5% Savings Loophole

Archi_Bald

There will be a full search for each current account application. Most people are of the view that such searches have no negative impact on mortgage applications, particularly not if your application is 6 or more months in the future.

Radaday

just opend 2 tesco current account today one had a overdraft but the second account was refused an overdraft for now . will this effect my credit rating

So now i have

1 TSB Plus Acc 5% max £2000

3 x Bank Of Scotland 3% Max £5000

2 x Tesco Acc 3% Max £3000

Can anyone suggest any other account, ones where you don't have to have Direct Debits so i can max interest

All so will applying for all these accounts make any difference to my credit rating

YorkshireBoy

Radaday wrote: »

just opend 2 tesco current account today one had a overdraft but the second account was refused an overdraft for now

According to the 'help' files on their website you can't have 2 overdraft facilities...

https://yourcommunity.tescobank.com/t5/Current-Accounts/Can-I-have-more-than-one-overdraft/ta-p/1237

will this effect my credit rating

What?...the fact you've opted for one, or the fact they've said you can't have the other? Whilst we're on the subject, why would you opt for an overdraft facility on an account you intend to keep at a £3K balance?

So now i have

1 TSB Plus Acc 5% max £2000

3 x Bank Of Scotland 3% Max £5000

2 x Tesco Acc 3% Max £3000

Can anyone suggest any other account, ones where you don't have to have Direct Debits so i can max interest

Just two, Nationwide and YB/CB, but the latter only pays 2%.

All so will applying for all these accounts make any difference to my credit rating

Possibly.

Eco_Miser

Radaday wrote: »

Can anyone suggest any other account, ones where you don't have to have Direct Debits so i can max interest

Don't forget the monthly saver accounts as well - you can fully fund them from the money in your 3% accounts.

https://forums.moneysavingexpert.com/discussion/5374614

Radaday

YorkshireBoy wrote: »

According to the 'help' files on their website you can't have 2 overdraft facilities...

https://yourcommunity.tescobank.com/t5/Current-Accounts/Can-I-have-more-than-one-overdraft/ta-p/1237
What?...the fact you've opted for one, or the fact they've said you can't have the other? Whilst we're on the subject, why would you opt for an overdraft facility on an account you intend to keep at a £3K balance?Just two, Nationwide and YB/CB, but the latter only pays 2%.Possibly.

As you say i didnt want or need the overdraft as the account is only ever going to be used as a savings account, but thought it was part of the conditions. If i could have done the application on line i wouldn't have had the overdraft, i had to call the center to open the account couldn't apply on line the girl setting up the account applied the overdraft.
It doesn't make any difference as it will never be used anyway.

They say hindsight is a wonderfull thing i will know for next time

Lingua

Hi everyone,

This may have already been mentioned but I haven't seen it floating around - Santander have started a 5% monthly saver (up to £200 a month). I only noticed when I went into branch to make a deposit - haven't seen anything on the forum but perhaps I've skimmed by and not seen it.

Anyhow, that makes another high-interest account for dripfeeding!

Westie983

Lingua wrote: »

Hi everyone,

This may have already been mentioned but I haven't seen it floating around - Santander have started a 5% monthly saver (up to £200 a month). I only noticed when I went into branch to make a deposit - haven't seen anything on the forum but perhaps I've skimmed by and not seen it.

Anyhow, that makes another high-interest account for dripfeeding!

a few threads on it when it was launched, including it being added to the regular saver thread, can be opened on the phone or in branch currently.

https://forums.moneysavingexpert.com/discussion/608697

peter_333

Quick question regarding Bank of Scotland Vantage minimum monthly deposit... After checking this thread and reading the T&Cs, it seems BOS are perfectly happy for the £1000 minimum monthly pay-in to simply be a transfer between my different Vantage accounts (i.e. the money doesn't need to come from outside BOS).

Can someone clarify that I'm understanding this correctly?

KTF

Yes, a transfer between accounts works fine. I have been doing this for years.

Radaday

peter_333 wrote: »

Quick question regarding Bank of Scotland Vantage minimum monthly deposit... After checking this thread and reading the T&Cs, it seems BOS are perfectly happy for the £1000 minimum monthly pay-in to simply be a transfer between my different Vantage accounts (i.e. the money doesn't need to come from outside BOS).

Can someone clarify that I'm understanding this correctly?

thats what i understand and the way i have set it up.

iv set up 3 BOS accounts

the BOS 1 is feed from my Halifax account

BOS 2 from BOS 1

BOS 3 from BOS 2 then

BOS 3 feeds back to Halfax

all on the same day. this month will be the first month it happens as iv only oppend the accounts last month and set it up to pay in on the 17th as this is the day after my Halifax account is feed by my pension so will see then if iv set it up right.

Hope this helps