My plan to get £500 in 2016

NectarCollector

revisiting this thread, have just opened up a Tesco account for 3%. I will only keep this account for around 6 months now, as I forgot about my credit rebate I would get from having just switched my energy supplier (approx. £200) and instead of saving £50/month in a regular saver I will set this aside so that after 6 months I will have 6x£50, + £200 + £500 (emergency fund) at which point I shall have the minimum £4k to move into a Lloyds account for the 4% tier.
This £4k in Club Lloyds for 6 months should if my maths is correct yield approx £78 (much better than the £13 I would've gotten from saving into a regular saver account.

After opening a Club Lloyds account, I can then start a TSB regular saver to save the £50 a month I can afford to out of my wages at 5%, which by the end of the year will be around £5 interest.

Dan83

I have something similar

£2.5k nationwide @ 5%
£2k tsb @ 5%
£5k lloyds @ 4%
£? tesco @ 3%

I'm not sure how much is in tesco as all my interest is drip fed into tesco and my standing order starts and end in tesco.

Dan83

Remember any interest earned before April will be taxed

jimjames

NectarCollector wrote: »

revisiting this thread, have just opened up a Tesco account for 3%. I will only keep this account for around 6 months now, as I forgot about my credit rebate I would get from having just switched my energy supplier (approx. £200) and instead of saving £50/month in a regular saver I will set this aside so that after 6 months I will have 6x£50, + £200 + £500 (emergency fund) at which point I shall have the minimum £4k to move into a Lloyds account for the 4% tier.
This £4k in Club Lloyds for 6 months should if my maths is correct yield approx £78 (much better than the £13 I would've gotten from saving into a regular saver account.

After opening a Club Lloyds account, I can then start a TSB regular saver to save the £50 a month I can afford to out of my wages at 5%, which by the end of the year will be around £5 interest.

If you only have £4k aren't you better off keeping it in 5% accounts and feeding rest into regular savers rather than tying it all up in Lloyds?

anoncol

Why don't you mention 6% regular savers?

jaydeeuk1

Take up matched betting and you'll make £550 in a weekend on £8k

Eco_Miser

Dan83 wrote: »

Remember any interest earned before April will be taxed

No, any interest paid before April 6th may be taxed.
A regular saver (or other account paying interest annually) could pay on April 6th and be in the new allowance, even though all the interest was earned before the allowance came in.

NectarCollector

Opened a co-op bank account last night via topcashback, due to receive £105 in approx 12 weeks time. That's £105 I hadn't originally accounted for.
Once I have the cash back from this, I will use it as a donor account to switch to another account paying a switch bonus.

Take up matched betting and you'll make £550 in a weekend on £8k

I've only ever played the lottery / 10p machines to gamble.

Why don't you mention 6% regular savers?

As I can only afford to save a nominal amount each month into a 6% saver, (£50 max), that's £600 over a year at an effective rate of 3% = £18 interest in year 1.

If you only have £4k aren't you better off keeping it in 5% accounts and feeding rest into regular savers rather than tying it all up in Lloyds?

I've already mentioned I would be filling up 2 accounts with 5% interest (1 joint nationwide, 1 TSB) £2.5k + £2k, and in about 3-6 months time I will have the minimum £4k in addition to the other 2 5% accounts to place into Lloyds to receive the 4% tier (even if I only have that account for 6 months, that's still £80 interest as by that time there wont be any tax on the interest)

GONEC

My current situation: Total savings £15000
I can save per month £ 1,000

What banks and plans are most suitable in my situation,
What would you do in my place?

colsten

I would read up on existing information, starting with this thread: https://forums.moneysavingexpert.com/discussion/5374614