Cycling/switching accounts

Everynamestaken

Hi, didn't want to start another thread but I hope I don't hijack this one.

I only have 2k spare at the moment. Is there a way of getting the nationwide and TSB interest? Can I cycle the money out on the last day of nationwide and then transfer it to tsb on the final day of the calendar month too. Obviously I want to maximie any returns I can get.

Thanks for any swift response,

Archi_Bald

Not sure what your question is but you only get interest for the days your money is in an account. You either get interest in account A or in Account B, as your money is either in A or in B, not in both.

If you have just £2K, the Nationwide FlexDirect will suffice for the next 12 months as it pays interest on up to £2.5K.

The minimum monthly deposit should be made at the start of a month, not at the end, to ensure the deposit counts for the month in question.

M0ney

badger09 wrote: »

Don't forget the HSBC Advance Regular Saver account. Up to £250 pm @ 6%

Thanks very much for pointing that one out to me, I've only just opened my first HSBC account and that was to get at the save together ISA.

I will need to look at getting the HSBC regular saver, I take it, it is open to people with a F.D R.S?

M0ney

Everynamestaken wrote: »

Hi, didn't want to start another thread but I hope I don't hijack this one.

I only have 2k spare at the moment. Is there a way of getting the nationwide and TSB interest? Can I cycle the money out on the last day of nationwide and then transfer it to tsb on the final day of the calendar month too. Obviously I want to maximie any returns I can get.

Thanks for any swift response,

Yeah you'd be just as well maintaining your balance of £2000 and withdrawing £500 then depositing it back into your main current account. Or you could open a Nationwide account and cycle money between the 2 but as far as I am aware you only get 5% from Nationwide for the first 12months.

You used to be able to get 2 TSB current accounts so your limit would be £4000 for the 5%, not sure if that is still the case though.

badger09

M0ney wrote: »

Thanks very much for pointing that one out to me, I've only just opened my first HSBC account and that was to get at the save together ISA.

I will need to look at getting the HSBC regular saver, I take it, it is open to people with a F.D R.S?

Yes it is. You can have both (as long as you meet the FD and HSBC Advance account T&C)

Archi_Bald

badger09 wrote: »

Yes it is. You can have both (as long as you meet the FD and HSBC Advance account T&C)

And you can have the M&S RS as well, and a switch bonus if you haven't had one yet

M0ney

Archi_Bald wrote: »

And you can have the M&S RS as well, and a switch bonus if you haven't had one yet

I've just today I applied for the M&S current account my year with Nationwide ends in around 5 weeks so this one will be the one to switch from, I'll also look at getting the regular saver opened providing I'm successful.