5% Savings Loophole

Radaday

There is £93,300.00 in it at the moment and iv done the 5% loop
iv set up 3 BOS accounts

the BOS 1 is fed from my Halifax account

BOS 2 from BOS 1

BOS 3 from BOS 2 then

BOS 3 feeds back to Halfax
also
2 Tesco accounts and a
TSB classic plus

Haven't sorted a regular saver so that might be a option next

KTF

If you have 93k in cash you may be better seeing a financial advisor to see what else you could do with it.

Geordie_bear

YorkshireBoy wrote: »

@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.

Correct, don't quite have the £3k to put in another Bank of Scotland account & earn interest on so instead I've settled for Yorkshire which pays interest up to £3k

jimjames

Radaday wrote: »

There is £93,300.00 in it at the moment and iv done the 5% loop

Are you saving for a house or some short term plan? Or is there some other reason why you need so much cash? Long term money doesn't make sense to hold only as cash

Radaday

No not saving for a house.
Iv taken early retirement, so trying to get a better return on the money now. I was lucky and just managed to put money into an ISA from when they started the interest used to be good at one time but not now so looking to get better return on the money

badger09

Radaday wrote: »

No not saving for a house.
Iv taken early retirement, so trying to get a better return on the money now. I was lucky and just managed to put money into an ISA from when they started the interest used to be good at one time but not now so looking to get better return on the money

If you've taken early retirement, then you could easily have another 30 - 40 years to live. Over that length of time the value of your cash savings is very likely to be substantially reduced by inflation.

You might want to think about investing some of it.

caveman38

I understand that the £1,000 monthly deposits BOS required can be from other BOS accounts. Can you simply set up SO from BOS 1 to 2, 2 to 3 and again back to 1 over say 3 days. Or are there more strict requirements for the funding.

10_66

Yes, you can do this. You don't even need to do it over 3 days, same day will do.

colsten

10_66 wrote: »

same day will do.

Same couple of minutes even

YorkshireBoy

colsten wrote: »

Same couple of minutes even

Same couple of milli-seconds for me, including automatic extraction of the c. £36 interest.