Whats best options??

JohnRo

No, it would be better to keep £2000 in the TSB at all times, it doesn't matter what day the £500 goes in or comes out as long as it's on the same day each month.

If you have two TSB accounts it can even be done by shuffling £500 between the two using SO (unless that has changed recently)

Then syphon the interest off manually each month,on the day it's paid ideally, leaving exactly £2K in each TSB account, each month.

Simply apply the same logic to as many accounts as necessary starting with the highest interest bearing accounts first, when you run out of money to max the account you're working on, at that point in the process, that becomes your slush fund/spending account.

enthusiasticsaver

Why on earth have you got any money with Barclays? All their interest rates are dreadful and they have just been reported as having an appalling service reputation as well. I would stick with TSB and maybe look at Lloyds or Nationwide for a current account depending on your balance.


As others have said though it is very difficult to give you advice when you do not give information on balances as interest rates differ depending on them. Lloyds will pay 4% on balances over £4000 so if you have this in your isa and everyday saver you could open one of those but the rate below £4000 can be as low as 1%. If you want advice you need to give people an idea of the amounts you are talking about - ie a few hundred or £5k+ . They will all give you instant access.

GTR_King

ok so keep £2000 in it then just take the interest out each month?? & then open TSB Classic A/C for my spending money? & Still keep barclays A/C For bills etc...

So that's my best option? & would that work??

JohnRo

It's really not complicated, just take a deep breath and read the replies again, work out a list of the highest paying interest bearing accounts, the minimum amounts required to get the most out of them and work through them in descending order.

If you'd be a little less vague and more specific about the amounts involved, the replies could be as well.

colsten

If you look back over the OPs's posts, you will learn that they rejected many (most?) compelling offers, such as 2 sole TSB Plus accounts when it was still possible to get them.

Not sure what to suggest to the OP now.

GTR_King

Ok thanks for advice will have a look at interest paying current Accounts & go from there..

So £2000 in TSB Classic plus A/C

Then will have about £1000-£1500 to save/put some where (would ideally like instant access).

The rest of the money is for bills (Using barclays A/C for that)/spending money (Would like A/C for that)..

When applied for TSB Classic plus it said I could only have 1 A/C

Eco_Miser

There is really no reason to keep your savings and bills money and spending money in separate accounts; use a spreadsheet, or budgeting program or paper notebook to keep track of how much is in each of those categories, and distribute the total amount between high interest accounts (TSB, Nationwide, Lloyds, BoS, Tesco, Santander), in the way that yields the most interest. The hardest part of that is accounting for the lower interest paid on less than £4000 in Club Lloyds, and £3000 in Santander 123.

GTR_King

Thanks for the advice but the TSB Classic plus A/C best for me as I meet all the requirements but the other interest rate Accounts don't think I will meet the requirements at all...

I do keep track of my money but feel if I have A/C for spending money I will know how much I can spend each month then not touch other A/C & Leave it for bills etc.

colsten

There will always be lost causes. This could well be one one them.

Eco_Miser

GTR_King wrote: »

Thanks for the advice but the TSB Classic plus A/C best for me as I meet all the requirements but the other interest rate Accounts don't think I will meet the requirements at all...

Why not? You have £1500 to circulate round all the accounts (not that it's necessary to pay it all in at once). If you haven't got enough DDs, see this thread for ideas. https://forums.moneysavingexpert.com/discussion/5126573

GTR_King wrote: »

I do keep track of my money but feel if I have A/C for spending money I will know how much I can spend each month then not touch other A/C & Leave it for bills etc.

But you know how much you can spend, because you keep track of your money - you don't need to physically check the account balance.

Anyway, you shouldn't be basing your spending on how much you've got left, but on a planned budget.