£5000-£10000 to invest/save

LONDON_SMOGGY

I think doing this then is the best technique:


£5000 Club Llyods 4%
£2000 TSB Classic Plus 5% (use this as my main debit card day to day in order to get further £5 a month)
£2500 Nationwide 5% for a year

Open up a first direct for 6% AER. Put £300 from my wage into that saving accoutn a month £300 into the TSB classic savers

Anything else extra I should probably open up a 123 current account or BOS to get 3% current accoutn interest.

Can anybody see any flaws in this technique?

YorkshireBoy

LONDON_SMOGGY wrote: »

So I can have both M+S and First direct account will just only get the switch bonus for one of them, got it!

No you haven't!

LXdaddy

So I can have both M+S and First direct account will just only get the switch bonus for one of them, got it

YorkshireBoy wrote: »

No you haven't!

YorkshireBoy is making you work for it


I'm feeling generous here's a hint - how did I qualify for the M&S Regular saver? What would prevent you doing that for multiple current account switches?

jimjames

LONDON_SMOGGY wrote: »

Looking to invest about £5000-£10000, been reading up for a while.

It's a minor point but you probably want to be aware that you are not talking about investing, you are looking at saving from all your posts on this thread.


Investing is putting money into items that have some risk such as stock market investments. Savings are accounts in the bank.

YorkshireBoy

LXdaddy wrote: »

YorkshireBoy is making you work for it

He's the one about to make £370+. Only fair he puts some work in!

LONDON_SMOGGY

OK so I cant have both M+S and first direct thats fine.

Thanks for advice everyone, next question is I have 2 current accounts and 1 reward account with Halifax, If i do the 7 day transfer to firstdirect will it automatically close down all my Halifax accounts or will it just close my current account?

I think what Im goign to do is switch from my Halifax to firstdirect and then just put away £7000 for starters

£5000 Club Llyods 4%
£2000 TSB Classic Plus 5% (use this as my main debit card day to day in order to get further £5 a month)

And add in the max to both TSB and firsdirect savers accounts, do people think that is the best way possible to max £7000 lump sum?

Is there some kind of spreadsheet or calculaotr to work this all out somewehere kind folks?

YorkshireBoy

Rather than looking for a calculator you'd be better spending that time reading the FD & M&S switching incentive T&Cs again, and again, and again, and again, and again, and...

When the penny drops, come back and say thanks (for making you £220+ richer!).

LONDON_SMOGGY

Need-to-knows
You must apply for the account by 5 April 2016 to be eligible for the switching offer.
To get the £100 bonus you must open the account and fully switch your account using M&S Bank's switching service within three months.
You need to switch at least two active direct debits to qualify for the bonus.
There's no minimum monthly pay in to get the £100, but if you want the extra £10/mth you must pay in £1,000 each month.
There's a linked 6% regular saver account that you can open when you have this account.
Branches are in M&S stores, so have longer opening hours than some other banks.
M&S Bank has the full £75,000 UK savings safety guarantee.
APPLY*
Stats boxKey questions
Minimum monthly pay in: None (£1,000 for £10 monthly payment)
In-credit interest: None
Arranged overdraft cost: 0% up to £100, 15.9% EAR above that
Unarranged overdraft cost: £50 buffer, 15.9% EAR interest. M&S Bank only allows you to go £50 over your overdraft limit

LONDON_SMOGGY

Need-to-knows
To get the £150 switching bonus, you need to use First Direct's switching service to fully switch and close your current account and pay in at least £1,000 within three months of your account opening.
The £150 switching bonus is a boosted offer from the £125 First Direct offers on its site. You need to apply by 11.59pm on 29 Feb 2016 to get the boosted amount - it'll offer £100 after.
This account has a £10 monthly fee, but this is waived each month you either pay in £1,000, have an average monthly balance of £1,000 or hold selected other accounts with First Direct.
You can't get the switching bonus if you've ever held an account with First Direct before.
First Direct shares its £75,000 UK savings safety guarantee with HSBC, so ensure you don't hold more than £75,000 across the two banks.

How First Direct rates on service
(in credit)
91%
GREAT
6%
OKAY
3%
POOR
DATE: FEB 2016 VOTERS: 981
APPLY*
Stats boxKey questions
Minimum monthly pay in : £1,000 (equates to an annual salary of £13,200)
In-credit interest: None
Arranged overdraft cost: 0% under £250, 15.9% EAR above that
Unarranged overdraft cost: £10 buffer then £5/day (max £80/mth) plus 15.9% EAR

LONDON_SMOGGY

Still cant see how I can apply for both as both require a switching service. Im really sorry but new to all this. As far as I can see I cannot qualify for both FD and M+S £100 incentive.