What do you do with your monthly interest please?

MrsWenger

Happy New Year everyone!

As per the title, I would appreciate feedback on how you manage interest paid each month please.
I have a number of interest bearing current accounts thanks to following the advice of many forum contributors. The interest is paid into the accounts but as I am lucky enough to have the full balance that interest is paid on in each account I wonder if I should be moving the interest to another account?

As always, all feedback is appreciated.

YorkshireBoy

Which accounts do you have currently?

MrsWenger

YorkshireBoy wrote: »

Which accounts do you have currently?

Hi YorkshireBoy, a joint Nationwide in the 5% first year which my salary is paid into, 2 joint Santander 123 accounts and a TSB 5% account each. My partner's salary goes into HSBC as we each have an annual regular saver with them.

xylophone

Open a Tesco current account and pay it in to that?

Alter_ego

I also have santanders, I use the interest to partly pay the direct debits, I transfer out any surplus from the minimum £500 payment in each month.

alanq

Have you considered a Nationwide Flexclusive Regular Saver which pays 5%?

MrsWenger

xylophone wrote: »

Open a Tesco current account and pay it in to that?

Thanks for your suggestion Xylophone. May I ask if you suggest this based on my reply to YorkshireBoy or would you consider an alternative knowing what we have already? No issue with the Tesco recommendation; I just want to try and consider all suitable options.

My train of thought is whether there is an option that I just move all interest values to or whether I need to think of meeting criteria such as DD's and regular funding values as well.

MrsWenger

Alter_ego wrote: »

I also have santanders, I use the interest to partly pay the direct debits, I transfer out any surplus from the minimum £500 payment in each month.

Hi Alter ego, thanks for your reply. That is just what I am doing at present but if feels like the interest is swallowed up in my mind so I would like to "see it and track it" elsewhere if that makes sense?

lufc7

A joint TSB account as well could be a good viable option at 5%

MrsWenger

alanq wrote: »

Have you considered a Nationwide Flexclusive Regular Saver which pays 5%?

Hi Alanq, my apologies, I should have said we also have one of these each which we are funding with the full amount each month.

MrsWenger

lufc7 wrote: »

A joint TSB account as well could be a good viable option at 5%

Thanks lufc7. I hadn't realised it was possible to have more than one of these accounts. Lesson learnt; read the account Ts and Cs!