cashing in on rewards

markharriers

badger09 wrote: »

If you put £5k in Club Lloyds, it will all earn you 4% (assuming you meet the other T&C of the account).

Just done the maths with on online interest calculator

£5000 earning 4% with club earns 163 net 12 months

£5000 earnig 3% with santander earns 122 net 12 months

Thats £41 you have made me

Now to look at some others you mentioned

badger09

markharriers wrote: »

Just done the maths with on online interest calculator

£5000 earning 4% with club earns 163 net 12 months

£5000 earnig 3% with santander earns 122 net 12 months

Thats £41 you have made me

Now to look at some others you mentioned

Perhaps you should send me £20.50 :rotfl:

markharriers

badger09 wrote: »

Perhaps you should send me £20.50 :rotfl:

well this still leaves me with £15000 to leave santander to a new home so your works only a quarter done lol

Eco_Miser

markharriers wrote: »

Hi i was on the understanding that because the 6% is a drip feed account i was better putting the lump sum in a 3% for a year, rather than just earning 6% on £300 once a month. It would be beneficial for small savers but for savers with lump sums the £3600 would earn more in my santander 3% over 365 days, please correct me if im wrong?

If that part of the £3600 not yet at 6% was earning nothing, that would be true, but if over the year you move the £3600 from a 3% account to a 6% account, you must earn more than leaving it in a 3% account for the whole year.

jimmy98545

colsten wrote: »

Many people open 'donor' accounts for the explicit purpose to switch the account for a bonus. If it's the first time you switch an account, you can do it as soon as it is 'ready' (e.g. has any requisite DDs etc). If you want to switch it again, check that you don't fall foul of the original switching terms (e.g. Nationwide take the switching bonus back if you switch within 3 months).

Halifax allows 1 sole and 1 joint Reward account.

The 'trick' you are looking for is to read the T&Cs as they will govern your accounts and offers.

I have looked and can not "see Nationwide take the switching bonus back if you switch within 3 months)." please can you tell me for sure thanks

colsten

jimmy98545 wrote: »

I have looked and can not "see Nationwide take the switching bonus back if you switch within 3 months)." please can you tell me for sure thanks

Where did you look? Did you check the T&Cs, as I suggested earlier?

jimmy98545

yes looked the terms in the link above



8.We reserve the right to claim back the offer payment from both parties if the recommended customer closes their account within 3 months of our crediting their account with the offer payment. We will do this by debiting the offer payment from both your and their account.

so its just saying this about referals

colsten

well, their 'just referrals' offer is a switching bonus that gets reverted if account gets closed/switched within 3 months.

As I posted earlier: The 'trick' you are looking for is to read the T&Cs as they will govern your accounts and offers.

jimmy98545

payment from both your and their account this is nothing to do with a new person taking the offer solely its about recommending a friend

that's why it says both parties

markharriers

jimmy98545 wrote: »

payment from both your and their account this is nothing to do with a new person taking the offer solely its about recommending a friend

that's why it says both parties

The account i would switch to would be first direct anyway, its no hard ship to leave the account open for as long as required.
As suggested above i will read terms and conditions as i did with nationwide as i will be setting up a standing order to pay £1000 (required to receive the interest) from my santander then it will go back into my santander 2 days later.
Advice if people are unaware is the £1000 can not be paid from another nationwide account as it will not count hope this helps.

I'm going to open a club lloyds as i was unaware it offered 4% on the whole some and put £5000 in.

I'm also going to open the nationwide flex direct and max it to £2500.

I'm unsure weather to open a Barclay blue rewards for the £4 a month that i would gain? is it worth the hassle?

Also i was told that you could pay yourself direct debits i.e to your Paypal etc would someone be kind enough to shed some light on this for me as i am running low on direct debits?

many thanks in advance