Advice on what to do with savings

delmar39

jimjames wrote: »

2 accounts so £4k. Then Nationwide for another £2.5k and can get 3% elsewhere.

So easy to cover the £10k with better than ISA rates. Or just use the 5% accounts and use an ISA for remainder if you prefer.

Or just using ISAs if you don't want the hassle.

Really like this advice.

Archi_Bald

delmar39 wrote: »

It is quite straightforward with a bit of work, but you will be in possession of a lot of current account cards!

Yes, you can acquire a fair number of cards over time for all these current accounts. I just closed a few FlexDirects today but still have a bunch of accounts left for one good reason or another. It is important that you have records of which of your money is where at any one point in time but I agree, it is all quite straight forward.

delmar39

Archi_Bald wrote: »

Yes, you can acquire a fair number of cards over time for all these current accounts. I just closed a few FlexDirects today but still have a bunch of accounts left for one good reason or another. It is important that you have records of which of your money is where at any one point in time but I agree, it is all quite straight forward.

Wow! Currently have two TSB Classics, thinking of opening a couple more rather than settling for lower interest. My current Nationwide ISA pays interest at the end of August, so will wait to get this then move it into the Classics.

ossie48

Archi_Bald wrote: »

Yes, you can acquire a fair number of cards over time for all these current accounts. I just closed a few FlexDirects today but still have a bunch of accounts left for one good reason or another. It is important that you have records of which of your money is where at any one point in time but I agree, it is all quite straight forward.

Can a married couple duplicate these individual accounts ? ie 2 TSB accounts each ? Appreciate I will have to look at T & C's but simply as an overview are you on the whole treated as individuals.

Also If you dont mind me asking, roughly how much money are you playing with in these current accounts. It would be nice to know how much I could max out as I probably have the time to set these up and keep an eye on them.

Archi_Bald

ossie48 wrote: »

Can a married couple duplicate these individual accounts ? ie 2 TSB accounts each ? Appreciate I will have to look at T & C's but simply as an overview are you on the whole treated as individuals.

Most of these allow x# of sole accounts plus y# of joint accounts.

There's a useful table in this article.

There are threads on all these accounts on the forum, plus the table doesn't list the 3 x £5K 3% sole accounts everybody can have at BOS.

ossie48 wrote: »

Also If you dont mind me asking, roughly how much money are you playing with in these current accounts. It would be nice to know how much I could max out as I probably have the time to set these up and keep an eye on them.

It's £52,500 max in sole accounts (per person). I haven't added it up for joint accounts.

delmar39

ossie48 wrote: »

Can a married couple duplicate these individual accounts ? ie 2 TSB accounts each ? Appreciate I will have to look at T & C's but simply as an overview are you on the whole treated as individuals.

Also If you dont mind me asking, roughly how much money are you playing with in these current accounts. It would be nice to know how much I could max out as I probably have the time to set these up and keep an eye on them.

You can have 4 TSB Classic accounts, 2 must be joint. So in answer to your question if you applied as individuals yes you can have 2 each, then a further 2 in joint names (as I understand it). Perhaps others on here no better than I do. I'm only interested in the 5% current accounts, but appreciate the more money you have then it's best to make use of the lower paying current accounts as these still beat ISAs. The Nationwide Regular Saver ISA pays 2.33%, but you can only put £1250 per month in this. I have 2 TSB Classics, 1 Nationwide Flex Direct and the rest will go into the Nationwide 2.33% ISA.

delmar39

Archi_Bald wrote: »

Most of these allow x# of sole accounts plus y# of joint accounts.

There's a useful table in this article.

There are threads on all these accounts on the forum, plus the table doesn't list the 3 x £5K 3% sole accounts everybody can have at BOS.

It's £52,500 max in sole accounts. I haven't added it up for joint accounts.

Archi Bald I have opened 2 x TSB Classics and 1 x Nationwide Flex Direct £6.5k. I have a further £4.5k ready to go into my Nationwide RS ISA 2.33%, however, would you recommend going down the TSB Classic joint account/wifes name route??

Archi_Bald

I can't tell you what the right thing is for you - all I can say is that you (/your wife) get more interest in the 5% current accounts.

You can still put the money into an ISA next March, just before the end of the tax year. So it looks like a win-win to delay deposits into cash ISAs at least until next March.