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

Eco_Miser

AdamW85 wrote: »

However I am still struggling to understand exactly how this works. You have various interest rates listed above, each with different accounts next to them. Are you basically saying that to get 6%, I need to open all the accounts you have listed, and so on?

No, you don't have to open all the 6% accounts, but the more you open, the more you can save at that rate.
Note that all the 6% accounts are Regular Savers - you should also have at least one high interest current account, such as the TSB 5% one.

AdamW85

Ok thanks. Its a little clearer now.

For the 6% group you have a figure of £800 listed. This is the monthly deposit amount correct?

I'm trying to put together the best 'package' for my situation (outlined above). Any advice?

Dird

Sam_J12 wrote: »

This gets me 5.1% on £9500

You don't pay tax? That's paying around £32/m for me so more like 4.1% at basic rate

Yorkshire_Pud

richy999 wrote: »

Isn't the Halifax reward account account £60 p.a. (12 X £5) ?

YorkshireBoy wrote: »

All figures are gross. Non tax payers would claim the £15 via an R40. Maybe Halifax will pay £6.25 a month next year?

Can a non taxpayer register for interest paid Gross by Halifax by R85 form or is claiming retrospectively using an R40 the only option with the Reward account?

YorkshireBoy

Yorkshire_Pud wrote: »

Can a non taxpayer register for interest paid Gross by Halifax by R85 form or is claiming retrospectively using an R40 the only option with the Reward account?

Someone on here claimed Halifax once made a special effort to pay them the difference but, as per the info on their website, the normal claim is via R40.

AlanP_2

To comply with the 2 * DDs rule at Halifax can someone remind me which Savings Account it is that can pull money via DD?

I have read it on here before and I think it was one of the Tesco ones.

What I am thinking of doing is opening 1 * "Tesco Saver" and a Halifax account for myself and my wife.

Fund each with the £750 pm and setup 2 DDs from each to the Tesco Saver.

Anyone see flaws in that?

Archi_Bald

Any Tesco DDs must be in the name of the account holder, so if you want to save on accounts, you need to make it joint accounts. I would set up two accounts so your DDs can definitely be "different". Alternatively, 4 sole accounts will work.

AdamW85

Jon bvn, you say it would be best for me to use the highest paying current accounts, whereas Eco miser suggests the more regular savings accounts I open then more can be saved. I appreciate its not necessarily black and white but I'm struggling to decide which option is best.

Economiser, why do you say "you should also have at least one high interest current account, such as the TSB 5% one"?

AlanP_2

AdamW85 wrote: »

Economiser, why do you say "you should also have at least one high interest current account, such as the TSB 5% one"?

The reason I would go with that is whilst the 6% RS accounts are the best rate you can only trickle funds into them and you do not want the rest of your cash earning little or nothing as shown by the example below copied from a post I made on a similar thread.

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Don't ignore the fact that amount NOT in the RS account(s) would be earning interest at say 3% so the return would be:

(12 * monthly deposit) * AER / 12 * 6.5 plus (12 x monthly deposit) x AER / 12 * 5.5

So start with £6k in a 3% account(s) and move it across to a 5% RS @ £500 pm over 12 months you get

(12 * 500) * 5% / 12 * 6.5 = £162.50

(12 * 500) * 3% / 12 * 5.5 = £82.50

Overall = £245 = 4.08%

========================================

With Economiser's TSB @ 5% the overall blended rate would be even higher.

colsten

AdamW85 wrote: »

Jon bvn, you say it would be best for me to use the highest paying current accounts, whereas Eco miser suggests the more regular savings accounts I open then more can be saved.

It is not either or - you need both. For two reasons:

1. you cannot even get access to most best Regular Savers without having an enabling current account. Although not all current accounts that give you access to the best regular savers will also pay interest...........
   
   
2. drip-feeding from a good current account into an even better regular saver maximises your interest payments

Have you worked with the drip feed calculator?