Am I doing it right? Maximising savings and income

colsten

sho_me_da_money wrote: »

2 incentives too?

if you mean joining incentive: no

sho_me_da_money wrote: »

Is it possible to open another one now? or as the first response says - a joint account?

yes, you can have a 2nd one but it must be a joint account

Pls read the forum about joint accounts before you jump

YorkshireBoy

colsten wrote: »

Can't really answer that without knowing...how much you plan to add per month

First post reads as though £250 a month would be the maximum?

1christopher

colsten wrote: »

Your FlexDirect takes £2,500.

See below

colsten wrote: »

You don't mention getting the monthly fiver?

Apologies, I do get that...

colsten wrote: »

Can't really answer that without knowing what your total savings are now, and how much you plan to add per month

Total savings as listed above, hence FlexDirect account being at 2000. Aiming to grow by 250 each month at the end of the month to satisfy the TSB regular, and putting any overtime straight in to savings.

(Apologies for non-quotes in previous replies - been a while since I've actively contributed to a forum and couldn't find the button!)

Kendall80

If you can fill it and meet requirements the Club Lloyds current account pays more interest than the TSB monthly saver.

Jogle

Kendall80 wrote: »

If you can fill it and meet requirements the Club Lloyds current account pays more interest than the TSB monthly saver.

The TSB Monthly Saver pays 5% while the Club Lloyds pays 4%.

With the OP being able to save £250 a month, putting that into the TSB monthly saver is better than the Club Lloyds (admittedly First Direct or M&S would be better). Once the year is up on the TSB saver and the Nationwide Flexdirect, then the Club Lloyds would be an option

colsten

Kendall80 wrote: »

If you can fill it and meet requirements the Club Lloyds current account pays more interest than the TSB monthly saver.

The OP doesn't presently have enough to even fill the 5% accounts, not to talk about the £850 a month that could be fed into 6% accounts. Putting money now into an account that needs at least £4,000 to pay 4% would seem a step in the wrong direction.

OP, thanks for clarifying the amounts involved. There might be a bit of fine-tuning with 6% accounts you could consider. Specifically the First Direct one might be of interest, as you can generally get a switching bonus at FD. You have, however, just missed the £150 offer, which will no doubt come back before long, as it does regularly pop up on MSE. Worth getting ready with an appropriate donor account for when it appears next. There are also one or two switch offers, e.g. one at Halifax. Assuming you haven't done any of them yet.