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

YorkshireBoy

flopsy1973 wrote: »

I have 30k in my hsbc account earning nothing. What is the best way to maximise this.

i want to keep it as simple as possible

These two statements are mutually exclusive! You won't be able to "maximise" the return whilst keeping it "simple". The more hoops you're prepared to jump through (ie DDs, multiple accounts), the better the return.

That site (along with the first post in this very thread) offers everything* you need to be able to decide for yourself what you want to do, without the need for further "advice". But here's some anyway...

Maximise: Nationwide FlexDirect, TSB Plus, Club Lloyds, 3 x BoS Vantage, 2 x Tesco...and then drip feed regular savers from the first 3 providers using funds from, firstly Tesco and then, secondly BoS (whilst keeping each account at >£3K). Alternatively, or mixed in with the above, 6% regular savers from FD, HSBC, & M&S again drip-fed from the 3% paying accounts.

Simple: Santander 123 & a couple of BoS Vantage, and spend the interest!


* With one exception...Nationwide FlexDirect (but that only accounts for £2.5K, and for the first 12 months only).

flopsy1973

ok what roughly are the amount of interest i could earn between doing it the 2 different ways? is there a calculator for that ?

YorkshireBoy

flopsy1973 wrote: »

ok what roughly are the amount of interest i could earn between doing it the 2 different ways? is there a calculator for that ?

You need to play around with the calculator. Start by ramping the dial round to £150K and read off the results returned on the 2nd page for your chosen accounts (or my chosen accounts!).


Drip-feeding is a little more complicated, but very roughly (and very obviously?) if you're drip-feeding a 6% account from a 3% account the aggregate return is 4.5%

flopsy1973

does not seem to be much difference- if i am contstantly going to be recycling this money between accounts, then how is this interest being paid surely the money has to be in the account for that period ??? all the examples i see are using the smaller balance banks rather than the santander which is where i was originally going to put the 20k of the money
any advice here pls

YorkshireBoy

flopsy1973 wrote: »

does not seem to be much difference- if i am contstantly going to be recycling this money between accounts, then how is this interest being paid surely the money has to be in the account for that period ??? all the examples i see are using the smaller balance banks rather than the santander which is where i was originally going to put the 20k of the money
any advice here pls

You need to understand when your interest is calculated...it's at close of business each day. So take your money out, move it round, and pay it back in before close of business. Takes all of 10 minutes, if you do it manually via online banking...and a couple of milliseconds whilst you're fast asleep if you do it by standing order!

dickdasdedly

Hi again
So far ive opened a flex direct, club lloyds and two BOS vantage. As ive put money into these accounts on opening i dont need to set up any payments into these banks till month two as the initial opening deposits should cover the monthly minimum deposit requirements. Am i right on thinking this. Just need to set up 2 DDs in the club lloyds acc.

dickdasdedly

Hi
Ive just read martins 60 second 5% savings loop hole. Re the tsb account, as ive been with them since 1987 does that mean i can open another account and so get another 5% on £2000.

flopsy1973

ok i have meeting with santander this morning to set up account the 2 direct debits i need to set up can these be to the other accounts i plan to open lloyds and halifax ??
i was going to switch my current account to the hailfax to get the 125 switching bonus i only have 3 direct debits on my account so am possibly going to be struggling to set up these on my new accounts??

what payment schedule do i need to set up here to qualify for the interest deadlines ??

badger09

dickdasdedly wrote: »

Hi again
So far ive opened a flex direct, club lloyds and two BOS vantage. As ive put money into these accounts on opening i dont need to set up any payments into these banks till month two as the initial opening deposits should cover the monthly minimum deposit requirements. Am i right on thinking this. Just need to set up 2 DDs in the club lloyds acc.

Correct - assuming the money you have paid into each of the accounts equals or exceeds the minimum monthly funding.

badger09

dickdasdedly wrote: »

Hi
Ive just read martins 60 second 5% savings loop hole. Re the tsb account, as ive been with them since 1987 does that mean i can open another account and so get another 5% on £2000.

I haven't.

As far as I'm aware, there isn't a special condition for are long standing customers - is that what is implied?

T&C say you can have one sole and one joint Classic Plus account