5% Savings Loophole

MyOnlyPost

I've been doing this a while now and I just wanted to ask, am I missing any extra cash I could be earning anywhere? I am married and we currently have £79k some of which is in regular savers maturing next month. The accounts I have are

3x Nwide Flex Direct @ 5% (2 will be 1 year old in February)
4x TSB Vantage @ 3%
2x BoS Vantage @ 3% (I will be opening 4 more when Reg savers mature)
2x Tesco @ 3% (Again 2 more opening for next month)
2x Lloyds Vantage @ 2%
1x Santander @ 1.5% (Main current account for cashback)
2 x Halifax for monthly reward (probably wouldn't have done this for the current £3 but had accounts after switching for bonus)

I will open new regular savers at Nwide (2), 1st Direct (1) and HSBC (1) to drip feed from Santander.

As we each had 2 TSB accounts before they changed T&C could we still get a joint account and have 5?
I know I can open a Halifax classic account online and then add my wife to make it joint. Could I then upgrade it to reward?
I will be switching a dormant TSB classic account to Co-Op next month, have just set up 4x DD to tesco saving accounts and am waiting for 1st payment to be taken to ensure they are "active". Is the £4 pcm worth the hassle? Some people don't seem to get it automatically

So am I missing anything I should be doing?

Thanks in advance

YorkshireBoy

I wouldn't be putting your head above the parapet with TSB.

A 3rd Club Lloyds?

I wouldn't have bothered with Co-op Rewards, had it not been for the incentive. Also why I haven't got Barclays Rewards.

Had you taken YB/CB CAD accounts a couple of years ago you could have had £9K in there making 1.5% AER now, which, depending on the 123 balance, may have allowed you to downgrade 123 to Lite, thereby saving/making you £4 a month.

A 3rd, joint, Halifax Reward is possible.

Santander regular saver x 2?

TheShape

MyOnlyPost wrote: »

I've been doing this a while now and I just wanted to ask, am I missing any extra cash I could be earning anywhere? I am married and we currently have £79k some of which is in regular savers maturing next month. The accounts I have are

3x Nwide Flex Direct @ 5% (2 will be 1 year old in February)
4x TSB Vantage @ 3%
2x BoS Vantage @ 3% (I will be opening 4 more when Reg savers mature)
2x Tesco @ 3% (Again 2 more opening for next month)
2x Lloyds Vantage @ 2%
1x Santander @ 1.5% (Main current account for cashback)
2 x Halifax for monthly reward (probably wouldn't have done this for the current £3 but had accounts after switching for bonus)

I will open new regular savers at Nwide (2), 1st Direct (1) and HSBC (1) to drip feed from Santander.

As we each had 2 TSB accounts before they changed T&C could we still get a joint account and have 5?
I know I can open a Halifax classic account online and then add my wife to make it joint. Could I then upgrade it to reward?
I will be switching a dormant TSB classic account to Co-Op next month, have just set up 4x DD to tesco saving accounts and am waiting for 1st payment to be taken to ensure they are "active". Is the £4 pcm worth the hassle? Some people don't seem to get it automatically

So am I missing anything I should be doing?

Thanks in advance

My thoughts are:

Can you get/have you got another HSBC and another First Direct?
2x M&S for the regular savers?

Switching incentives for the above?

Club Lloyd's Monthly Savers? 3% like many of the accounts but fixed.

MyOnlyPost

YorkshireBoy wrote: »

I wouldn't be putting your head above the parapet with TSB.

A 3rd Club Lloyds?

I wouldn't have bothered with Co-op Rewards, had it not been for the incentive. Also why I haven't got Barclays Rewards.

Had you taken YB/CB CAD accounts a couple of years ago you could have had £9K in there making 1.5% AER now, which, depending on the 123 balance, may have allowed you to downgrade 123 to Lite, thereby saving/making you £4 a month.

A 3rd, joint, Halifax Reward is possible.

Santander regular saver x 2?

