High Interest Current Accounts

darren72

YorkshireBoy wrote: »

Well that would depend on how much money you have to save! But if you're starting from nothing I'd suggest TSB Plus.

I have around £50K spare in accounts that are now fairly low interest.

Thanks

moneyfoolish

darren72 wrote: »

I have around £50K spare in accounts that are now fairly low interest.

Thanks

Only a personal opinion but I prefer Santander 123 especially if you have direct debits for gas, electric, tv etc. However, even without that I'd still say Santander because you could open 2 accounts with £20,000 in each to cover most of your money without all the messing about of setting up umpteen direct debits from one account to another. I've got 3 santander accounts - self, wife and joint - and am now looking at setting up some of the others but for a gain of £400 a year on £30,000 over the high interest account I have with Intelligent Finance, I'm not sure it's worth all the hassle.

darren72

Does Santander 123 not have any direct debit requirements then for it ? - I see it pays 3% on £3,000 - £20,000, but what rate (if any) does it pay on the balance between £0 and £3,000 ?

bryanb

darren72 wrote: »

Does Santander 123 not have any direct debit requirements then for it ? - I see it pays 3% on £3,000 - £20,000, but what rate (if any) does it pay on the balance between £0 and £3,000 ?

Website says 3% on balances between £3000 and £20000, so I guess if your balance is between those figures you get 3% on the whole balance. Hope so anyway I'm just opening one.

Gromitt

darren72 wrote: »

Does Santander 123 not have any direct debit requirements then for it

2 DDs required per account, but they don't need to be paid monthly, so it makes things easier.

darren72 wrote: »

? - I see it pays 3% on £3,000 - £20,000, but what rate (if any) does it pay on the balance between £0 and £3,000 ?

1% £1000 - £1999
2% £2000 - £2999
3% £3000 - £20000

Notice a pattern here?

YorkshireBoy

moneyfoolish wrote: »

...I'd still say Santander because you could open 2 accounts with £20,000 in each

You're only allowed one sole account. The second would have to be in joint names.

darren72

Gromitt wrote: »

2 DDs required per account, but they don't need to be paid monthly, so it makes things easier.

Thanks to everyone who has replied.

So you can have 2 direct debits set up that in theory never get used ? - Any suggestions for these - One I can think of myself is Paypal, but any others ?

Gromitt

I have 2 accounts, the first one is used for the cash back earning DDs, the second is used for the non-cashback earning dds such as TV license and credit cards which I rarely use. Some savings accounts can setup DDs as well.

YorkshireBoy

darren72 wrote: »

So you can have 2 direct debits set up that in theory never get used ? - Any suggestions for these - One I can think of myself is Paypal, but any others ?

DDIs lapse after 13 months of dormancy (some banks cancel sooner), so use them at least twice a year.


Tesco savings accounts are good for these accounts requiring DDs. Get yourself an Internet Saver and an Instant Access Savings Account and set up a monthly £1 DD pull on each.

ColdIron

darren72 wrote: »

I see it pays 3% on £3,000 - £20,000, but what rate (if any) does it pay on the balance between £0 and £3,000 ?

If you have more than £3,000 up to £20,000 you get the 3% on the entire balance. The lower rates only apply when you have a lower balance