Savings - again :)

Mimi_Arc_en_ciel

After some great advise I'm back here again - See what you can make of these accounts and whether you can help improve them?


Childrens:


DD1 - Has around £1200 in a Halifax young Savers Account @ 3%
DD1 also has around £200 in a Halifax Regular Savers Account @ 6%


DD2 - Has around £1000 in a Halifax Young Savers @ 3%
DD2 also has around £150 in a Halifax Regular @ 6%


Me:


I did the TSB & Halifax trick - TSB account has £1300 in the classic plus account @ 5% until £2k (£750 gets transferred to Halifax for the £5 a month then sent back to TSB)


Now - Are my children getting the best from their accounts?


What should I do when my account hits the £2k and no loner receive the 5% ? This should be in a few months at most


Thanks!

Gram_Parsons

You can have two classic plusses in your name and also joint accounts as well.

Eco_Miser

A TSB Classic Plus with £2000 or more in it will continue getting about £8.32 gross per month as long as the conditions are met.

As stated you can have two of these (plus two joint if there is someone suitable available to be the second account holder). Then you can look at Nationwide, then Club Lloyds (4% AER). After that there are several accounts offering 3%.

Mimi_Arc_en_ciel

Eco_Miser wrote: »

A TSB Classic Plus with £2000 or more in it will continue getting about £8.32 gross per month as long as the conditions are met.

As stated you can have two of these (plus two joint if there is someone suitable available to be the second account holder). Then you can look at Nationwide, then Club Lloyds (4% AER). After that there are several accounts offering 3%.

Would I not in get in trouble for having lots of bank accounts?


I have:


Halifax Reward account - as my "main" account. I get the £5 reward on this account

Halifax Reward account - I WAS getting the reward (£5) on this account until I swapped my "main" account to the halifax. Now I don't get any reward on this. It's used to just remove funds from TSB and put them back in to TSB

I have a Natwest CC (Paid back in full each month) - used for every day spends (get points on card)

TSB (savings)

and then because of the DD clause on the Halifax I have a bog standard Tesco savings account (with £4 in it lol)


EDIT: I think I need to ditch the second Halifax account (The one with no reward) and have the TSB money hitting a different account


Should I close the Halifax reward account, open another TSB one then have 2 TSB's with S.O for £750 and then have the Tesco bank with the direct debits of £1 a month (does that make sense?)


Could you have 2 TSB accounts that swap the £750 between them and still qualify for the 5% providing I have the 2 direct debits from each accounts?

eskbanker

Mimi_Arc_en_ciel wrote: »

Would I not in get in trouble for having lots of bank accounts?

No, many people on here (including yours truly) have double-figure numbers of accounts.

Mimi_Arc_en_ciel wrote: »

Could you have 2 TSB accounts that swap the £750 between them and still qualify for the 5% providing I have the 2 direct debits from each accounts?

Yes, except you don't actually need any DDs for the TSB accounts, just the minimum monthly funding (and paperless statements/correspondence).

robotrobo

Mimi_Arc_en_ciel wrote: »

Would I not in get in trouble for having lots of bank accounts?





Could you have 2 TSB accounts that swap the £750 between them and still qualify for the 5% providing I have the 2 direct debits from each accounts?

hi.
haveing just opened 6 classics for us both , we have only needed £500 to bounce around all the accounts not £750.

Mimi_Arc_en_ciel

I just tried to open a Classic Plus account with TSB but its saying I cannot have another because I already have one :-/


I opened my account in July so would that make a difference?

Archi_Bald

You can have another one. You need to apply when you are not logged into Internet banking.

Mimi_Arc_en_ciel

I just tried again and it said that as I had recently applied (today?) I cant have one.


I'll try again in a month or so

colsten

Archi_Bald wrote: »

You can have another one. You need to apply when you are not logged into Internet banking.

I would say you can have another one subject to passing the TSB credit check.

Mimi_Arc_en_ciel

colsten wrote: »

I would say you can have another one subject to passing the TSB credit check.

Yes - but in theory there's no reason why I wouldn't pass a credit report (no debts. all accounts up to date, no late payments, am on the voters list etc)


I'll have a look in a few weeks again


Thanks!