making the most £ from interest with my cash

joeblags

so i have my main account Halifax, £5 a month
tsb with £2k & i just opened a monthly saver which pays 5% i set up to save the max £250 a month.




club Lloyds with £5k , i was going to open a monthly saver with them aswell for a few £ each month , they offer upto £400 a month saving but i cant afford to fill the full £400 a month aswell as stick £250 in the tsb aswell as this will be coming from my wage each month.
i think i also have around 3k sat in my Halifax savings account which offer less than 1% , weres best to stick this 3k now to get some sort of better interest rate


cheers

HappyMJ

Get a 0% on purchases credit card for 1 year. Use it as much as possible for everything. Save what you would have spent in a regular saver. When the regular saver switches to a normal savings account withdraw the money and pay off the credit card. You'll make a bit of cash doing that. Is it worth the hassle? I think so and I do that.

Use the £3k you have saved to contribute the full £400 a month to the regular saver. Your contribution does not have to come from income it can come from savings. Best rate you can get on instant access money is around 1.65%. Tesco pays 1.5%.

joeblags

should of said, my credit has a default so I am limited to what I can open, I best credit card I can get has 4 months 0% and a tiny limit.
current banks I was reject by
first direct
nationwide
m&s
Santander


otherwise id still be bank hopping for free switch cash. the CLUB LLOYDS is one im switching back to from Yorkshire bank after I got my £150 4 weeks ago.


I was thinking of sticking the £3k into my Lloyds with the £5k and just set up for £400 a month to go into the monthly saver.
I just noticed Tesco pay 3% on £3k aswell


with the tsb saver , when it swaps to a normal account ill then use that as a donor account to start bank hopping again for free cash as my default drops of in about 10 months or so

DragonQ

Bank of Scotland has a current account that pays 3% on up to £5000 if you add Vantage, and you can have up to 3 of these accounts. As a bonus, they use the same online banking system as Halifax (if you login to Halifax online banking, you see all of your Halifax and Bank of Scotland accounts). This should also make it easier for you to open such an account.

Archi_Bald

HappyMJ wrote: »

Best rate you can get on instant access money is around 1.65%. Tesco pays 1.5%.

It's actually 1.6% atm, but including a 12-month bonus of 0.85%. It would be much better to use Tesco current accounts for instant access money, up to £6K, as you get 3% in them.

joeblags

DragonQ wrote: »

Bank of Scotland has a current account that pays 3% on up to £5000 if you add Vantage, and you can have up to 3 of these accounts. As a bonus, they use the same online banking system as Halifax (if you login to Halifax online banking, you see all of your Halifax and Bank of Scotland accounts). This should also make it easier for you to open such an account.

sounds good, do you need 2 dds set up ?

DragonQ

joeblags wrote: »

sounds good, do you need 2 dds set up ?

Nope, just transfer £1000 in and out each month.

MDMD

joeblags wrote: »

with the tsb saver , when it swaps to a normal account ill then use that as a donor account to start bank hopping again for free cash as my default drops of in about 10 months or so

Do you mean the regular saver (the current account should continue indefinitely)? This only swaps to an ordinary savings account and you can't switch that.

joeblags

MDMD wrote: »

Do you mean the regular saver (the current account should continue indefinitely)? This only swaps to an ordinary savings account and you can't switch that.

oh ye so it is, for some reason I thought it changed to a normal current account. should read the full thing instead of skim reading