A little confused what to do....halifax

DMG33

2015newstart wrote: »

Thanks Archi Bald for your quick reply. I'd not thought of a current account, will have a look at them now.

EDIT - It's the min £500 every month to fund it that's going to be the problem. I'm going to be able to save £250-£350 a month so rules out the tsb option.

Same here.

jimjames

2015newstart wrote: »

I'm starting to see that now YB.....need to actually open my eyes! Thank you x

Always good to have someone see the light - and get feedback.

Good luck on your savings journey! Getting to £11000 at 5% will keep you going for some time!

2015newstart

I'm the proud owner a new tab 5% current account and a hubby has one too. I've moved the money from my 2014/15 isa into my account and will add to it monthly. Will move the £500 across the two accounts to make sure they both qualify for the 5% bonus.

Having a quick look at a savings calculator and I'm amazed! Thank you to all who commented on my post.

ISA Halifax Current 1.45% (dropping in July)
Initial Deposit £1646, £250 a month saved for 12months = £4690.04
(£44.04 interest after a year)

Compared to TSB 5% Current 3.91 after tax
Deposit £1646, £250 a month saved for 12months = £4765.88
(£119.88 interested after a year)

How can I not be happy with that? It's going to take 5minutes to move the new savings in and make sure both accounts credit the £500. Not bad for 5 minutes work every month over the year....1 hour of my time for £80 = happy days!

Archi_Bald

Well done 2015newstewart!

BUT (and sorry I didn't mention this earlier)

• The max you get interest for in one TSB Plus account is £2,000. You are going to bust this quite quickly with you monthly £250s
  
  You could get a joint TSB Plus as well, making it 3 between the two of you, space for £6,000. Also, Nationwide FlexDirect pays 5% on up to £2,500 albeit only for one year. Again, you could have 3 between you.
  
  
• don't forget, you must set both, paperless statement and paperless communication to yes, else they won't pay interest.

2015newstart

Having the two between us will keep us going for a few months until we get a chance to pop into branch together.

We're planning on filling these first and then having another look what's on the market...hopefully the isa rate's will shoot up oh and I'll win a treble rollover on euromillions twice:rotfl:

I feel financially reborn.....what a plonker for using an isa for the last 8months of saving. I'm normally so switched on, i'm cross with myself!:mad:

Archi_Bald

Don't beat yourself up over it - with all the "must have a cash ISA" mania that we are constantly subjected to, it is easy to miss the wood for the trees. Be proud that you got yourself out of that now :cool:

2015newstart

Thanks Archi.....i love this site! Knowledge is a powerful tool and best shared. x

dave_dph

2015newstart wrote: »

I'm the proud owner a new tab 5% current account and a hubby has one too. I've moved the money from my 2014/15 isa into my account and will add to it monthly. Will move the £500 across the two accounts to make sure they both qualify for the 5% bonus.

Hi 2015newstart

Someone will correct me if I'm wrong, but I believe the £500 monthly funding cannot come from another TSB account. Did you say you had the Santander 123 account? If so it's best to push the £500 through there and back to the other TSB account.

Apologies if I'm wrong. I do the monthly funding routine every month through at least 9 current accounts, I always make sure each one is credited via a different bank.

Archi_Bald

dave_dph wrote: »

Someone will correct me if I'm wrong, but I believe the £500 monthly funding cannot come from another TSB account.

consider yourself corrected since you are indeed wrong. TSB accepts internal swaps (as do Lloyds, BOS and TSB).

dave_dph wrote: »

Did you say you had the Santander 123 account? If so it's best to push the £500 through there and back to the other TSB account.

Santander needs the money to come from an account other than a Santander one in your name. Nationwide needs the money to come from a non-Nationwide account.

Payments from an unrelated bank will obviously always be safest but this might involve more work/checks.

jimjames

2015newstart wrote: »

Thanks Archi.....i love this site! Knowledge is a powerful tool and best shared. x

So good to have feedback from someone that has benefitted from help here that makes it all worthwhile.

Main thing is that you now have a plan to make the most of your money. Good luck!