5% Savings Loophole

LXdaddy

You could do with opening a new thread with this as this was news to me as well. Must have skimmed over the letter which informed of this change.

https://forums.moneysavingexpert.com/discussion/5463084
for example

caveman38

Does the Tesco Current A/C offer the same DD pull facility that their Internet Savers do?

LXdaddy

no it doesn't

Radaday

i have 3 BOS accounts but have no more DD to use when they change the account rules so need 6 DD.

Has anyone set up 6 DD and if so how ???????

Vortigern

Radaday wrote: »

i have 3 BOS accounts but have no more DD to use when they change the account rules so need 6 DD.

Has anyone set up 6 DD and if so how ???????

The answer to your problem can be found if you follow the link in post #742 above.

bsms1147

adindas wrote: »

I am aware of what stated in the T&C

Just wonder whether anyone with a sole account holder have successfully applied the second regular saver and get approved and get the interest rate same as the first one::

Nationwide Flexclusive RSA

Yes*.

TSB Monthly Saver

No.

First Direct Regular Saver

No.

M&S Monthly Saver

No.

Clloyds Monthly Saver

No.

Santander Reg eSaver

Not checked.

HSBC RSA

No.

*It is technically possible to open multiple 5% RSAs. The second account was closed after few months.

Editha

I've opened an M&S account for the free giftcard, worth £220 over the year. It doesn't pay interest, but I do have to pay in £1,000 a month.

If I have an account balance of nil, but set up a SO for £1,000 into the M&S account on the 1st of each month, and a SO for £1,000 out of the M&S account, also on the 1st of each month, will that work or will the SO out be refused for lack of funds?

colsten

Editha wrote: »

If I have an account balance of nil, but set up a SO for £1,000 into the M&S account on the 1st of each month, and a SO for £1,000 out of the M&S account, also on the 1st of each month, will that work or will the SO out be refused for lack of funds?

It could be refused if the incoming SO is delayed for any reason. Although it's unlikely to happen, you cannot be certain that it never would.

You can either add a couple of working days to the return SO, or do it all manually, or you could try for a £1,000 overdraft (which would cost if used).

I have my incoming payment on an SO, and I do the outgoing one manually (minus the £250 that go into the M&S RS) .

It doesn't need to be done on the 1st, either.

Editha

Thanks. I want to do as little manually as possible, so I'll add a couple of days to the SO out.

TaxPayer

Hi, I'm starting to investigate these 3-5% accounts. The thought occurs, if you have to submit Self Assessment income tax returns, what is the easiest way to get a figure for the interest earned in the tax year? You're going to have to submit a figure against your income from bank/savings accounts in the Self Assessment forms, to match against the Personal Savings allowance.

Do all these bank accounts provide an easy summary of interest paid within the tax year? Would be nice to have a report you can find at the time/deadline for tax return submissions? I typically submit my tax return online around Dec-Jan, and need the figures for the previous tax year.

Thanks to everyone for sharing their thoughts and experience on this topic so far.