TSB cutting enhance rate?

colsten

guitarman001 wrote: »

Because all banks are the same! They're trying to get us to shift our money into alternative investments and then hoover up the money cheaply when those investments tank.

you made that up, did you? Think about it, it makes no sense, as investments don't work like that. This forum is full of talk about investments, and banks rarely even figure.

guitarman001 wrote: »

This is bad news. I have £30k between 3 TSB and 3 BoS accounts. Where will I put it now?

it is getting tighter but currently still easy to find a home for £30K cash in 3, 4 and 5% current accounts. You could also consider 4 and 6% Regular savers.

guitarman001 wrote: »

Can you have 2 Santander 123 accounts? I note you need two direct debits...

yes if one is joint

guitarman001 wrote: »

I'd maybe set up one (£1 per month) to a charity as I only have one direct debit.

it is very easy to set up any number of DDs with Tesco savings.

guitarman001 wrote: »

But add in the £2 per month fee and that's 12 * £3 = £36 a month fee, effectively. Definitely eats into the rate.

use other accounts then - TSB, Lloyds, Nationwide, Tesco are all candidates. Though if you can pay for gas, electricity, phone, council tax, you can actually effectively make more than 3% AER in a 123.

missile

guitarman001 wrote: »

Because all banks are the same! They're trying to get us to shift our money into alternative investments and then hoover up the money cheaply when those investments tank.

This is bad news. I have £30k between 3 TSB and 3 BoS accounts. Where will I put it now?

Can you have 2 Santander 123 accounts? I note you need two direct debits... I'd maybe set up one (£1 per month) to a charity as I only have one direct debit. But add in the £2 per month fee and that's 12 * £3 = £36 a month fee, effectively. Definitely eats into the rate.

Sorry, but Santander 123 only pays interest up to £20,000.


You would need to open two accounts to transfer your £30K

missile

Just signed up to switch from TSB to Santander. I hope their customer service has improved :-)

Archi_Bald

missile wrote: »

Just signed up to switch from TSB to Santander. I hope their customer service has improved :-)

Did you leave £4K behind in two TSB Plus?

The Santander CS is just fine.

FB13

missile wrote: »

Just signed up to switch from TSB to Santander. I hope their customer service has improved :-)

I also received the letter yesterday and signed up to switch to Santander last night.

I checked my online banking (I have a Santander ISA) this morning and the account is already showing up with the sort code and account number. TCB has already tracked the £38 for switching too.

guitarman001

Tesco only do 3% if the dosh is locked away for 5 years.
I already have two 5% TSB accounts, the high % Nationwide account, and a few others. Used to do First Direct but I didn't think it was worth it, can't be bothered with the faff that is Club Lloyds.. it's getting pretty dire!

Jogle

guitarman001 wrote: »

Tesco only do 3% if the dosh is locked away for 5 years.
I already have two 5% TSB accounts, the high % Nationwide account, and a few others. Used to do First Direct but I didn't think it was worth it, can't be bothered with the faff that is Club Lloyds.. it's getting pretty dire!

Tesco don't only do 3% if it's locked away for 5 years, they also do it on £3k in their current account (of which you can have two).

It's only pretty dire if you "can't be bothered". Once everything is set up, there isn't any faff. Just move the interest out of Club Lloyds, the TSB Pluses and Nationwide once a month, all have standing orders and Direct Debits automatically circling to satisfy the conditions for the accounts

guitarman001

Oh thanks - so that's 3% AER on up to £6k with Tesco.
I know, I know... it just takes a little effort, but it's such a pain - I've been doing this for over 6 years now, just tired of having to do it.

apt

I feel for you, guitarman. Such a burden to set up a couple of direct debits and to spend 5-10 minutes on internet banking once a month.

YorkshireBoy

apt wrote: »

I feel for you, guitarman. Such a burden to set up a couple of direct debits and to spend 5-10 minutes on internet banking once a month.

Not that I'm advocating it, but it's entirely possible to spend far less time than that, ie 5-10 minutes once every 3 months or so, if you've got SOs set up and the rest of your systems are robust.

Then again, perhaps we should be grateful that there are those that can't be bothered...because if everyone could be bothered there wouldn't be such good deals around?

Anyway, today was payday for me, so I spent around 5 minutes before leaving for work doing the monthly money-go-round (for those that aren't covered by SOs)...and that's it for another month now.