Thanks for your reply YorkshireBoy (Local Lad ) & TheShape

By my calculations the current acounts I will have when I open the extras in Feb will accomodate all our available cash. The Wife's main current account is with Lloyds so swapping that to gain 0.5% over Santander probably not worth the hassle.Yorkshire Bank closed an account a few years ago and I'm not welcome there, no idea why.

Wife has had 1st Direct previously for switch and then switched again as a sacrificial account. She's not done HSBC but reading forums seems they are becoming a real pain about setting account up. Whilst she's willing to go along with all this, she wouldn't be happy with some of their ID demands and popping in to branch.

As I suspected I haven't missed anything major but there are some small amounts suchs as Barclays and Co-op if I can be bothered. Moving money from the low interest accounts to higher rate reg savers should be my focus I think.

AR2012

[FONT=&quot]Seeing as this was for a pair of people I’ve mocked up what I think would work for a Single person (such as myself). Which I’m in the process of getting setup. It’ll require £50K for a £1140 return - tax. [/FONT]

Club Lloyds
Bank of Scotland + Vantage
Bank of Scotland + Vantage
Bank of Scotland + Vantage
Tesco Current
Tesco Current
Nationwide FlexDirect
TSB Classic Plus
Santander 123[FONT=&quot]

Alongside this I have a Help to buy ISA which is with Halifax at 3.5% (2nd year). HSBC Regular saver 3% set to mature in April.

Will open a Nationwide Flexclusive Regular Saver 5% and Post Office Internet saver for everything else remaining. Total saved is around £58k. Which means 8K left over to be put into the post office account.

I’m saving around £1500-1800 per month. Plan to raise £100k for a deposit on a place. But want to get my money working for me in a safe process.[/FONT]

badger09

AR2012 wrote: »

[FONT=&quot]Seeing as this was for a pair of people I’ve mocked up what I think would work for a Single person (such as myself). Which I’m in the process of getting setup. It’ll require £50K for a £1140 return - tax. [/FONT]

Club Lloyds
Bank of Scotland + Vantage
Bank of Scotland + Vantage
Bank of Scotland + Vantage
Tesco Current
Tesco Current
Nationwide FlexDirect
TSB Classic Plus
Santander 123[FONT=&quot]

Alongside this I have a Help to buy ISA which is with Halifax at 3.5% (2nd year). HSBC Regular saver 3% set to mature in April.

Will open a Nationwide Flexclusive Regular Saver 5% and Post Office Internet saver for everything else remaining. Total saved is around £58k. Which means 8K left over to be put into the post office account.

I’m saving around £1500-1800 per month. Plan to raise £100k for a deposit on a place. But want to get my money working for me in a safe process.[/FONT]

My initial thoughts:

Can you upgrade your HSBC current account to Advance? That would give you access to their 5% Regular Saver when yours matures in April.

Have a look at First Direct & M&S. Both have Regular/Monthly Savers @ 5%. Both require a current account.

Club Lloyds have a Monthly Saver @ 3%

I would think long & hard before opening a PO savings account. There are several very long threads from people who have found it almost impossible to move money out of them. Tesco have an Internet Saver @ 0.96% which isn't far off PO's 1.01%, and has other useful features;)

veryintrigued

teddysmum wrote:

Some accounts don't pay interest if you fail to log in regularly).

Be interested to know these accounts.

greenglide

Be interested to know these accounts.

The TSB plus account requires you to log in to internet banking at least once a year. I assume that most people with this account would do this anyway since you must have internet banking and be signed up for online statements and correspondence.

veryintrigued

greenglide wrote: »

The TSB plus account requires you to log in to internet banking at least once a year.

Didn't realise that and indeed can't see it in the Classic Plus T&Cs?

Where are you looking please?

YorkshireBoy

veryintrigued wrote: »

Didn't realise that and indeed can't see it in the Classic Plus T&Cs?

Where are you looking please?

Their Internet Banking T&Cs detail when, and under what circumstances, they'll stop your access to internet banking - in effect, de-register you - and one of them is a failure to log on for 12 months.

Of course if they do this you won't meet the Plus account's eligibility criteria for interest payment.

I believe such an action has been reported on here before...maybe last year?