Santander & Lloyds Account

YorkshireBoy

NoMore wrote: »

I guess its maybe a bit better than I described but is that net of the Fee? or is it only £24 you make after the monthly fee?

The latter. £2 a month fee and £4 a month cashback. The key thing is its not loss making, and gets you room for £20K at 3% should you need it in future (and the account is still around/has the same limit).

I suppose the OP can still open the 123 for the cashback and open all of the other accounts to gain the better interest before using the 123 for savings.

That would be my approach.

sezegg

Thanks NoMore and YorkshireBoy, I will keep the 123 account for the cashback and get the other accounts full for now.

NoMore

Dont forget once their full to scoop the interest into the next available account to make sure your compounding your earnings.

sezegg

OK! so as each account is at its limit anything extra (the interest) goes into the next account and so on, eg

£2000 In TSB (then scoop interest into nationwide and start putting cash that and so on until at £2500 then do the same with either club Lloyds or the 123 account (up to 20k) then Lloyds.

I think I'm grasping the idea!