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

Special_Saver2

I just wanted to thank ratechaser and other experienced MSE forum users who have been contributing to this thread and helping the newbies. I think having advice and specific details in the posts above on how it all works helps the newbies and avoids people having to post the same and questions and answers repeatedly on the forum.

SS2

---

For those new to this thread, the first post is updated when there are changes and it can be found here: https://forums.moneysavingexpert.com/discussion/5374614

Jhoney_2

bigadaj wrote: »

Oh no they're not.....

Sorry, just to clarify I didn't meant ALL everyday accounts. Yours may be current accounts, but they do also offer (and I have) everyday savers so I cannot use mine for the switching AFAIK.

patientperson

Special_Saver2 wrote: »

I just wanted to thank ratechaser and other experienced MSE forum users who have been contributing to this thread and helping the newbies. I think having advice and specific details in the posts above on how it all works helps the newbies and avoids people having to post the same and questions and answers repeatedly on the forum. SS2

Agreed. It seems to me that threads are also started on a near daily basis .. what to do with 10k, 50k, etc, etc.

The answers given are mostly the same. Do these posters never read the BB or are they too lazy and expect the same regulars to answer their specific question?. Almost always in the same way.

purplemusky

YorkshireBoy wrote: »

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.

I've now opened a Tesco account and deposited £3,000 into that. I have also opened the TSB Classic Plus. I have £2,500 left to put somewhere - can I put the whole of the £2,500 into the TSB Classic Plus account and just leave it there to accrue the interest?

Thanks

yellow44

You could leave the £2500 in the TSB current account but you will only get 5% interest on £2000.

Why not do as Yorkshire Boy suggests and open a monthly saver with TSB and put £250 away for the first 2 months and then a smaller amount after that. So you are earning interest on all of it??

And don't forget that you need to transfer £500 every month from your Tesco current account to your TSB current account and then back again to fulfil the monthly requirement. And elect for paperless statements AND corresspondance.

jimjames

purplemusky wrote: »

I've now opened a Tesco account and deposited £3,000 into that. I have also opened the TSB Classic Plus. I have £2,500 left to put somewhere - can I put the whole of the £2,500 into the TSB Classic Plus account and just leave it there to accrue the interest?

Why leave it in an account where you get zero interest? Assuming you mean you'd have £4500 in your TSB account. If you open another Tesco account you'd at least get 3% on the whole £2500. Not the best rate but certainly easiest and gets interest on the money.

YorkshireBoy

purplemusky wrote: »

I've now opened a Tesco account and deposited £3,000 into that. I have also opened the TSB Classic Plus. I have £2,500 left to put somewhere - can I put the whole of the £2,500 into the TSB Classic Plus account and just leave it there to accrue the interest?

Thanks

So most of your cash is making 3%.
A bit more is making 5%.
And £500 of it is making nothing!
And you've opened 2 current accounts to do this.

So I make that just under 4% overall.

I'm left wondering why you didn't want it all making 5% with the same number of current accounts and a regular saver? Maybe you felt you'd rather not have the additional £60-70 available to you for almost the same effort?

colsten

patientperson wrote: »

Do these posters never read the BB or are they too lazy and expect the same regulars to answer their specific question?.

Very few ever bother with doing their own research, and sadly, they are being spoon-fed all the time by silly sods such like myself. I am trying to reduce my repetitions but sometimes I forget that I want to do that.

steveyt_2

I am very nearly there juggling my finances around. Me and the wife have just swapped to a Nationwide Flexplus account as we need a package account for the insurances. Then we each have a TSB Classic account (each one feeding a regular saver) and we have a joint Classic account too.

I have opened a First Direct Account and also their regular saver.

With money still available to play with i may open either one FlexDirect account each or put 5k into a Lloyds account but i realise thats 1% less in interest.

Its a big juggling act and i have letters galore from the banks with all the new accounts being opened but its been fun making the most of the best interest rates out there.

Thanks to all those that helped with their advise.

colsten

steveyt, you haven't mentioned any switching bonuses. I hope you haven't lost out on hundreds of pounds.