What do you do with your monthly interest please?

noh

TSB regular saver at 5% if you don't already have two of them.

YorkshireBoy

I'd be looking to get rid of at least one of the Santander accounts. You've scope to get £70,500 in 5%, 4%, & 'clean' 3% accounts, before needing to resort to paying £60 a year for Santander, let alone £120 a year for two of them!

If you can cover one Santander fee with DD cashback then great, but at least get your cash out and put somewhere where it can make 4/5/6% AER.

YorkshireBoy

MrsWenger wrote: »

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.

That's where I was heading when I asked the question. Most people with high savings balances, so long as they have room(!), will be using Tesco current accounts for interest overflow...primarily as they're the only high interest current accounts that don't need any monthly funding.

lufc7

MrsWenger wrote: »

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!

Yes myself and I'm sure many others have the three TSB accounts one each(Me and wife) and one joint.

shortcrust

I've got all the 'high' interest accounts and they're all full (which is nice!:)) so I just keep anything spare in a 1% cash saver. It doesn't mount up or stay in there for long - most of my spare cash goes into regular saver accounts.

MrsWenger

noh wrote: »

TSB regular saver at 5% if you don't already have two of them.

Thanks Noh, we don't have these at present.

MrsWenger

YorkshireBoy wrote: »

I'd be looking to get rid of at least one of the Santander accounts. You've scope to get £70,500 in 5%, 4%, & 'clean' 3% accounts, before needing to resort to paying £60 a year for Santander, let alone £120 a year for two of them!

If you can cover one Santander fee with DD cashback then great, but at least get your cash out and put somewhere where it can make 4/5/6% AER.

Thanks for this and your other reply about the Tesco account YorkshireBoy. The £5 fee will be covered by one account most months, the exception being the months council tax is not paid. The other one only has circa £2 Cashback which of course will not cover the fee when it moves to £5.

May I ask where you would suggest we move at least one of them to please?

YorkshireBoy

MrsWenger wrote: »

May I ask where you would suggest we move at least one of them to please?

You won't get the full £20K in any one account. You'll need several. Run your numbers through here...

www.bankaccountsavings.co.uk

MrsWenger

shortcrust wrote: »

I've got all the 'high' interest accounts and they're all full (which is nice!:)) so I just keep anything spare in a 1% cash saver. It doesn't mount up or stay in there for long - most of my spare cash goes into regular saver accounts.

Hi Shortcrust, very nice place to be in! We do have such an account which only has a few pounds in it but I could see how that would work if all other options are full. Hopefully we will continue to have the wind at our backs and that will be the only option for us too in the future!

MrsWenger

YorkshireBoy wrote: »

You won't get the full £20K in any one account. You'll need several. Run your numbers through here...

www.bankaccountsavings.co.uk

Thanks for the link. I understand that it will need to be several accounts; we originally did Santander ones due to the high balance we could have there.