What do you do with your monthly interest please?

Katiehound

MrsWenger wrote: »

The £5 fee will be covered by one account most months, the exception being the months council tax is not paid.

Just an aside here....do you realise that you can pay council tax in 12 installments? Some councils seem to want that fact to be a well kept secret!! Generally the facts are hidden in the small print on the back of the tax demand form. Having 12 payments is handy for those a/cs requiring 2 x DDs per month.
Just contact your council office before payments start for the new financial year so that they can change the amount and number of payments.

I was also going to suggest Lloyds Club- 4% on £5k plus regular saver- also 4%. .... and yes. 2 x DDs out per month.

MrsWenger

Katiehound wrote: »

Just an aside here....do you realise that you can pay council tax in 12 installments?

I was also going to suggest Lloyds Club- 4% on £5k plus regular saver- also 4%. .... and yes. 2 x DDs out per month.

Hi Katiehound, thanks for the information. I didn't realise that it could be paid over 12 months; I just went with setting up a DD based on 10. The Club Lloyds was one of the suggested accounts in the link posted by YorkshireBoy. My next task was to read up on it to understand if the DDs need to be monthly ones or not so you have covered that question for me, thanks again!

To move 20k away from our second 123 account the linked site suggests 3 Club Lloyds and 3 Bank of Scotland accounts between us in sole and joint combinations. We have only just opened the TSB ones; are multiple applications likely to cause any issues for us? Does anyone have a view on how best to set about this if they should be staggered?

YorkshireBoy

MrsWenger wrote: »

I didn't realise that it could be paid over 12 months

Don't get hung up on how many payments you make!

It's not necessary to cover the fee each and every month. The cashback is 1% of whatever your annual bill is. It matters not how often you pay it. So long as you've >£60 a year cashback you've covered the £60 annual cost of the account.

anoncol

For Tsb we just walked into branch and opened all of them at once, but that was when we could have 6 between two of us.

MrsWenger

YorkshireBoy wrote: »

Don't get hung up on how many payments you make!

It's not necessary to cover the fee each and every month. The cashback is 1% of whatever your annual bill is. It matters not how often you pay it. So long as you've >£60 a year cashback you've covered the £60 annual cost of the account.

I understand, thank you. I think Katiehound was saying the fact it can be paid over 12 months is an option if you need a monthly DD for a different account.

MrsWenger

anoncol wrote: »

For Tsb we just walked into branch and opened all of them at once, but that was when we could have 6 between two of us.

Hi Anoncol, apologies, I overlooked your post earlier, thanks for the information.

From the link YorkshireBoy provided I will be looking at Club Lloyds and Bank of Scotland applications; does anyone have experience of applying for multiple accounts with either please?

where_are_we

Its best to move monthly interest payments asap if you have the full balance in all your accounts, otherwise they earn 0% interest. My OH and I are in a similar position to you, exacerbated by my being spurred into action and closing a second 123 account due to the increase in fees. I have been opening the last available 3% accounts over the last 6 weeks. This resulted in my first ever current account application refusal, from BOS to open a second account, possibly influenced by opening 3 other current accounts in a short time.
To open a joint ClubLloyds account you need to go into a branch which is a pain.

Jamdown1

Have you used up your ISA allowances?

Katiehound

Jamdown1 wrote: »

Have you used up your ISA allowances?

Cash ISAs are paying a pittance compared with current a/cs some of which pay 5%. Okay, these are much smaller amounts of dosh but with a bit of juggling you can earn a reasonable sum per month- which will increase with the new tax allowance in April.

MrsWenger

where_are_we wrote: »

Its best to move monthly interest payments asap if you have the full balance in all your accounts, otherwise they earn 0% interest. My OH and I are in a similar position to you, exacerbated by my being spurred into action and closing a second 123 account due to the increase in fees. I have been opening the last available 3% accounts over the last 6 weeks. This resulted in my first ever current account application refusal, from BOS to open a second account, possibly influenced by opening 3 other current accounts in a short time.
To open a joint ClubLloyds account you need to go into a branch which is a pain.

Thanks for this information, much appreciated. The branch visit for Lloyds is an inconvenience but thanks for the heads up. I can at least plan an appointment whilst I sort the online applications in our sole names. I'll also do BOS applications and see how I get on.

Originally I was just thinking about where to move the interest payments, hence my opening post, but it is apparent I have a larger task which will give me greater benefits so thanks again to everyone for their input.