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

purplemusky

littlej0hn wrote: »

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

Thanks for your response. Could I set up a 3 accounts with Tesco one in my name one in husband's name and a joint one?

YorkshireBoy

littlej0hn wrote: »

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

I'd go with Nationwide FlexDirect* & TSB Plus, which would take £4.5K straight away and each pay 5% AER. However, I'd also open a regular saver with Nationwide (and probably TSB too), which would very quickly take the remaining £1K.

In fact, I'd then diminish the current account funds to get more in the regular savers, thereby leaving some room for any unforeseen lump sums that may be received, and also ensuring the AER is achieved on the current accounts rather than just the gross p.a. rate (of 4.89%). I'm aware there are other ways of ensuring this, but they're probably not as 'easy', ie maintenance free!


* 12 months only.

YorkshireBoy

purplemusky wrote: »

Could I set up a 3 accounts with Tesco one in my name one in husband's name and a joint one?

Yes but...

You can hold two accounts, so a total of 4 between you (max £12K @ 3% AER). If there are two of you and you go the joint route you're limiting it to 3 accounts between you (max £9K @ 3% AER).

eskbanker

littlej0hn wrote: »

You could set up a regal saver with your TSB

Suitable place for a king's ransom perhaps?

steveyt_2

Hi....thanks for all your help and on my way to taking all your advise now i am a bit clearer on things.

Ive got 2 doormant Halifax current accounts i do not use so i used one this morning via the switching sevice on Martins site to a TSB CLASSIC PLUS account to bag the £100 switching fee BUT upon completion i realised i didnt qualify because the Halifax account didnt have 2 active direct debits. CAN I CANCEL THIS EASILY BEFORE THE 7 DAY SWITCH ??

That said..... if i cant cancel i am willing to let it go as will use the new TSB account to qualify for the TSB Regular Saver Account but with my other Halifax Account i have, i was going to open up a 1st Direct Account but while i know i have to fund it to the tune of £1000 over 3 months, i need to know do direct debits come into play here too???

I cant see any mention of them and do not want to make the same mistake again !!

boomish

Oh my gosh I am so confused now, I know there lots of posts detailing this but I have a few questions. I have started to look into this juggling of money around high rate accounts to earn interest.
My wife & I have 2 x ISA 17k & 20k in Santander earning next to nothing, & recently got a letter saying interest is going down. Rather than open/upgrade to another ISA I thought I'd try some of this HR account cash juggling.
Today I got as far as opening a Nationwide Flexdirect, I infact had a previous account so simply upgraded it. I tried to open a regular saver but it won't let me , it says I need a main account. So I put in 2500 from my ISA thinking that might do it but nope, maybe it takes a day or two.

I presumed the trick is to setup DD from one account to another t cover the min income, but after reading some more it seems some of the accounts have restrictions on DD's, and it mentions if your single in the first post, why does that matter, I see a few replies here saying both husband & wife should open accounts, so now I'm confused.
Can anyone give me a simple breakdown of what to open & setup for the 17k & 20k?
I'd really appreciate the help..we haven't much more from our current earnings to invest and have a wedding to pay for this year so every penny really counts:)

Just found the http://www.bankaccountsavings.co.uk/ tool!! amazing but the results doesn't mention Nationwide..is this still good to follow?
"You can place £37,000 in 10 accounts to give £1,104 a year return (net 3.0% interest)"
They list 3xTSB, 3xClub Loyds, 3xBank of Scotland & 1xTSB then 12 xSTO & it says also 6 DD's to setup but it doesn't say what ones, and not sure what it means by having to have charity donations

Eco_Miser

boomish wrote: »

My wife & I have 2 x ISA 17k & 20k in Santander earning next to nothing, & recently got a letter saying interest is going down. Rather than open/upgrade to another ISA I thought I'd try some of this HR account cash juggling.
Today I got as far as opening a Nationwide Flexdirect, I infact had a previous account so simply upgraded it. I tried to open a regular saver but it won't let me , it says I need a main account. So I put in 2500 from my ISA thinking that might do it but nope, maybe it takes a day or two.

Maybe it does, or maybe it's getting confused with the 'pay in £750 pm for 3 months' rule for a different Nationwide account.

boomish wrote: »

I presumed the trick is to setup DD from one account to another t cover the min income, but after reading some more it seems some of the accounts have restrictions on DD's,

You cannot use a DD to move money into a current account. You move money with Standing Orders, or manually by faster Payments as needed.

The DD requirements are intended to show that you are using the account as your main account, but you can actually use DDs from saving accounts in your name to pull money from a linked current account. Most such accounts only link to one current account, but there are two accounts, both from the same bank, which can link to, and therefore pull from by DD, many current accounts, all in the same name. You'll find it mentioned many times on this board.

boomish wrote: »

and it mentions if your single in the first post, why does that matter, I see a few replies here saying both husband & wife should open accounts, so now I'm confused.

If you're single you can only open one of each account (except Tesco and BOS), therefore you can only get good interest on around £50k. If you're married (or otherwise have someone to open joint accounts with), each of you can open one of each account, plus a joint account (For Tesco and BOS, you're better off having two or three sole account each instead), allowing around £130k to be saved.

boomish wrote: »

Can anyone give me a simple breakdown of what to open & setup for the 17k & 20k?

Just found the http://www.bankaccountsavings.co.uk/ tool!! amazing but the results doesn't mention Nationwide..is this still good to follow?
"You can place £37,000 in 10 accounts to give £1,104 a year return (net 3.0% interest)"
They list 3xTSB, 3xClub Loyds, 3xBank of Scotland & 1xTSB then 12 xSTO & it says also 6 DD's to setup but it doesn't say what ones, and not sure what it means by having to have charity donations

Put £7500 across three Nationwide FlexDirect, and £1000 across two of their Regular savers, then see what Bank Account Savings says about £28500. {It drops two of the BOS accounts. I'd drop all of them, and have three or four Tesco accounts (3% on up to £3000, no pay-in or DDs required)}

Set up SOs to pay in at least the minimum required for each account, and £500 into each of the regular savers each month( from the Tesco accounts via FlexDirect).

Set up direct debits on those accounts that need them (read the T&Cs - also go paperless on the TSB accounts). These could be your utility and other household bills, or donations to charities, or pulls into a linked saving account in your name.

You could get slightly more by also opening TSB monthly savers, taking the money from whatever is the lowest paying account (remember Lloyds only pays 5% on balances of £4000 or more). If you're going to be saving more, this is fine, if not you have to drip feed from the existing accounts, which takes extra managing (reduce the Tescos to £1, then reduce the Lloyds to £4000 each, then empty one of the Lloyds, boosting the other two back to £5000, and Tesco takes the balance, and repeat).

boomish

Eco Miser that is amazing!! you don't how grateful I am..we are! thank you thank, you thank you.
What a great place MSE is..

Eco_Miser

I amaze myself sometimes

Basically, it's a matter of working down the accounts in the first post, and seeing what's appropriate for the money you've got.

BTW, don't forget to move the monthly interest to where it will earn the most.

Robbieh

steveyt wrote: »

That said..... if i cant cancel i am willing to let it go as will use the new TSB account to qualify for the TSB Regular Saver Account but with my other Halifax Account i have, i was going to open up a 1st Direct Account but while i know i have to fund it to the tune of £1000 over 3 months, i need to know do direct debits come into play here too???

I cant see any mention of them and do not want to make the same mistake again !!

Hi, I've just switched to FD taking advantage of the £150 incentive and the 6% reg. saver. NO DD's needed, also if you are able, keep the money for the RS in something like the Tesco acc. for dripfeeding so you get interest on it there too.