What is the Highest Interest Rate / Cashback / Rewards You Can Get?

steveyt_2

eskbanker wrote: »

Not sure if I'm missing what you're referring to here, but assuming it's not overdraft charges and the like and that you're talking about the mainstream interest-paying accounts that this thread is about (rather than packaged accounts, etc), then they don't charge fees, except for the Santander 123.

.... just saying, i just want to make the most of my capital but it seems that most of the best deals like Nationwide Flex charge you a fee per month and you have to have so much going in and so many Direct Debits to qualify per month for the 5% up to £5k etc. I believe most are the same but I know some pay a good % without paying direct debits but still want you to put so much in a month hence why you have to move your money around and keep on top of it

I really don't want me and the wife to keep opening an account each and a joint one to get a couple of extra quid.

If its a fortune i am missing out on then fair enough

YorkshireBoy

eskbanker wrote: »

Not sure if I'm missing what you're referring to here

I assumed he was referring to the requisite monthly funding on most of the accounts?


EDIT: I was wrong. The post above shows it's a total misunderstanding on steveyt's part. He needs to re-visit the first post in this thread, and also the relevant accounts' T&Cs before making any move into this area.

colsten

steveyt wrote: »

.... just saying, i just want to make the most of my capital but it seems that most of the best deals like Nationwide Flex charge you a fee per month

No they don't. As eskbanker already said, only Santander 123 charges monthly fee [that you cannot avoid]

steveyt wrote: »

and you have to have so much going in

not an issue, really, if you have enough money to send round your accounts - which applies to everyone who is keen on exploiting multiple current accounts. It can all be automated if you wish (SOs), or you can do it manually once a month if you want to spare half an hour over it.

steveyt wrote: »

and so many Direct Debits

that's also not a big problem

YorkshireBoy

steveyt wrote: »

If its a fortune i am missing out on then fair enough

Two of you could get £13.5K of your £20K cash making 5% AER instead of 3% over the next year. That's almost double what Santander will pay you (ignoring cashback and the £5 fee).

The other £6.5K could be very quickly (inside 6 months) drip fed from a pair of Tesco current accounts into 5% regular savers with two of the 5% current account providers mentioned above.

In short, around £500 more interest over the next year...for opening accounts with just 3 providers between you. And another £400-600 in switching incentives if you play your cards right.

So, how does an extra £1,100 (over and above what you'd get at Santander) in your pocket over the next year sound?

gardenlil

Hi my newbie question may either have been overlooked or considered too daft to reply to, but I am nonetheless going to try again...! Are there any pointers please on how to apply for multiple individual accounts with the same bank (e.g BoS and Tesco)? Do you just apply on-line twice, do you need to leave a gap in time or anything?
many thanks

eskbanker

steveyt wrote: »

it seems that most of the best deals like Nationwide Flex charge you a fee per month

You need to read more carefully! Admittedly, Nationwide have five different accounts called Flex<something> but only one charges a monthly fee and it isn't the one featured in this thread, the FlexDirect that pays 5%.

eskbanker

gardenlil wrote: »

Hi my newbie question may either have been overlooked or considered too daft to reply to, but I am nonetheless going to try again...! Are there any pointers please on how to apply for multiple individual accounts with the same bank (e.g BoS and Tesco)? Do you just apply on-line twice, do you need to leave a gap in time or anything?
many thanks

No golden rule, multiple applications on the same day have been reported on here as being successful but others have had issues (which may be down to timing or could just be outright declines regardless of timing). Unless you're in a mad rush to open multiple accounts with each institution quickly, then you could try spacing them out by a few days or wait until first accounts are fully open before going back for seconds. Personally I was unable to open my third BoS online (maybe my second too) and had to do so by phone, but that was a while ago now.

Eco_Miser

steveyt wrote: »

Martin Lewis says in his show the other week that if you have £20,000 to save then this is still the account for you if you do not want multiple accounts to open up.... CORRECT ME IF I AM WRONG HERE PLEASE as i do have a lump sum of £20k to save but do not want to juggle up my direct debits and pay fees on multiple accounts

IF you have £20k, and IF you can't be bothered getting 5% instead of 3% on half the money, THEN Santander is the account for you.
IF you don't want to pay fees, then the Santander account is NOT for you, since that is the only account (amongst those under discussion) that charges a non-avoidable fee.

You worry about having a few pounds in an account not earning interest, as it's over the interest-earning limit, but you're happy to accept 3% instead of 5% on over £10k, and 3% instead of 4% on over £5k, and 3% instead of 6% on whatever the 6% Regular Savers take. Doesn't make sense.

purplemusky

If I have £5,500 lump sump and don't really want to add to this on a monthly basis, just want to get a good interest rate on what I have.

What are my best options? I don't really want to set up Direct Debit's out of the account and pay in my salary.

Thanks

littlej0hn

If I have £5,500 lump sump and don't really want to add to this on a monthly basis, just want to get a good interest rate on what I have.

What are my best options? I don't really want to set up Direct Debit's out of the account and pay in my salary

Purplemusky, look at tesco and TSB.

Tesco is a simple account that requires no d/ds and no charge. 3% up to 3K.....you may be able to get two of these accounts.

TSB pay 5% on 2K and no charge. It does require £500 a month to go in, but you could rotate this easily between accounts. You can only have one of these but you could get a second joint account. I personally have two (1 for me and 1 for the wife) we will open a joint but requires a visit to the branch.

You could set up a regal saver with your TSB (know you don't want to add to what you have) pay the surplus £500 in two instalments and then leave it for the rest of the year. You won't get a penalty, still get the 5% and you can withdraw at anytime

I'm sure someone else will have a take on this, but these are simple accounts