More questions than answers perhaps I'm trying too hard!

Abestar111

Having read many posts, I would really value some pointers with setting up multiple saving accounts and managing the monthly circulation of funds. It feels like mental gymnastics trying to feed different accounts, at the right amount at right time in the right account. I am trying to manage my pension lump sum which is sitting in main current account FD temp on 0% so trying to move things asap. Yet slower than I thought.
Frankly my head hurts and I've only just started.
Current situation:
1 FD Current Account + FD Regular Saver ends 29 March, setting up new one, hence need to stick . Needs FD 1000 pm (and average £1000 in acc) + £300 pm for RS
2 New S 1-2-3 moved £20k + X2DD+ £ 500 pm from FD
3 New TSB Classic + moved £2000 + £500pm + £250 Monthly Saver
4Tesco online approved still waiting (postal signature) planned £3000 deposit (poss 2nd Tesco)
5 Planning: Nationwide Flexdirect £5000+£1000pm and Lloyds Club£ £5000+£1500pm
6.Planning: Halifax HTB x2( young adults) £12k each to achieve max gov help
Option 1. Halifax HTB x2 @£12k each; I could hand over lock stock and barrel as gift OR
Option 2. I could set up a donor account to drip feed x2 £200 pm for 55 months to reach £12000 for max gov support. Anything I should consider before taking action ?
7 I have no current ISA
8 Although I have no mortgage/ loans need, could multiple current accounts affect my credit score and indeed affect further planned applications?
9.What's best approach to meet min monthly deposit requirements so they can be circulated as needed?
Not able to have joint account. So apart from original FD all above will be new, hence the concern over opening too many in quick succession.
Finally, where should I park remaining lump sum whilst pausing for breath?
My goodness so many questions!Thank you for taking the trouble to read this, hope you can assist.

YorkshireBoy

You need to revisit both the FD and Flexdirect T&Cs.

Doctor_Duke

Pretty good going, take it you know about the Lloyds Club Regular Saver at 4% and the Nationwide 5% regular saver called Flexexclusive at £500 per month one of the highest. As YB says you need to look harder at FD T&Cs, I have one and don't have to credit £1k per month........

xylophone

1 FD Current Account + FD Regular Saver ends 29 March, setting up new one, hence need to stick . Needs FD 1000 pm (and average £1000 in acc)

Not so. http://www1.firstdirect.com/1/2/rates-and-charges/banking-charges

A savings account in addition to the regular saver should suffice to have the fee waived.

Halifax HTB x2 @£12k each You cannot deposit this as a lump sum.

The young adults in question need each to set up a sole HTB - £1000 to start then £200 a month by SO thereafter.

You mean £2500 in the Flexdirect I assume - this will open the flex regular saver to you.

3 x BOS Vantage might be a possibility.

Lloyds Club has a regular saver.

polymaff

Abestar111 wrote: »

It feels like mental gymnastics trying to feed different accounts, at the right amount at right time in the right account.

That's because it is. This is not money for old rope - you have to knuckle down to:

1. Understanding the T&Cs of each account.

2. Deciding whether you want to do the monthly process manually or automatically.

And then implementing an efficient strategy. I chose a manual method because I have a couple of hours spare to devote to this exercise each month and I want to be in control I make a whole series of payments out from accounts that have sufficient balances and which make manual payments easy. IMO Santander 123 scores highest on both counts. I then shift money on from the freshly funded accounts to others and, finally, loads of cash flows back to the Santander 123s - some of it enhanced by interest earned. The couple of hours, BTW, is largely down to the lethargic state of the banks' servers.

The day you do it on (or, for an automatised approach, the span of days you chose) will be defined by the collective T&Cs but tends to be set by the opening day(s) of the Santander 123 account(s).

The key thing is to knuckle down to it.

Abestar111

"Banking with first direct usually costs £10 a month, but you will not be charged this fee for the first six months from account opening, when you pay in at least £1,000 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,000, or you hold a selected first direct additional product."

Sorry to sound dim what overall flexibility does it give? So my salary doesn't need to go in. I can't remember what the t&c were when I switched 12 months ago. I can't switch as accounts would be closed. As I get no interest, I should keep only 1000 pm + £300 to feed the new annual Saver. No reference to DD being required. So I need to consider moving to a donor .account to enable an incentives switch ? My head still hurts!

LXdaddy

Abestar111 wrote: »

"or you hold a selected first direct additional product."

Getting warmer

polymaff

Abestar111 wrote: »

Banking with first direct usually costs £10 a month, but you will not be charged this fee for the first six months from account opening, when you pay in at least £1,000 to your 1st Account each month, or maintain an average monthly 1st Account balance of £1,000, or you hold a selected first direct additional product.

I guess that they could have used petter punctuation. FD must buy in commas in bulk

Open one of the additional products with a tenner.

Pay in the regular saver requirement just before it is due to be taken.

At least that is what works for me.

You may also want to get the overdraft raised to the monthly regular saver requirement - just as insurance against a missed payment.

YorkshireBoy

polymaff wrote: »

Open one of the additional products with a tenner.

Pay £1,000 a month into the bank account - then immediately move it back out

Doing the former eliminates the need to do the latter.

Abestar111

Gosh, so much food for thought from Polymaff. :Thank you! I'm not a spreadsheet person, but I may need to become one. Having started this process, I have no choice but to knuckle down.
So any other specific guidance on managing the circulation, the flow from one account to another might help me to nail it down. I hope it will help others who like me have been afraid because they don't quite know how. From clueless to taking action is no mean thing. There's so much to learn and I look forward to enjoying the learning.

So, thank you all and I look forward to any further feedback to the questions I raised.

LXdaddy

polymaff wrote: »

I guess that they could have used petter punctuation. FD must buy in commas in bulk

Open one of the additional products with a tenner.

Pay £1,000 a month into the bank account - then immediately move it back out to an interest-bearing account.

Pay in the regular saver requirement just before it is due to be taken.

At least that is what works for me.

You may also want to get the overdraft raised to the monthly regular saver requirement - just as insurance against a missed payment.

The "or" after each , means that satisfying any ONE of the criteria is sufficient to avoid the monthly charge.


When I originally opened the FD current account and monthly saver I was moving £1,000 in then sending £300 to the Regular saver and £700 back. But a helpful person pointed me to the third option of holding one of the additional products.