moving money around accounts - idiots guide

trailingspouse

The OP was asking for reassurance that moving money around like this was manageable. Hopefully my post helped to give him that reassurance.

As to 'turnover dates' - nope, never heard of them. Would be interested to know what difference it would make if I changed the transfer dates. Anyone care to do the maths? Both Club Lloyds accounts are maxed out. Many thanks.

NotRichAtAll

YorkshireBoy wrote: »

You're assuming there are 2 of them. We don't know that. It's now one sole account per customer with TSB.With only (the remaining) £6K in Santander, the fee will impact on the equivalent interest return...

£6K x 3% x 0.8 = £144 net
Less the fee is £120
£120 on £6K is only 2% AER (after BR tax).

I'd suggest Santander wouldn't be a good option (for interest earning purposes) yet.

i am assuming nothing if you read my reply you would see that i have stated

"thats all i do" hence i have not advised him to do the same.
club lloyds also requires 2 x direct debits and £1500 paid in each month, so if the op is not that overly confident with what he is doing then little things like this could take him out of the idiot guide area to another level.

thank you

melb

yes I think I'm going to give the Lloyds Bank one a miss at the moment. I will be happy with M and S for the £125 giftcard and then leave that alone but maybe use to switch to another account later, switch my main account where salary goes and DDs come from to Halifax for £100 switch plus £5 per month and put £500 each month until I reach £2000 into the Lloyds TSB account. I think that will be enough for my first attempt. thanks for all the help

ampersand

op - a Norwich and Peterborough Gold Classic a/c is useful for free atm w/d and shopping when out of country.

This was mse forum advice earlier this year, when I wanted to avoid overseas txn charges. I won't touch credit cards. There are other benefits.
http://www.nandp.co.uk/current-account/gold-classic-current-account/

Further, the revolving door £500 mthly is done whenever you want - no fixed date.

melb

thanks for that ampersand - I already have a Halifax Clarity card for use in ATMs abroad - can't believe how good the rate of exchange is

YorkshireBoy

melb wrote: »

yes I think I'm going to give the Lloyds Bank one a miss at the moment. I will be happy with M and S for the £125 giftcard and then leave that alone but maybe use to switch to another account later, switch my main account where salary goes and DDs come from to Halifax for £100 switch plus £5 per month and put £500 each month until I reach £2000 into the Lloyds TSB account. I think that will be enough for my first attempt. thanks for all the help

Meanwhile the £10K you mentioned in your OP is earning next to nothing! At least get it into a pair of BoS Vantage accounts and make 3% AER by cross-firing a pair of £1K SOs?

YorkshireBoy

melb wrote: »

thanks for that ampersand - I already have a Halifax Clarity card for use in ATMs abroad - can't believe how good the rate of exchange is

If you're switching to Halifax don't forget you can get a £5 Reward each month on the Clarity card as well (T&Cs apply).

melb

Oh thanks YorkshireBoy didn't know that - will have a look for it. I know i'm not doing the best I can re the other thing but I'm going to take it one step at a time.

YorkshireBoy

melb wrote: »

Oh thanks YorkshireBoy didn't know that - will have a look for it.

Thinking about it, you may not qualify as you need to be eligible* "at the time you enter into the credit card agreement.

Got to be worth a try though? £60 a year for a £300/month spend is 1.66%.


* See section 11 of your Clarity card's T&Cs. If you can't find them there's a copy on their website.