Question about multiple current accounts and saving

eastofeden

I think the Nationwide Flexdirect pays 5% on the first £2500 rather than £4500 as per previous post?

badger09

I'm not yet in YorkshireBoy's league :cool: but with 20+ accounts and a 3 week trip to HK and UAE spanning the end of February and beginning of March, I set most to auto funding .

The fear of loss of control was outweighed by the fear of loss of interest , or even worse, of overdraft charges :eek:

badger09

eastofeden wrote: »

I think the Nationwide Flexdirect pays 5% on the first £2500 rather than £4500 as per previous post?

True, but Nationwide £2500 + TSB £2000 = £4500 @ 5%

YorkshireBoy

badger09 wrote: »

I'm not yet in YorkshireBoy's league :cool: but with 20+ accounts...

To be fair, many of mine are dormant YB current accounts!

RustyBug

YorkshireBoy wrote: »

Not round these parts.

An account...a couple...a few...several...multiple

I have around 30, so I'd put myself in the 'multiple' category.

But to your next steps...how long before you have £3-4K? If quite quickly you may as well open a Nationwide FlexDirect account, which will cover you for 5% AER on up to £4.5K for the next 12 months. All you have to do (after reading the T&Cs of course!) is transfer £1K from TSB to Nationwide and back again once a month.

Is there a reason to transfer the money back to TSB? Do any of these accounts require the money to stay in there? Is there a minimum amount of time that the money has to be in the account?

Sorry about all the questions, just don't want to lose out because I don't have all the facts!

And wow!Thank you very much everybody for all the advice! I'll definitely be looking into some of these options. I will see how the TSB account goes then come up with a plan for others and when to move and what to move then look at opening some more accounts. Just need to figure out the answers to the above questions first.

Archi_Bald

RustyBug wrote: »

Is there a reason to transfer the money back to TSB? Do any of these accounts require the money to stay in there? Is there a minimum amount of time that the money has to be in the account?

Both accounts have minimum monthly deposit requirements as pre-requisites to pay you any interest. Assuming your accounts are full, you would just swap the larger of the required amounts between the accounts once a month.

There is no minimum time the money has to stay in the accounts (remember, they are current accounts) but clearly you only get interest for the days the money is in the accounts, and they all have max balances they pay interest on.

YorkshireBoy

RustyBug wrote: »

Is there a reason to transfer the money back to TSB?

You're currently funding TSB with £500 from your 'main account' with Halifax. That's all well and good if you have just the one 'savings' account, but you'll probably find (I know I do) that it's better if you can keep your monthly funding activities separate from your day-to-day current account when you have 2 or more of these 'savings' accounts.

RustyBug

Archi_Bald wrote: »

Both accounts have minimum monthly deposit requirements as pre-requisites to pay you any interest. Assuming your accounts are full, you would just swap the larger of the required amounts between the accounts once a month.

There is no minimum time the money has to stay in the accounts (remember, they are current accounts) but clearly you only get interest for the days the money is in the accounts, and they all have max balances they pay interest on.

Yeah, I understand I need to pay a minimum amount monthly. The Halifax one will come from my salary being paid in. Then I plan to take money from that and put it into the TSB account for the required amount. As this will be above the £2000 limit I then plan to move it back out. It's just how long I have to wait to move the money back out. Which I guess I can do it as soon as the money is cleared? I will always have the max balance in the TSB account for the interest to be paid on.

jennifernil

The money can go straight in and straight out again immediately, this is why many of us do it manually, better control.

As I have had the accounts for quite a while, I have 2 of the TSB ones, as does OH, and we have 2 joint ones, all with the max balance, so we just swap the £500 between them.

For Club Lloyds, I have some old Vantage accounts so just move the £1500 out to one of them and immediately back. OH has an ordinary Lloyds current account so uses that to move his £1500 out and in.

With the BOS accounts, I have 3, so just move the £1000 around them. I also include our Halifax Reward accounts in the movements as sometimes, due to a weekend, pensions are paid early, before the beginning of the month.

dodgy123

If you go via links from Topcashback or quidco you can also get a boost for setting up accounts currently £84 or £80 cashback for Nationwide which you'll get in a couple of months.


boosted my nationwide interest from £125 to £200 (£125 +£75 cashback) before xmas with this