Bank Account Savings Planner

jamesd

If you want to put lots of money in bank accounts to get more interest there's a handy planner at http://www.bankaccountsavings.co.uk/ . You tell it how much money you want to deposit and it'll tell you the leading accounts and a series of standing orders to set up to meet their minimum funding requirements.

The interest rates are often pretty rubbish compared to the higher paying P2P or VCT options but for money protected by the FSCS this looks like an excellent tool.

There's an MSE guide to savings rates but it's not anywhere close to as good as this tool for planning things out.

At the moment the site doesn't seem to be making any money from referral links or advertising but that could change. Or it could simply stay as it is now, an enthusiast sharing a neat tool to streamline setting things up.

Jsscmm

Nice website. It seems to have missed the 5% of NW FD but that could be due to the 1 year nature of that account. Also seems to be limited to 3% or higher, which is a reasonable cut off point imho.

Overall a good 'un.

sonnymarce

Hello,
From last year I am saving my all salary in account and I got very few interest on the amount. Is there any other account which gives more interest than saving account?

redux

sonnymarce wrote: »

Hello,
From last year I am saving my all salary in account and I got very few interest on the amount. Is there any other account which gives more interest than saving account?

Some bank accounts are better than savings accounts, as that website and other discussions here demonstrate.

But this will only be useful if you're in the UK. If you're posting a few as yet innocuous comments in preparation for a future spamming career, and based in India or Pakistan, the information won't be much use to you.

--_Adam_--_2

Hi, I'm the developer of the tool. It's not intended to be commercial, just a site to empower those who are looking to make the most out of their savings.

I'm hoping that my original thread will be reinstated as it had interesting debate on how to make the tool better...

Adam

bowlhead99

I didn't see the original thread but I like the tool.

As an idea for your next version: Calculate two or three other permutations of accounts which offer lower returns but give the trade-off of fewer accounts to work with.

For example, you have £26k, no joint account holder but don't mind having direct debits. The tool suggests using TSB and Lloyds and then three BOS and two Tesco accounts, the latter five accounts being all at 3%.

Personally, I couldn't be bothered with the hassle of spreading £20k over five accounts across two different banks for 3% when I could instead put £20k in a single Santander account and let that bank siphon off their nominal £2 a month fee. Total return as a basic taxpayer drops from £696 to £672 but you are then just dealing with three accounts instead of seven.

For those who are cash rich time poor (as opposed to those who are cash poor time rich), a second or third option using a bit of 'fuzzy logic' for a lower hassle way to get almost as good returns, would be welcome.

The same example with couples - if you're a couple with £61k, you will each be opening up three accounts at BOS and two accounts at Tesco, (total ten accounts) to hold the last £40k of your cash stash. But if you were willing to pay the account fees at Santander you could replace those last ten accounts with just two. It's less optimum solution, but as it only drops your overall effective interest rate by less than a tenth of a percent, many would take it.

A bit like if you are using a satnav, there is a shortest route, a quickest route, a route avoiding tolls, etc etc.

--_Adam_--_2

Hi bowlhead99,

I like the idea - I'll try and add this in over the next couple of days.

Adam

plunt

Think the cal is a bit wrong. Try putting in 5k. Surely just a club Lloyd's is the best choice.

Though do think its a nice clean site

bsms1147

plunt wrote: »

Think the cal is a bit wrong. Try putting in 5k. Surely just a club Lloyd's is the best choice.

£1000 in a TSB Plus and £4000 in a Club Lloyds would be the better still.

Though do think its a nice clean site

Agree.

plunt

Ha true. My bad .

--_Adam_--_2

Hi All,

I've now updated the calculator to show two results - a "simple savings" which uses the larger accounts first, and then "max interest" which is your hardcore-open-lots-of-accounts result.

Adam