Old Mercantile and Universal Accounts

bazza1603

Hi,

I am still trying to sort out my money, and my latest method is making sure I earn interest on our savings. Can you give advise?

I had an old Mercantile Moneymaker plus account which looks like it pays either 1.80 or 2.05 percent gross a year for balances greater than 2K. They got taken over by Leeds last year, but the 2 accounts listed below are confusing.

http://www.leedsbuildingsociety.co.uk/mercantile/rates_closed_mercantile.html

Would people recommend closing the account or keep it open with a token balance with Leeds? I was going to transfer the money to my wifes online HSBC account that pay 6.25 percent.

I also have a Universal account. Is this worth closing as well, or again would people keep token balances with NBS. I get a massive 1.70 percent gross from there.

Is there a calculater thats good at comparing what you make in a year between accounts?

Regards

Barry

bristolleedsfan

bazza1603 wrote: »

Hi,

I am still trying to sort out my money, and my latest method is making sure I earn interest on our savings. Can you give advise?

I had an old Mercantile Moneymaker plus account which looks like it pays either 1.80 or 2.05 percent gross a year for balances greater than 2K. They got taken over by Leeds last year, but the 2 accounts listed below are confusing.

http://www.leedsbuildingsociety.co.uk/mercantile/rates_closed_mercantile.html

Would people recommend closing the account or keep it open with a token balance with Leeds? I was going to transfer the money to my wifes online HSBC account that pay 6.25 percent.

I also have a Universal account. Is this worth closing as well, or again would people keep token balances with NBS. I get a massive 1.70 percent gross from there.

Is there a calculater thats good at comparing what you make in a year between accounts?

Regards

Barry

if i was you i would transfer 100.00 from your mercantile account into a good paying 100.00 leeds account ( they are launching or have just launched a new postal account paying i believe 5.75% gross after its open close your mercantile account)

with NBS open a BMW e-saver paying 6% gross on 100.00 then after its opened and funded close your universal account. ( u cant transfer funds from newcastle BS to BMW e-saver even though BMW e-saver is a newcastle share account, do it in that order so u retain continuous membership.

http://www.bmw.co.uk/bmwuk/direct_finance/savings_and_inv/e-saver/overview/0,,,00.html

bazza1603

Hi,

Should I keep the new accounts with NBS and Leeds open incase they convert to banks in the future or will it not ake a difference as my accounts are with the above 2 companies?

Regards

Barry

bristolleedsfan

bazza1603 wrote: »

Hi,

Should I keep the new accounts with NBS and Leeds open incase they convert to banks in the future or will it not ake a difference as my accounts are with the above 2 companies?

Regards

Barry

if u adopt the steps or similar steps to what i outlined then you will have accounts with both building societies at very much little loss as far as interest rates concerned.

once you hold new high interest paying accounts with minimum of 100.00 in both building societies their is no need to keep your existing accounts open.

important thing is DONT close your existing accounts then open new accounts with the building societies, do it as i suggested so that you keep membership continuous.

tbh you should have done something about your former universal BS account long before now, universal accounts were on the whole pretty poor paying accounts, luckily i only had a universal monthly saver which although was poor paying i only funded 10.00 a month into it.:cool: