Any savings accounts that better current accounts?

krazyk

bigadaj wrote: »

How did you apply for the bos account, if online then you can ring them up and apply with a better chance of success. My first account opened fine online, but my second was rejected, so I opened my second and third on the phone, not a problem just a little time consuming.

OK, noted. I applied online. I'll try Tesco second account first and go from there.

I've now got a Nationwide Regular Saver account set-up and transferring £500 a month. I have their Loyalty Savings Account where I've put the money over the £2500 FlexDirect money into (to ear at least some interest while I organise the other accounts).

I have an Aqua CLassic card too now and set up my monthly bills on it, only about £25 month and set to pay in full though I cannot see where you select the day the money is taken, if possible anyway.

krazyk

bowlhead99 wrote: »

Finally for all the pedants out there, actually you can't get £100 of interest from a TSB account after a year, because they stop paying interest at £2000, so after about half a year when you're sitting there with close to £2050 in the account, you are only earning interest on the first £2000, so you never quite earn enough 'interest on interest' to get up to the £100 total. You would only earn interest on that last £50 by moving it out into some other account instead as it was earned. However, with smaller amounts it works fine (e.g. £1000 for a year gives £50 and £1800 for a year gives £90).

Thanks for the detailed info. I'll adjust my formula. I thought that the 4.89 was an after tax figure (which wouldn't matter for the first £1000 interest after April. So I'll use the 4.89 figure. Thank.

Yep understand about the £2,000. I plan to move the interest out. I'll have to have an admin day each month for all this. :-)

krazyk

bigadaj,

Did BOS say you already had an account with them? What did you say?

yellow44

krazyk wrote: »

bigadaj,

Did BOS say you already had an account with them? What did you say?

And also how long was it between opening your accounts

krazyk

While I have Lloyds and TSB accounts, I'm thinking I should apply for their Monthly Saver accounts and put the max into each. I have up the monthly transfer from Santander 123 to the respective current accounts to include the max monthly regular saver amount (e.g. from £1.5k for Club Lloyds to £1.9k) and move the difference (e.g. £400 for Lloyds) into the regular saver account.

krazyk

First Direct have a very good rate for their regular saver account, it's just a shame their current account has no incentive at all (unless you wish current accounts, which I don't want to).

Is it worth getting the First Direct current account purely for their regular saver account?

Same could be said for HSBC.

I'm not sure i understand the £10pm fee for the First Direct current account. If I pay a one-off £1k transfer I won't ever pay the £10pm fee?

colsten

krazyk wrote: »

Is it worth getting the First Direct current account purely for their regular saver account?

I have held an FD current account for that reason for over half a decade. The account balance at the end of each day has always been zero. I wouldn't dream of using FD for my current account as long as there are current accounts that pay interest.

krazyk wrote: »

Same could be said for HSBC.

and M&S

krazyk wrote: »

I'm not sure i understand the £10pm fee for the First Direct current account. If I pay a one-off £1k transfer I won't ever pay the £10pm fee?

Incorrect. Read the T&Cs again. Look for fee waiver, or similar term.

enthusiasticsaver

I hold a First Direct simply for the RS and closed down one of my Santander 123 accounts and switched to FD for the £150 bonus. You don't pay the £10 fee if you fund the FD with £1k per month or just open their e saver account and keep a nominal amount in there. You don't have to leave the £1k in the FD account. I also have a Lloyds Club and Rs, Santander 123, TSB and Rs, Nationwide and Rs and 1 BOS vantage and 2 Tesco. My 2nd BOS was declined too so I am going to wait until one of my Rs accounts mature and then try opening one by phone.

krazyk

colsten wrote: »

Incorrect. Read the T&Cs again. Look for fee waiver, or similar term.

That's what I mean, you have to pay £1k to waive the fee. But not sure it's monthly or a one-off.

krazyk

enthusiasticsaver wrote: »

I hold a First Direct simply for the RS and closed down one of my Santander 123 accounts and switched to FD for the £150 bonus. You don't pay the £10 fee if you fund the FD with £1k per month or just open their e saver account and keep a nominal amount in there. You don't have to leave the £1k in the FD account. I also have a Lloyds Club and Rs, Santander 123, TSB and Rs, Nationwide and Rs and 1 BOS vantage and 2 Tesco. My 2nd BOS was declined too so I am going to wait until one of my Rs accounts mature and then try opening one by phone.

OK, cool. So it's a monthly transfer of £1k or a nominal amount held in their e-saver. OK, I'll do that and get their Rs account.

I have a bit of catching up with you then. ;-) Though I'm getting there. :-)

Thanks for your help.