Need help saving £25k

SupermumTGF

masonic wrote: »

You can get considerably more interest by splitting it up...

http://bankaccountsavings.co.uk/

There are also regular savers paying 4-6% for any new savings.

Finding this website somewhat confusing. It states I can place £33k in 4 accounts and receive £772 net over the year. Great news:money:

What's confusing is that is says Bank of England 1 and 2. When I have clearly stated I'm single. Not joint applications. How can I get 2 current accounts with the same bank:o

LXdaddy

SupermumTGF wrote: »

What's confusing is that is says Bank of England 1 and 2. When I have clearly stated I'm single. Not joint applications. How can I get 2 current accounts with the same bank:o

Some banks allow you to hold more than one of a particular account in your own name.


I think you meant Bank of Scotland (rather than England) BOS and Tesco certainly allow more than one current account. BOS=3 and Tesco=2


It's in the T&C of each account.

masonic

SupermumTGF wrote: »

What's confusing is that is says Bank of England 1 and 2. When I have clearly stated I'm single. Not joint applications. How can I get 2 current accounts with the same bank:o

It probably says Bank of Scotland, not Bank of England, since I don't think BoE offers personal accounts

You can have up to 3 sole BoS accounts.

masonic

LXdaddy wrote: »

No but Halifax does and which ever financial organisation you use, the nice government will give you an extra 25% "free" bonus (up to £3,000) when you use the HTB ISA as deposit on a house.

So if you have not previously owned a property, intend to buy one and meet the other criteria it is certainly worth using.

The Halifax account is worth having if you qualify, even if you have no intention of buying a property and using the Government bonus.

SupermumTGF

LXdaddy wrote: »

Some banks allow you to hold more than one of a particular account in your own name.


I think you meant Bank of Scotland (rather than England) BOS and Tesco certainly allow more than one current account. BOS=3 and Tesco=2


It's in the T&C of each account.

Wow! wasn't aware that you could open more than 1 current account with a bank. Haha yes meant bank of Scotland lol. It's hard to focus when my little rugrats have got me chasing my own tail:eek::rotfl:

Do you think it will have an adverse impact on my credit rating opening lots of new accounts? Or will it have no impact as I'm not seeking credit?

Sorry with all the questions:o

SupermumTGF

masonic wrote: »

The Halifax account is worth having if you qualify, even if you have no intention of buying a property and using the Government bonus.

Yes I do intend to purchase my first property in the very near future. I just figured it would work out better if I split the Isa accounts to get the best rates.

What's with the direct debit transactions they are intrested in. Why does that incease your chances of benefiting from more interest......

enthusiasticsaver

If you really want to open minimum accounts that should be Santander 123 and Lloyds Club. To maximise you want to look at TSB, Nationwide, Lloyds Club, Tesco (x2) and Bank of Scotland (x3 maximum) and then fund regular savers with TSB and Nationwide from the lowest paying account.


Bear in mind that even though Bank of Scotland say you can have 3 accounts a number of us have had difficulties getting second or third ones. I was accepted for the first but I have not yet managed to get an acceptance on a 2nd let alone a 3rd probably because I have applied for 5 new current accounts and 2 regular savers this month. There is nothing adverse in my credit file so I am at a loss as to why they should do this. I am not the only one this has happened to (check threads for Bank of Scotland declined 2nd account) so you may want to open those first before Tesco or leave an interval of time between applications.

Robbieh

Last Sept. I got 3 BOS accounts no problem, I left a few days between each one and stated the accs. Were for savings and no o/draft required. I did only have a TSB one at the time so I don't know if it's more difficult now tho. If you get a Nationwide Flexdirect acc. for just 1 yr. you can get a Flexclusive Reg. Saver which is what I did, I dripfeed this with money from 2 Tesco accs. So that gives you more int. for £6000. as well as the 5% for the Flexdirect which you can have £2500 @ 5%.