Need to set up several accounts

watchingthepennies_2

We are just in the process of ending a offset mortgage and will be setting up some accounts to earn interest on the money we w used to offset. Anyone willing to share there account split? Who you have them with etc?
Currently considering
Nationwide flex in my sole name (BR tax payer) possibly a joint one as well.
Club Lloyds joint a/c for a couple of CC DD's
& Santandar joint a/c for main bill DD's

Any advice of things to be aware of, I need to make sure we can pay in the correct amount and try an minimise what other earns as he's HR taxpayer.
Thanks in advance

YorkshireBoy

The issue of interest paying current accounts is done to death daily on here. Just this weekend two new threads have sprung up, so if you read a little you'll get all the information you need.

watchingthepennies wrote: »

Anyone willing to share there account split? Who you have them with etc?

Well that would depend on how much cash you have, but I re-posted an old list of accounts earlier today. As far as I'm aware it's still current...

http://forums.moneysavingexpert.com/showpost.php?p=66958618&postcount=6

Currently considering
Nationwide flex in my sole name (BR tax payer) possibly a joint one as well.
Club Lloyds joint a/c for a couple of CC DD's
& Santandar joint a/c for main bill DD's

Why no TSB accounts?

Any advice of things to be aware of

Lots of "things" to be aware of...all of them laid out in the respective account T&Cs.

I need to make sure we can...try an minimise what other earns as he's HR taxpayer.

I'd rather pay 40% on 5% accounts than 20% on 3% accounts!

watchingthepennies_2

Thanks YB very helpful. I'd not considered TSB mainly because of not having a branch locally, but if online is an option I will definitely consider it.

I'd rather pay 40% on 5% accounts than 20% on 3% accounts!

I was considering the Santander account because of the cashback and interest on the decreasing balance but if I can get it all into the other accounts I will use those first. Have about £25,000 put in.

anoncol

You can open tsb entirely online.

jennifernil

If you pay less tax, then it makes sense to keep as much as possible in your name.

1 x Club Lloyds sole for £5000 (4%) effectively 3.2%
1 x Club Lloyds joint for £5000 (4%) effectively 2.8%
1 x TSB Classic Plus sole for £2000 (5%) effectively 4%
1 x TSB Classic Plus joint for £2000 (5%) effectively 3.5%
1 x TSB Classic Plus for OH for £2000 (5%) effectively 3%
2 or 3 BOS Vantages sole for £5000 each (3%)
or a Santander 123 sole (3% + cashback) both effectively 2.4%

No DDs required for TSB or BOS.

You could also look at feeding from these into a FD monthly saver (6%) and Club Lloyds monthly savers (4%)

monthly funding easily achieved by transferring between accounts

watchingthepennies_2

Many thanks jennifernil, I've plugged some figures into a spreadsheet and all look doable, just need to get it all set up now!