How to make the most out of 14k

Kernel_Sanders

djpailo wrote: »

Nationwide > TSB > Lloyds > Tesco #1 > Tesco #2

That should cover you. You will need some direct debits for Lloyds. If you don't need access to the money then:

First Direct Regular Savings > M&S savings account > TSB savings and current account > then as above.

There might be some other savings accounts I missed.

1 x BoS would be less hassle than 2 x Tesco and still leaves capacity @ £14,500. Also Club Lloyds have a 4% reg saver (£400pm) that the MSE guide fails to mention.

colsten

djpailo wrote: »

Nationwide > TSB > Lloyds > Tesco #1 > Tesco #2

Not sure I understand what you mean by that. It seems you are essentially draining Nationwide, for the benefit of Tesco? Why is Tesco in the "loop" at all?

Kernel_Sanders wrote: »

1 x BoS would be less hassle than 2 x Tesco and still leaves capacity @ £14,500. Also Club Lloyds have a 4% reg saver (£400pm) that the MSE guide fails to mention.

The MSE article on Regular Savers definitely includes the Club Lloyds Regular saver.

I disagree that 1 x BoS would be less hassle than 2 x Tesco if Regular Savers are to be fed. The interest the BoS pays could drop very rapidly to 2% and 1.5% as money gets shifted into the Regular Savers. Tesco, on the other hand, stays at 3% regardless of balance. Also, 2 Tescos pays interest on up to £6K whilst a BoS stops at £5K.

Axon75

Eco_Miser wrote: »

For the Regular Savers, the money goes in and stays in until the anniversary of opening (usually), for the current accounts the money goes in (because the bank wants you to use their account as your main or only account, but they can't stop you having multiple accounts), and then comes out immediately, or maybe later - if you have DDs or SOs on the account, or maybe sooner if you are circulating the money and this is the source account.

The best regular savers are listed in the first few posts of https://forums.moneysavingexpert.com/discussion/608697 - which is crowd-sourced and often more up-to-date than the official article.

indeed it seems a very good article, BUT:
it lists the accounts per interest rate, while an account with lower interest rate may allow you higher savings per month, so it may end up more beneficial!!!!

also, something else: for savings accounts, you have to start with £0? or you can have more in the account and get the interest rate?

jimjames

Axon75 wrote: »

indeed it seems a very good article, BUT:
it lists the accounts per interest rate, while an account with lower interest rate may allow you higher savings per month, so it may end up more beneficial!!!!

also, something else: for savings accounts, you have to start with £0? or you can have more in the account and get the interest rate?

You get paid the interest rate on the balance in the account. Each account has different balance limits so check them for the accounts you want to use.

Archi_Bald

Axon75 wrote: »

indeed it seems a very good article, BUT:
it lists the accounts per interest rate, while an account with lower interest rate may allow you higher savings per month, so it may end up more beneficial!!!!

with £14K or so, you have no problem going for the top interest payers first as you can stick some £50K into accounts with 3% - 5% AER.

Axon75 wrote: »

also, something else: for savings accounts, you have to start with £0? or you can have more in the account and get the interest rate?

the only accounts you have to start from scratch are Regular Savings accounts.

ceredigion

You started off with 14K.
Then we get (below)

Axon75 wrote: »

3) I still have 16k resting in an account, from which I feed the Nationwide account, but I return the money after 4-5 days.

Axon75 wrote: »

one thing I dont understand is the necessity to have minimum money paid in the account monthly: you can withdraw them the next minute and you're okay?

Axon75 wrote: »

also, something else: for savings accounts, you have to start with £0? or you can have more in the account and get the interest rate?

With out stating the obvious, you do need to maintain a balance to get some interest

Kernel_Sanders

colsten wrote: »

The MSE article on Regular Savers definitely includes the Club Lloyds Regular saver.

I was referring to the inconsistency of the bank accounts guide, which mentions regular savers for other current a/c providers.
I do however accept your other points, and indeed can add to them; having 2 x Tescos instead removes the hassle of funding 1 x BoS.

Katiehound

OP states that he is a Premier HSBC customer, so for starters he is eligible for the regular saver which pays 6% with £250 pm.
Definitely worth drip feeding that one!