Opening dummy accounts, DD'S and standing orders

sindakit

Ok, so trying to figure out best way to make my money work.
I've just switched from my natwest current account paying 1.58% to to Santander 123. I have around 6k in savings so getting the good ol' 3%. All DD will transfer so cashbook galore!

After I went ahead with that, I seen I could have gotten 6% saver account with First Direct plus a £100 bonus so now I'm thinking of opening a dummy account to grab this deal.

Also, tesco and M&S deals look pretty decent.

Some questions:
Is there a limit to how many accounts you can make?

Dummy Direct debits to meet criteria - any suggestions on how to best set up these?

Some accounts ask for you to pay in certain amounts to qualify for bonus - can you bounce standing orders around to make this work?

Cheers

ceredigion

sindakit wrote: »

Ok, so trying to figure out best way to make my money work.
I've just switched from my natwest current account paying 1.58% to to Santander 123. I have around 6k in savings so getting the good ol' 3%. All DD will transfer so cashbook galore!
Could do better.

After I went ahead with that, I seen I could have gotten 6% saver account with First Direct plus a £100 It is a regular saver bonus so now I'm thinking of opening a dummy account to grab this deal.

Also, tesco and M&S deals look pretty decent. Depends what you are looking for.

Some questions:
Is there a limit to how many accounts you can make? No

Dummy Direct debits to meet criteria - any suggestions on how to best set up these? Tesco's

Some accounts ask for you to pay in certain amounts to qualify for bonus - can you bounce standing orders around to make this work? Yes

Cheers

........................

YorkshireBoy

Will your Santander "cashback galore" exceed £5 per month in January?

Why aren't you (thinking of) using TSB, Lloyds, and Nationwide? Various permutations, the best offering an aggregate 4.5% AER (half as good again as Santander!)

Use new money from income to fund the 6% reg savers, perhaps boosted by drip-feeding from the 3/4/5% 'clean' accounts listed above (whilst noting any tiered interest rate constraints).

Treat switching incentives and best interest rate as two different activities. The former will make you far more than the latter over the short to medium term, especially as you currently only have a £6K lump.