Retired penioner with £10,000 (Current Account)

badger09

iris wrote: »

I have 2 Club Lloyds current accounts with £5000 in each. I transfer £1500 each month from one account to the other to meet the T&C. I use one as my main current account, which has the usual direct debits e.g. council tax, and the other has direct debits to Tesco savings accounts (£1 per month) again to meet T&C very easy to set up.


I am a non taxpayer (just) so get the full 4% interest, which I move every month to another interest earning account.


I also have a S&S NISA, but this is money I don't touch as obviously once it is taken out cannot be replaced.


I don't know of a current account that pays interest without monthly funding/direct debits, but there are several that will pay £100 for just switching;)


There are several other current accounts that pay interest, but they all need funding and/or direct debits.

Hope you don't mind my asking, but how did you manage 2 Club Lloyds accounts? Unless 1 is a joint account As the T&C are quite clear that you're only allowed 1 (unlike the previous Vantage offer )

"Eligibility:

Customers may hold a maximum of one account with Club Lloyds benefits (either a Club Lloyds account or an Added Value current
account with a Club Lloyds benefit package) in their sole name and one in joint names."

badger09

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 ...

Yes you can

Nationwide and Santander both need 'external' monthly funding but TSB, Lloyds, BoS and Tesco don't specify this, so internal shuffling is fine You really just need to read the T&C for each account

badger09

Jennifer_Jane wrote: »

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.

JJ you're wasting £1000 which could be earning you interest

As you're already with Nationwide, have a look at their FlexDirect account -5% up to £2.5k but only for a year Or Tesco's new current account with 3% on up to £3k. Both have monthly funding requirements but nothing else, and you can easily incorporate them into what I like to call my 'monthly shuffle' :rotfl:

iris

badger09 wrote: »

Hope you don't mind my asking, but how did you manage 2 Club Lloyds accounts? Unless 1 is a joint account As the T&C are quite clear that you're only allowed 1 (unlike the previous Vantage offer )

"Eligibility:

Customers may hold a maximum of one account with Club Lloyds benefits (either a Club Lloyds account or an Added Value current
account with a Club Lloyds benefit package) in their sole name and one in joint names."

Yes, you are right, one is a joint account.

Jennifer_Jane

badger09 wrote: »

JJ you're wasting £1000 which could be earning you interest

As you're already with Nationwide, have a look at their FlexDirect account -5% up to £2.5k but only for a year Or Tesco's new current account with 3% on up to £3k. Both have monthly funding requirements but nothing else, and you can easily incorporate them into what I like to call my 'monthly shuffle' :rotfl:

1. Apologies for the "stop order" typo - lived in South Africa too long. Yes, I meant "standing order" I guess. The one that's not the direct debit, anyway. Apologies for confusing things.


2. I do have the Nationwide (but glad you mentioned it for others), so have done the year. Need to close this for something else, but have to wait for other offers I qualify for.


3. I need to keep some money liquid, so am happy at the moment to have the £1,000 running between the TSB accounts. Also, I've been away a lot recently, so happy to have the automatic orders in place. And yes, I did say that I was reducing the interest therefore. I am not able to maximise interest as I'm spending more than my income, just at the moment. (Eeek!).


4. And now I need to do my monthly shuffle on my Halifax and Nationwide accounts! Off we go...