Which current account(s) now?

enthusiasticsaver

I was successful in obtaining my first BOS Vantage, Lloyds Club and First Direct Account earlier on this week and already have an almost empty Tesco current account so I now have a home for £13k out of my £20k in my existing Santander 123 account due to be switched to FD at the end of this month.

I will be opening a Lloyds Club Monthly Saver and a First Direct regular saver once I get online access for the new accounts and intend drip feeding the maximum payments for each of these from the remaining £7k over the next year so I would like to find a home for this while it is waiting to go into the regular savers. The best idea I can come up with is a second BOS Vantage and another Tesco current account. Anyone got any other ideas?

I already have one remaining Santander 123, TSB & saver, Nationwide Flex & flexclusive saver plus the accounts mentioned above but a few people have said they have had trouble opening second BOS Vantage accounts. How and when should I apply for these new account? Straight away or leave for another month?

The Santander will be closing though at end of January so I need to find some sort of home for the remaining £7k less the first months regular savings amounts so £6,300.

Katiehound

You haven't mentioned HSBC Advantage which has a regular saver paying 6%- not paying anything on the balance 'though

M&S also has a regular saver with a good rate- again paying zero on balance

presumably you could invest the £7k in a cash ISA and then remove smaller sums to invest eleswhere over time? Yes, I know none are paying a decent rate but they are paying something!!

enthusiasticsaver

Katiehound wrote: »

You haven't mentioned HSBC Advantage which has a regular saver paying 6%- not paying anything on the balance 'though

M&S also has a regular saver with a good rate- again paying zero on balance

presumably you could invest the £7k in a cash ISA and then remove smaller sums to invest eleswhere over time? Yes, I know none are paying a decent rate but they are paying something!!

Thanks and yes I realise there are a few more regular savers I could open but I already have 4 this year and don't have enough from income and cash savings to fund any more. I really need somewhere to keep the money to drip feed them all so if I cannot get a BOS Vantage or another Tesco then it will have to be an esaver or cash isa which are really rubbish rates.

Kernel_Sanders

You're allowed 3 BoS a/cs.
Yorkshire Bank pays 2% + £150 if you can switch to them.

enthusiasticsaver

Kernel_Sanders wrote: »

You're allowed 3 BoS a/cs.
Yorkshire Bank pays 2% + £150 if you can switch to them.

Thanks. I have seen that BOS will let you have up to 3 Vantage accounts but a few people recently have said they have just been offered the normal classic cash account which does not pay credit interest. I will try for that first in a week or so once my first one is up and working and the 2nd Tesco one in the next few days. I am not sure if applying for so many all at the same time but finding a home for 20k does involve more than 1 account.

I don't have an unused current account to switch to Yorkshire but will bear it in mind if I have no joy with a 2nd BOS or 2nd Tesco account.

Kernel_Sanders

enthusiasticsaver wrote: »

I don't have an unused current account to switch to Yorkshire but will bear it in mind if I have no joy with a 2nd BOS or 2nd Tesco account.

Or even switch the first BoS one whatever happens, on the grounds that the 1% (or maybe 0.8% net) reduction in interest will be far outweighed by the tax-free £150 incentive. Maybe get a couple of DDs set up on it now in readiness?

Katiehound

Perhaps the 2nd Tesco c/a? at least that is paying 3%
Then a Tesco Internet Saver for remainder?
"Balances £1 to £1million (!!!)- net .97%, gross 1.21%" This includes bonus for the first twelve months.
Yes peanuts but better than zilch!

enthusiasticsaver

Katiehound wrote: »

Perhaps the 2nd Tesco c/a? at least that is paying 3%
Then a Tesco Internet Saver for remainder?
"Balances £1 to £1million (!!!)- net .97%, gross 1.21%" This includes bonus for the first twelve months.
Yes peanuts but better than zilch!

I managed to open a 2nd Tesco current account yesterday so that takes care of another £3000. I have just filled the BOS Vantage and will try next week for a second one as some people have said even if I can't open it online I can try by phone instead or alternatively the Yorkshire. The Tesco internet saver is sometimes quite useful for the direct debit on current accounts that need them so I may consider that too. I have never had so many bank accounts!!!