Skipton b/society 1.20%

robotrobo

Hi.
To-day i recieved a letter from Skipton b/s telling me from February the internet saver rate will be dropping to 1.2% . I have approx 10k in this account & also my works pension goes in every month and this account feeds 2 x £300 to the First Direct regular saver account every month .
So i am after a bit more advice from you lads out there , im not to happy now with Skipton and will ditch if i have to . When i talk i am talking about my wifes income/savings as well , who is a non tax payer , and i look after all the money & she signs the forms etc. I have already mentioned the

First Direct accounts. £300x2 in to regular savers (last 600 just paid)from Skipton

Santander 4 X 20K accounts. + a few fixed isas as well,

T.S.B. 6 X 2K accounts.

Wifes 30k yorkshire 40 day notice at 2% int.

Nat west current account, standing orders feeding santander 123 accounts, which also our Old Age pensions go in to monthly.

I have applied to open a current account with Tesco to use as direct debit bank ! , but also put the max £3000 in for the interest as well, & will apply for a second when i get first open.

We have premium bonds.

fix savings with Close Bros etc.

Both maxed out with cash isas this year.

Right any advice now to make better use of Skipton bs money , i e should i open the Yorkshire ditch & switch ? , if yes is it up to me to transfer pensions ?, or will it be done by the bank switch; i dont mind keeping a bit of holiday money in the Skipton ! , now you might think well hes doing alright on his own feet !, but i can say without the help from this site i wouldnt be where i am now , and thankyou.
kind regards

colsten

Tesco is 2 x £3,000 per person, and I don't see the BOS Vantage (3 x £5K per person, up to 3%) on your list. HSBC and M&S do the same 6% RS as FD, albeit £250 max a month. Clubs Lloyds (5K per person, up to 4%) and the Club Lloyds Monthly Saver is missing, as is the Nationwide Regular Saver (£1,000/mth, up to 2.5%). And then there is the Newcastle BS RS..........the choices are literally endless.

Vortigern

robotrobo wrote: »

I have applied to open a current account with Tesco to use as direct debit bank ! , but also put the max £3000 in for the interest as well, & will apply for a second when i get first open.

Tesco current accounts are good for interest but you need Tesco's Internet Saver to provide the direct debits.

Have you used the HMRC R85 form to have interest paid gross on each of your wife's accounts and also on her half of any joint accounts?

alanq

I too got one of those letters. It is my understanding (perhaps incorrect) that customers with instant access accounts not linked to a rate such as base rate and with a balance of > £500 should be given two months notice of a rate change of more than 0.25%. The reduction in question was 0.30%.

http://www.fca.org.uk/consumers/financial-services-products/banking/your-rights/changes-to-your-account

I was about to challenge the letter before discovering that my balance was < £500.

robotrobo

colsten wrote: »

Tesco is 2 x £3,000 per person, and I don't see the BOS Vantage (3 x £5K per person, up to 3%) on your list. HSBC and M&S do the same 6% RS as FD, albeit £250 max a month. Clubs Lloyds (5K per person, up to 4%) and the Club Lloyds Monthly Saver is missing, as is the Nationwide Regular Saver (£1,000/mth, up to 2.5%). And then there is the Newcastle BS RS..........the choices are literally endless.

Big word for me Colsten , but you have the know how & the tenacity!, me i have to follow the advice given , but im doing alright i suppose.

Thats a very good point !, 2 Tesco accounts, i will get my wife another one as she is the non tax payer.
Silly question time Colsten , can i use the same £750 to fund the tesco second account?, am i right to feed it from the Skipton?. The other points are i am useing 8 d/debits for the santander accounts , the Tesco accounts are being set up so i can somehow set up d/d to run the accounts that you mention, how do you recreate something to meet the need criteria of the new accounts , i already give to charitys d\debits for the last 40 years or so , so im reluctant to make any more .

I have a few questions i would like to ask , but i bog myself down very easily , so im going to take it stage by stage & hope i get there in the end.

Im writing on a paper the other suggestions for now, so that i can look back on as im getting sorted.

kind regards.
mr bean!

robotrobo

Vortigern wrote: »

Tesco current accounts are good for interest but you need Tesco's Internet Saver to provide the direct debits.

Have you used the HMRC R85 form to have interest paid gross on each of your wife's accounts and also on her half of any joint accounts?

hi .
Thankyou , & yes to both .
mr bean

YorkshireBoy

robotrobo wrote: »

can i use the same £750 to fund the tesco second account

At the time of writing, Tesco current accounts can be internally funded (with £750) from one to the other, so no need to introduce further work/transfers from Skipton or wherever.

The other points are i am useing 8 d/debits for the santander accounts , the Tesco accounts are being set up so i can somehow set up d/d to run the accounts that you mention, how do you recreate something to meet the need criteria of the new accounts

I currently pull from 5 current accounts by DD to Tesco savings. I've had as many as 9 DDIs on one of my Tesco savings accounts, and 6-7 on the other, at the same time. You can also have more than one Tesco savings account (I have 3). So you haven't yet exhausted all your options with Tesco savings accounts.

robotrobo

YorkshireBoy wrote: »

At the time of writing, Tesco current accounts can be internally funded (with £750) from one to the other, so no need to introduce further work/transfers from Skipton or wherever.I currently pull from 5 current accounts by DD to Tesco savings. I've had as many as 9 DDIs on one of my Tesco savings accounts, and 6-7 on the other, at the same time. You can also have more than one Tesco savings account (I have 3). So you haven't yet exhausted all your options with Tesco savings accounts.

Hi yorky.
Put me straight please, obvious i know what d/d are!, but how do you create d/d when i have no one else to pay ? , i.e gas, rates, tv, phone, etc, etc, are already being paid & supporting the t&c of the other accounts, there is a simple answer somewhere but i havent grasped it yet.

I am trying to get all the wifes money sorted & mine by giving it to her as she does not pay tax.
thanks.
mr bean
ps, i know that tesco does not require d/d, im talking about the future accounts that iam going to open .

YorkshireBoy

I misread your post earlier, in that I thought you were already servicing the Santander accounts' DD requirements with Tesco savings accounts. Apologies.

robotrobo wrote: »

how do you create d/d when i have no one else to pay

You open a pair of Tesco savings accounts, and then create your own direct debits on them. These can pull money from your current account(s) by direct debit just like British Gas, BT, etc, can.

Tesco are the DD originator, but they only do what you tell them.

robotrobo

YorkshireBoy wrote: »

I misread your post earlier, in that I thought you were already servicing the Santander accounts' DD requirements with Tesco savings accounts. Apologies.You open a pair of Tesco savings accounts, and then create your own direct debits on them. These can pull money from your current account(s) by direct debit just like British Gas, BT, etc, can.

Tesco are the DD originator, but they only do what you tell them.

hi yorky.
im a bit old fashioned & always thought that the person recieving the money eg b/gas would then send a d/d form for you to sign!!, i did not know that you can create your own ,

so i can instruct\create a d/d back to one of my current accounts or 123 accounts, is that right?.

regards.
mr bean

robotrobo

[QUOTE=YorkshireBoy;._You_can_also_have_more_than_one_Tesco_savings_account_(I_have_3)._So_you_haven't_yet_exhausted_all_your_options_with_Tesco_savings_accounts.[/QUOTE]

I have to-day put my wifes Tesco account online this a/noon , all i need to do now is fund the account , do i transfer £3000 max for savings ?. & also put in the £750 funding (seperate transaction) for this month & every month , useing the same 750 to fund no2 account for which i am about to apply for, i think i would have to get the £ in the first account , is that right?.
mr bean