£5000-£10000 to invest/save

LONDON_SMOGGY

LXdaddy wrote: »

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?

You could open up a first direct and the switch that one to M+S but would first need your money in first direct for at least a year before switching

LONDON_SMOGGY

You can have as many current accounts as the banks will let you open. You don't have to use the switching service to open a current account but if you DO use the switching service then you should get an incentive. M&S is unique (I think) in making access to the regular saver dependent on using the switching service. I opened a donor account to be able to take advantage of that.

LONDON_SMOGGY

So I am better opening M+S as get sign up benefit £100 and £10 a month using the official switch £220. Then just open up a first direct accoutn with no switch as will be able to get access to savings account of 6% without switching.

So will be £70 better off with M+S incentive than £150 first direct incentive.Where do you get the £220 figure please?

YorkshireBoy

In your OP you said you'd 3 Halifax accounts. So you'd switch one to FD and one to M&S, and keep the one that's paying the Reward...unless the 3 aren't all current accounts?

LONDON_SMOGGY

ah great so I can change over 2 different accounts from the same bank, brilliant stuff!.

The only other issue is I do not have very many direct debits, about 3 so 2 direct debits is only a requirement of the M+S so I should be fine htere as looks like no direct debits neeeded?

Eco_Miser

Don't forget you can also save £750 a month @5% and £400 a month a 4%, if you have any cash going spare.

LONDON_SMOGGY

What accounts are you referring to Eco?

Do you agree with my 7k plan, best in TSB and Llyods?

LONDON_SMOGGY

Ok I have set up:

1st direct- current and saver
M+S- current and saver
TSB- current and saver
Nationwide Flexi- current

Am I right in thinking that if I stick to guidleines and keep max money in and do some moving around to meet min repayment criteria I will end up as a basic tax payer with the figures below after 1 year of saving.

Bank Account Interest Pay In Required Opened Introductory Cash Spending Cashback Max Interest Max Notes

Bank Account Interest Pay In Intro Cashback Interest

1st Direct Current 0% £1,000 £150.00 £0.00 £0.00
1st Direct Saver 6% £300 £0.00 £0.00 £92.93
TSB Current 5% £500 £0.00 £60.00 £78.00
TSB Saver 5% £250 £0.00 £0.00 £64.61
Nationwide Current 5% £1,000 £36.75 £0.00 £98.00
M & S Current 0% £1,000 £100.00 £120.0 £0.00
M & S Saver 6% £250 £0.00 £0.00 £77.44

£286.75 £180.00 £410.98 £877.73

LONDON_SMOGGY

So £877.73 overall for a years savings and cashback/intro rates assuming all paid! Does this seem accurate to everyone?

Eco_Miser

LONDON_SMOGGY wrote: »

Ok I have set up:

1st direct- current and saver
M+S- current and saver
TSB- current and saver
Nationwide Flexi- current

Am I right in thinking that if I stick to guidleines and keep max money in and do some moving around to meet min repayment criteria I will end up as a basic tax payer with the figures below after 1 year of saving.

Unfortunately, it's impossible to format a table neatly on this bulletin board program, so I'm having difficulty following your figures (Hint for anyone trying - put variable length text last, and make all numbers in each column the same length).
however you seem to have deducted tax from some accounts but not others. In reality only March's interest on the current accounts will have tax deducted.


The accounts I was referring to were TSB, Lloyds, Nationwide Regular Savers. I