NISA vs Santander Current Acc

Nationwide8

Sorry,also reading through is the OP Opening 4 TSB Classic Plus accounts or 2....as a single person thought you could only open 2 ?

colsten

Nationwide8 wrote: »

Just to ask about the Santander 1-2-3 account....is it OK to pay £500 in/out on the same day by SO if I want ? ....what I mean is do you still earn 3% that way...it's not an increase in balance by £500 mth ( that stays in ) only that gets you the 3%………

There is no requirement to increase the 123 balance by £500 at any time. No current account from any provider has any "increase in balance" requirements.

colsten

Nationwide8 wrote: »

Sorry,also reading through is the OP Opening 4 TSB Classic Plus accounts or 2....as a single person thought you could only open 2 ?

I cba to sift through this thread to see what was said regarding how many sole TSB Plus accounts a person can have - but if you check the TSB T&Cs you will find the answer is currently 2.

Nationwide8

OK Thanks ..

xirokx

update:

due to unforeseen illness have not been able to do this yet.

i aim to open the accounts shortly though

thanks will keep you updated

xirokx

hey

so I set up the accounts as follows:

2 x TSB £1800 per account
1 x NW £2300
1 x Llyods £4100

Regarding meeting the prerequistes this is not correct:

Yes, set up 4 SOs for the 6th:
£500 TSB1 -> TSB2
£1500 NW -> Lloyds
£500 TSB2 -> TSB1
£1500 Lloyds -> NW
Assuming you have at least £500 in each TSB account, and at least £1500 each in Lloyds and Nationwide.

Because in order to qualify for the 5% from Nationwide I must deposit £1000 per month into my NW FlexDirect account

Please can you amend the above previous advice of yours eco-miser to take into account NW FlexDirect so I can setup the standing orders

Thank you

Archi_Bald

xirokx wrote: »

Regarding meeting the prerequistes this is not correct:

Because in order to qualify for the 5% from Nationwide I must deposit £1000 per month into my NW FlexDirect account

Please can you amend the above previous advice of yours eco-miser to take into account NW FlexDirect so I can setup the standing orders

Eco Miser just tried to make it simple for you. Depositing £1,500 a month into Nationwide meets the £1,000 minimum monthly deposit at Nationwide. But you need £1,5000 minimum monthly deposit into Lloyds. So you send £1,500 to Nationwide, and then send the £1,500 on to Lloyds. This is just an example, you could achieve the minimum monthly deposits in many other ways.

You shouldn't proceed with anything if you do not understand the minimum monthly deposits, alongside any other pre-requisites some of the accounts have for interest payment. Also make sure you understand any monthly charges and whether/how you can avoid them.

Please don't expect the MSE forum to spoonfeed you with this - you need to understand the most current T&Cs of the accounts you are signing up to, and you need to be able to manage them in a way that you find acceptable.

YorkshireBoy

xirokx wrote: »

Regarding meeting the prerequistes this is not correct:

It's not incorrect. People are just trying to simplify things for you because you appear to need spoon feeding with lots of information.

Because in order to qualify for the 5% from Nationwide I must deposit £1000 per month into my NW FlexDirect account

Whilst we're on the subject of correctness, the above statement of yours is incorrect. Do you know why?...

Your Nationwide monthly funding needs to be at least £1,000, not exactly £1,000

Eco_Miser

xirokx wrote: »

Regarding meeting the prerequisites this is not correct:

Yes, set up 4 SOs for the 6th: £500 TSB1 -> TSB2
£1500 NW FlexDirect -> Lloyds
£500 TSB2 -> TSB1
£1500 Lloyds -> NW FlexDirect
Assuming you have at least £500 in each TSB account, and at least £1500 each in Lloyds and Nationwide.

Because in order to qualify for the 5% from Nationwide I must deposit £1000 per month into my NW FlexDirect account

Please can you amend the above previous advice of yours eco-miser to take into account NW FlexDirect so I can setup the standing orders

Thank you

In what way is depositing £1500 not depositing 'at least £1000'?

xirokx

omg so sorry I mis read your advice Eco Miser

You shouldn't proceed with anything if you do not understand the minimum monthly deposits, alongside any other pre-requisites some of the accounts have for interest payment. Also make sure you understand any monthly charges and whether/how you can avoid them.

totally understand this and thanks for the sound advice. I merely mis read the advice I received, having looked at it I can now see the error in my ways.

I have also made a sheet with the prerequistes for each account so i am aware of these.

With regards to monthly charges I believe these should be waived so long as I meet the account conditions.

One thing that did concern me was the llyods club account.

I have deposited £4100 into this account now in order to qualify for the interest I must deposit £1500 per month as well as have 2 direct debits leaving this account.

However Llyods also mention they will not pay the interest on funds over £5k , so I take it as I am going to deposit £1500 a month and then remove it I would be eligble for the interest?

The direct debits I have allowed myself time to be notified of them and just transfer the money from one account to the Llyods.

Whilst we're on the subject of correctness, the above statement of yours is incorrect. Do you know why?...

Your Nationwide monthly funding needs to be at least £1,000, not exactly £1,000

No sorry I have no clue why Nationwide decided to do this....if you do I would be interested to know

With regards to spoonfeeding, im sorry I wasnt born with finanical intelligence and that I require some help and support, alot of what I always believed a forum is about. As I am moving and chopping and changing funds especially for a newbie like me its just nice to get some reassurance. Just like above I made a simple reading error and it was nice of you to kindly correct me.

So thank you really from the bottom of my heart for your help, support and cooperation. I will as always "pass it forward"