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Interest limit reached - now what?

Mimi_Arc_en_ciel
Mimi_Arc_en_ciel Posts: 4,851 Forumite
Part of the Furniture 1,000 Posts Photogenic Name Dropper
in Savings & investments
Hiya,

I have a Halifax Acc and a TSB Classic Plus Acc.

The Halifax is my "main" account - I've paid my "yearly" expenses (car tax etc) in full, then what would have been the monthly repayments I transfer into the TSB account.

Now - The TSB account is at £2k. I'm not getting any more interest on anything over the £2k. So what do I do? None of my "yearly" accounts are due for repayment any time soon...

Any ideas what I should do to make my money "work for me"? Thanks!
«1

Comments

  • macman
    macman Posts: 53,129 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Santander 123?
    No free lunch, and no free laptop ;)
  • enjoyyourshoes
    enjoyyourshoes Posts: 1,093 Forumite
    Seventh Anniversary 1,000 Posts Combo Breaker
    Lloyds club- higher interest than Sanatnder
    Debt is a symptom, solve the problem.
  • enjoyyourshoes
    enjoyyourshoes Posts: 1,093 Forumite
    Seventh Anniversary 1,000 Posts Combo Breaker
    Also, get a partner open TSB in their name then get joint TSB (making 3)
    Debt is a symptom, solve the problem.
  • Mimi_Arc_en_ciel
    Mimi_Arc_en_ciel Posts: 4,851 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    enjoyyourshoes wrote: »
    Also, get a partner open TSB in their name then get joint TSB (making 3)


    I haven't got one anymore... but if anyone knows of a single brad pitt look a like let me know ;) plus - I'm seriously against joint accounts (or joint anything for that matter!) been burnt by ex!

    I was briefly reading up on drip feeding but I don't understand it....

    Do I do this:

    Halifax > TSB (Usually "monthly" payment)
    The TSB > ??? keeping the TSB account @ £2k ? What about the interest? Where does that go?
  • jimjames
    jimjames Posts: 18,800 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    macman wrote: »
    Santander 123?

    Tesco would be better as it pays 3% on £1 to £3000.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Mimi_Arc_en_ciel
    Mimi_Arc_en_ciel Posts: 4,851 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    jimjames wrote: »
    Tesco would be better as it pays 3% on £1 to £3000.


    So would I open a Tesco account - pay the "normal" amounts into TSB - Then move that amount, plus any interest into the Tesco account to keep the TSB account @ £2k?
  • Bored
    Bored Posts: 390 Forumite
    Part of the Furniture 100 Posts Name Dropper Debt-free and Proud!
    Can't you have two TSB current accounts? I was planning on opening a second after reaching £2k.
    2023 Mortgage-Free Wannabe #19: £11,675.68/£13,000
    Mortgage Overpayment Total: £22,397.1
  • Eco_Miser
    Eco_Miser Posts: 4,905 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Bored wrote: »
    Can't you have two TSB current accounts? I was planning on opening a second after reaching £2k.
    Not any more, unless you've opened them already, or one is a joint account.
    Eco Miser
    Saving money for well over half a century
  • saintalan
    saintalan Posts: 562 Forumite
    Part of the Furniture Combo Breaker
    Eco_Miser wrote: »
    Not any more, unless you've opened them already, or one is a joint account.

    If you already have 2 can you still open the joint a/c?
  • castle96
    castle96 Posts: 2,998 Forumite
    Part of the Furniture 1,000 Posts
    "What about the interest? Where does that go? "

    set up a s/order to cream off the interest
This discussion has been closed.
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