5% Savings Loophole

LabRatty

Just wanted to thank everyone one this thread - particularly (but not exclusively) the usual suspects - YorkshireBoy, ceredigion, Vortigern, colsten et al - for the information supplied in such helpful detail.
Having had regular saver accounts for years, but never any spare cash, I am now in a position to get on with some serious saving. Accordingly, I read this thread from start to finish, twice, and have set up numerous accounts over the last six weeks.
OH is on board and participating as requested/required & I'm enjoying the game (with the possible exception of the N'wide experience, which seems tortuous).
I look forward to learning even more as time goes on, so thanks again guys.
Great!:D

Geordie_bear

I'm in month 3 of doing this, I recently sold my house due to splitting up & with another girl now renting. I pocketed a tidy £35k equity & had another £10k in ISA and current account! Finally set this up & this is what I've done:-


Santander £20k
Lloyds £5k
TSB £2K
Nationwide £2,500
Tesco £3k
Bank of Scotland £5k
Yorkshire bank £1,600




I bought a car for £4,474 to replace my battered old Corsa. Last month I collected £75 in interest, however I've just started the Yorkshire and Lloyds bank the past month so didn't get a full month interest & of course I'm a 20% taxpayer so will expect more next month as it's tax free! All standing orders to meet pay in are automated & I have £1,500 extra floating about and transferring from account to account to meet various pay ins! I'm getting £5 extra from TSB as I'm paying most things out of that contactless, also pay most bills dd from Santander to capitilise on cashback have a couple of dd's in Lloyds to meet their criteria too! Far too easy, like taking candy from a baby

colsten

You could make more money if you also used the regular savers.

Geordie_bear

LabRatty wrote: »

Just wanted to thank everyone one this thread - particularly (but not exclusively) the usual suspects - YorkshireBoy, ceredigion, Vortigern, colsten et al - for the information supplied in such helpful detail.
Having had regular saver accounts for years, but never any spare cash, I am now in a position to get on with some serious saving. Accordingly, I read this thread from start to finish, twice, and have set up numerous accounts over the last six weeks.
OH is on board and participating as requested/required & I'm enjoying the game (with the possible exception of the N'wide experience, which seems tortuous).
I look forward to learning even more as time goes on, so thanks again guys.
Great!:D

Nationwide are ok but be careful the rate plummets to 1% after 12 months, so ditch and switch

KTF

Geordie_bear wrote: »

Nationwide are ok but be careful the rate plummets to 1% after 12 months, so ditch and switch

And open a new one again after 12 months of it being closed

LXdaddy

Geordie_bear wrote: »

I'm in month 3 of doing this, I recently sold my house due to splitting up & with another girl now renting. I pocketed a tidy £35k equity & had another £10k in ISA and current account! Finally set this up & this is what I've done:-


Santander £20k
Lloyds £5k
TSB £2K
Nationwide £2,500
Tesco £3k
Bank of Scotland £5k
Yorkshire bank £1,600




I bought a car for £4,474 to replace my battered old Corsa. Last month I collected £75 in interest, however I've just started the Yorkshire and Lloyds bank the past month so didn't get a full month interest & of course I'm a 20% taxpayer so will expect more next month as it's tax free! All standing orders to meet pay in are automated & I have £1,500 extra floating about and transferring from account to account to meet pay in! I'm getting £5 extra from TSB as I'm paying most things out of that and contactless, also pay most bills dd from Santander to capitilise on cashback have a couple of dd's in Lloyds to meet their criteria too! Far too easy, like taking candy from a baby

Well done. You show that it takes time and organisation to set things up but that you do get a much better return than if all the money was sitting in a cash ISA.

Geordie_bear

Thank you LXDaddy, after 12 months of Nationwide however I shall be ditching and switching to Halifax as their rate plummets to 1%. Hopefully they'll still have the £120 freebie for switching and £5 a month too:D


Totally agree about ISA's they're a complete waste of time

YorkshireBoy

@Geordie_bear...


The next steps...4-5% regular savers with 4 of your providers, being drip-fed from the 3% accounts. You may find you need another Tesco account ready for when BoS drops below £3K.


Oh, and 2% is poor with YB! It really should be a last resort.

Radaday

Need to open a new ISA as Hlifax is comming to end next month and there rate is usless. If i open a new ISA today with ???? haven't found out who is best yet, can i transfer money from my old Halifax ISA later when the Halifax have paid the interest into the ISA

Archi_Bald

If the new ISA allows transfers in, you can get your old ISA transferred.

How much do you have in the ISA? As if it is less than £15,240, there are alternatives.