Retired penioner with £10,000 (Current Account)

Errata

pollypenny wrote: »

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I haven't got my head around the moving game to maximise interest rates, but that is the next step.

Me neither, and it's definitely not on my bucket list.:)

Ken68

Agree Sue...lovely game, keeps the brain moving. I have most of the 5% and 6%, and now trying to work towards the Halifax, £100 bonus plus £5 gross p.m....almost £160 for the first year near enough free money.

Katiehound

pollypenny wrote: »

I haven't got my head around the moving game to maximise interest rates, but that is the next step.

Do one at a time! 2 x TSB is probably the easiest. I opened my first over the phone (it wouldn't accept some piece of correct data!) and you get all the paperwork posted to you- no need to "print for your records" Altho' this is paperless billing and paperless correspondence you can also use the telephone banking service.

oh and I can assure you it is worth it! Spend the extra money on treats or give to charity- enjoy!

Savvy_Sue

Katiehound wrote: »

Do one at a time! 2 x TSB is probably the easiest.

The only thing is that they don't usually allow you to recycle the money around the same bank, IYSWIM.

So if you need to pay in £500 per month, say, you can't have two TSB accounts and simply move £500 from one to the other and back again. You have to introduce some 'new' money at some point.

Hence why my money moves around in a big circle ...

bsms1147

Savvy_Sue wrote: »

The only thing is that they don't usually allow you to recycle the money around the same bank, IYSWIM.

So if you need to pay in £500 per month, say, you can't have two TSB accounts and simply move £500 from one to the other and back again.

You do exactly that with the TSB accounts.

Jennifer_Jane

bsms1147 wrote: »

You do exactly that with the TSB accounts.

I do this with my two TSB accounts as well. I have an extra £500 in each and just swap them each month on stop order. I realise that this, in real terms, reduces the amount of interest, but I don't mind.


If you are happy to have a joint account, then each of you can have another TSB account, ie 3 accounts each.

Other accounts I have and have to move money into:

-Halifax for the £60 net a year (£5 a month) (needs £750 a month paid in and 2 direct debits: I have a Post Office savings account which gets £1 paid in a month, and a similar Tesco Savings Account: taken out expressly for the direct debit process).


-Nationwide FlexAccount for the free travel insurance which is useful as it can continue until 73 (IIRC). This needs £750 a month to be paid in.


If there are any others, I'd be glad to hear (Santander 123 wouldn't work very well for me), and I don't have any more spare money for the Lloyds accounts at the moment.


Money is in on 1st month and out the next day, but some people just do it all on stop order, and some people do it immediately it's registered in their accounts. It's just a monthly job to do and takes 10 mins or less.

Lucy_Lastic

Excuse my ignorance - what's a "stop order"?

Lucy_Lastic

Someone must know!

pollypenny

Lucy_Lastic wrote: »

Excuse my ignorance - what's a "stop order"?

Typo for standing order?

Katiehound

Savvy_Sue wrote: »

The only thing is that they don't usually allow you to recycle the money around the same bank, IYSWIM.

So if you need to pay in £500 per month, say, you can't have two TSB accounts and simply move £500 from one to the other and back again. You have to introduce some 'new' money at some point.

Hence why my money moves around in a big circle ...

Well my TSB accounts have only been open just coming up to a month. I have £500 which comes from Lloyds. visits the 2 TSB Current Plus a/cs and then whizzes back to Lloyds.... I need to wait unitl next month to see if interest is paid on both. I am assuming it will be!!