3 Santander accounts

magical_music

Hello

I have 3 Santander accounts 1 sole each plus 1 joint i have filled up the5% accounts already and I have 22137.00 left should I just divide the money 3 ways for sant. or is there a better way to get more interest?

badger09

Club Lloyds?

Halifax Reward?

FD/HSBC/Club Lloyds Regular savers?

magical_music

Hello,

I am now on my laptop so can explain better, this is what I have so far:-

Thank you Badger09 for your helpful advice,


Nationwide flex direct 5% - 2500 x 2 = £5000 1 sole & 1 joint -

TSB Classic Plus 5% - 2000 x 6 = £12000 2 sole/ 2joint/ 2 sole

£17000 @ 5% total above

Club Lloyds 4% - 5000 x 2 = 10000 1 sole/1 joint

£10000 @ 4% total above

So far seems ok £27000 on 5% and 4% accounts.


I still have £37895.00 left and these are the accounts below that I have opened. I wondered what amounts I should apportion to each account, that’s what I am unsure about. Here are the list of accounts I have opened:-

Santander 3 accounts - 1 sole / 1 joint / 1 sole

BOS 3 accounts in my sole name

Tesco 2 accounts sole/ 1 sole in husbands name

Halifax Reward - 1 sole/ 1 sole to get the fivers.

I pay BR tax my husband does not pay tax.

I would be grateful for any advice from others more experienced than I.

Many thanks in advance.

eskbanker

If husband is non-taxpayer then fill up his sole 123 and Tesco accounts with £20K and £3K respectively and put the rest in the joint 123. If not done already then ensure he fills in an R85 form for each provider to get the interest paid gross....

Assuming his credit status can stand it, open more sole accounts in his name if you wish to take full advantage of his non-taxable status to maximise overall return, e.g. a sole FlexDirect, Club Lloyds and some BoS Vantages.

magical_music

Many thanks eskbanker.

I think that I now have them all set up correctly now.

I have the 2 tesco saver accounts and I understand online you can set up dd to draw in money from other accounts.

I tried to set up a dd to draw money from santander to tesco saver, but online it refused so I telephoned Tesco and they took the details over phone.

Strange thing was, last night Tesco bank phoned me and wanted a bank statement from santander to verify who I was, I refused of course but is this normal practice?

redjumpa

Sorry for butting in... I'm about to open 123 account and have over 1k pm pension income. I am a taxpayer, my wife is not, can she also open an account in her name only and we transfer £500 per month from my account as her 'income'? We would deposit the full 20k in each account.

magical_music

my husband is not a tax payer but i am, we opened 1 sole esch plus 1 joint = 3 accounts. They have to be funded from another bank, it is easy to do with faster payments, also each account requires 2 DD's.

Somebody with more experience of these accounts will no doubt give us more info.

moneyfoolish

magical_music wrote: »

my husband is not a tax payer but i am, we opened 1 sole esch plus 1 joint = 3 accounts. They have to be funded from another bank, it is easy to do with faster payments, also each account requires 2 DD's.

Somebody with more experience of these accounts will no doubt give us more info.

That's correct. The monthly £500 must be put in from outside of your Santander accounts but you can automatically move the £500 into your 123 account on day 1, then back to your other account on day 2, then into your wife's 123 account on day 3, then back into your other account on day 4 if you wish.

Archi_Bald

magical_music wrote: »

Strange thing was, last night Tesco bank phoned me and wanted a bank statement from santander to verify who I was, I refused of course but is this normal practice?

That was a silly thing to do as without providing the proof you will probably never set up that DD.

magical_music

I just thought it strange that Tesco bank wanted a full Santander bank statement posted to them.

Whenever I have had DD over the years nobody has ever asked for a full bank statement.

Anyway they said they would phone back in a couple of days time, I was a bit wary in case it wasn't Tescos and was unsure.