie

Oh sugar :-)

Have I opened the wrong accounts, I opened two current accounts with Tesco to get 3% on £3,000. Is this correct?

I should now open a Tesco Savings Account x 2 ? to satisfy the d/d rules for Lloyds account.

Thank you kindly

I'm sure it will be worth it in the end for me. :j

Regards

YorkshireBoy

Lady_Inversneckie wrote: »

Oh sugar :-)

Have I opened the wrong accounts, I opened two current accounts with Tesco to get 3% on £3,000. Is this correct?

I should now open a Tesco Savings Account x 2 ? to satisfy the d/d rules for Lloyds account.

Thank you kindly

I'm sure it will be worth it in the end for me. :j

Regards

I thought I heard a penny drop!


To be fair, Eco Miser told you what I just told you 2 days ago. They even emboldened the word "savings". I just made it a little bigger to grab your attention.

Lady_Inversneckie

I've just looked back and yes Eco Miser ehanced the word "savings"

What can I say a blonde moment indeed.

Thank you