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

zolablue25

MissTasmanian wrote: »

I ma sure I remember reading here a few months back that the tax is not refundable because it's a gift and not interest.

I believe it is classed as income, therefore, if you are a non-tax payer (as you don't earn £11,000 p.a.) you can claim the tax back.

If you earn over £11000pa you can't. As you correctly stated, it is not interest, but it is income.

Archi_Bald

MissTasmanian wrote: »

I ma sure I remember reading here a few months back that the tax is not refundable because it's a gift and not interest.

Halifax will be unable to pay the reward gross. If you are a non-tax-payer, you can request the tax back from HMRC.

bongoali

Hi all,
Opened up 9 current accounts today, 7 in my name and then 2 joint accounts with my wife. I understand the standing order sequencing I have to do and will be depositing maximum interest earning allowance in each account.

Have four questions would really appreciate if someone could help on please

1) What do you do when the monthly interest is paid into the current accounts? Log on every month and make a one off transfer to desired place?

2) I'm also interested in opening regular saver accounts and wondering if it's possible to automate "back filling" the amounts transferred out of the CA into the RS -- what do people do here?

3) Is it a bit OTT to open up more than 9 CA...in terms of still making this automated ...I can't be faffing every month? Thinking I could ask the wife to opening some too

4) TSB and BoS can be internally funded and Nationwide has to be externally funded right? What about Tesco?

Thanks if you can help with any of these questions or point me to the post number.
All the best

bigadaj

So in order of questions

1 you can log in and sweep interest each month. I think one thing to remember is that these are still current accounts and its your money so I tend to check mine once or twice a week to confirm there's no issues.

2 you can incorporate regular saver contributions into your standing order or just fill up as you go along.

3 it's up to you how many accounts you want or need, opening that many in that short a time is unusual but you've been successful. The only slight hassle I find is with a Halifax reward in ensuring that I get my funding timing right as its the only account I don't keep a decent balance in, but easily solved with delaying standing order dates.

4 tesco doesn't need to be funded, the money can just sit there and earn interest.

Eco_Miser

bongoali wrote: »

1) What do you do when the monthly interest is paid into the current accounts? Log on every month and make a one off transfer to desired place?

2) I'm also interested in opening regular saver accounts and wondering if it's possible to automate "back filling" the amounts transferred out of the CA into the RS -- what do people do here?

Personally, I have multiple irregular income streams, so I log on and move money several times a month, with the aim of keeping the highest interest payers at exactly the optimum balance. I don't have 9 current accounts though.
I prefer to prefund the standing orders, rather than playing catch-up, but if you've got it all automated it can all happen same-day.

All standing orders are known, all direct debits and interest are predictable, so you can just incorporate them in your automated carousel, and if that means your balances are slightly off optimum, that's the price you pay for not faffing around every month.

bongoali

Thanks folks.

Like the idea of prefunding the RS. So at the start of the process, the first amount sent would be enough to cover all of the RS monthly deposits?

Where does your first deposit come from? I assume the next highest account that's capable of holding larger sums...maybe a Santander 1-2-3?

Are you allowed more than one regular saver with each bank? Maybe one regular saver per CA?

I think I will set up the standing orders for the CAs first, make sure that's all working, then open up the RS and adjust the standing orders.

Thanks again

Eco_Miser

My first transfer is from the account I use to receive payments, as it will be depleted by the value of the regular savers, and made up by the incoming payments.

That goes to the account requiring the biggest payment, drops off the amount for the matching RS, and on to the next, and so on until the remnant returns to the first account. Or sometimes start elsewhere because the first account has been depleted and not replenished - as I said, I have an irregular income.

Normally, all accounts except Halifax have sufficient to start the merry-go-round.

I think just one RS per bank at any time, but check the T&Cs to be sure.

bongoali

Got it. Thanks Eco.

FunLovinCriminal

Hi all
I am very very new to all of this.
Currently i have my wages going in to a bos account. £2k in a tsb account and £10k in a 123.
Should i switch to a natwest account?
Is there any other accounts I should consider to make my money work as hard as i can?

YorkshireBoy

FunLovinCriminal wrote: »

Hi all
I am very very new to all of this.
Currently i have my wages going in to a bos account. £2k in a tsb account and £10k in a 123.
Should i switch to a natwest account?
Is there any other accounts I should consider to make my money work as hard as i can?

Is there nothing in the first post in this very thread that takes your fancy?