Savings

mechy

Hi all, not put any threads on for sometime here. I have some saveings that have matured from a 3 year Isa. Sat in the Halifax, in an almost 0% account. Ive been meaning to move it for some time, but the Isa's of course are all useless at the moment. Ive been reading Martins guide about the Current accounts. Myself and the wife have a shared account with the Santander 1 2 3. I know all about the 3% etc. But I dont want all my eggs in one basket. Where should I move this other Dosh of mine. I think the accounts suggested, need a monthly pay in, but I suppose my wife, who is not in employement at the mo could open one. Can someone suggest the best way to go please.
I dont have a problem of moveing my Santander account, to qualify for one of the £100 payements. or the mrs could even mover her current account!
Thanks to you all for reading this.:beer:

Eco_Miser

Pick enough accounts from this list to take your ISA savings.
https://forums.moneysavingexpert.com/discussion/5374614 Remember you and your wife can have three between you for most of the accounts. Monthly pay-ins can be met by circulating money round the accounts. Tesco Savings accounts help with Direct Debits.

Dan83

Nationwide flex direct 5% x3 (him, her & joint) would take up £7500, you could also get £400 in refer a friend in you meet the criteria.

TSB 5% x3 (him, her and joint) would use £6k

Lloyds 4% x3 (him, her & joint) would use £15k

There is minimum monthly deposits on all accounts and Lloyds requires 2 direct debits per account.

badger09

Dan83 wrote: »

Nationwide flex direct 5% x3 (him, her & joint) would take up £7500, you could also get £400 in refer a friend in you meet the criteria.

TSB 5% x3 (him, her and joint) would use £6k

Lloyds 4% x3 (him, her & joint) would use £15k

There is minimum monthly deposits on all accounts and Lloyds requires 2 direct debits per account.

And drip feed into Regular/Monthly Savers x 2 with each of the above @ 5%, 5% & 4%

mechy

Eco_Miser wrote: »

Pick enough accounts from this list to take your ISA savings.
https://forums.moneysavingexpert.com/discussion/5374614 Remember you and your wife can have three between you for most of the accounts. Monthly pay-ins can be met by circulating money round the accounts. Tesco Savings accounts help with Direct Debits.

So let me get this right. I can have more than 1 current account. Also if i set up direct debits, I move money out of 1 account and into the other, to qualify for the end of year interest. Or it will probably be added monthly?

ceredigion

Interest is credited monthly. You can't send money by DD. You send money by standing order or faster payment. You can have as many accounts as the provider is happy about. If your partner is not working fill in a R85.

Eco_Miser

mechy wrote: »

So let me get this right. I can have more than 1 current account. Also if i set up direct debits, I move money out of 1 account and into the other, to qualify for the end of year interest. Or it will probably be added monthly?

As many accounts as the banks will let you have - some posters have dozens (not all available now).
Direct debits are required on some accounts to try to get you to pay your bills from that account, but you can instead pay into certain savings accounts in your name, notably the Tesco Internet Saver, thus keeping that money for yourself. You can't move money between your current accounts by direct debit.
Generally, you would put the maximum amount on which interest is paid into each account, then move the qualifying amount between accounts each month by faster payments or standing orders, usually on the same day. You can either do there and back between pairs of accounts, or a round robin through them all, (or some combination).
Remember, while interest is added to your account monthly, it is calculated on the end-of-day daily amount, so try to have the optimum amounts at the end of every day.

LXdaddy

See https://forums.moneysavingexpert.com/discussion/5005862 for a discussion about using the interest bearing accounts to get a reasonable (in these days) amount of interest.


http://bankaccountsavings.co.uk/ will give you a list of accounts that can be used in this way for any given amount of money.

jimjames

LXdaddy wrote: »

http://bankaccountsavings.co.uk/ will give you a list of accounts that can be used in this way for any given amount of money.

Although it's now a good starting point I don't believe it is comprehensive any more