how to play with £6000 ?

zak2012

I have £6000 i want get maximum interest on this amount and i have following accounts.please tell me how to play between them to get high interest...
Nationwide current account at 5%
nationwide regulaer saver account at 5%
2 Tesco current accounts at %3

fromtheshires

zak2012 wrote: »

I have £6000 i want get maximum interest on this amount and i have following accounts.please tell me how to play between them to get high interest...
Nationwide current account at 5%
nationwide regulaer saver account at 5%
2 Tesco current accounts at %3

You have 2 x N/wide accounts at 5% interest. Should one of these be TSB? Just need to make sure we have the correct info

zak2012

fromtheshires wrote: »

You have 2 x N/wide accounts at 5% interest. Should one of these be TSB? Just need to make sure we have the correct info

No i dont have TSB they refused to give me one.anyway i do have 2 Nationwide accounts , one current account at 5% and another is regular/monthly saver also on 5% . both only for a year then drops to 1% i think.

grumbler

MSE: Top Savings Accounts

Club Lloyds 4% and 4% regular saver.
Also there are few 6% and 5% regular savings accounts around.

Dan83

£6000.

£2000 in nationwide @ 5%
£4000 in lloyds @ 4%

Set up a standing order from nationwide to lloyds for £1500, then another from lloyds to nationwide for £1500, set it to happen on the same day, that way your end of day balance is always the same.

You have 2x tesco accounts so I'm assuming you know about setting up your own direct debits.

Edit, transfare any interest earned in lloyds to nationwide each month

zak2012

Dan83 wrote: »

£6000.

£2000 in nationwide @ 5%
£4000 in lloyds @ 4%

Set up a standing order from nationwide to lloyds for £1500, then another from lloyds to nationwide for £1500, set it to happen on the same day, that way your end of day balance is always the same.

You have 2x tesco accounts so I'm assuming you know about setting up your own direct debits.

Edit, transfare any interest earned in lloyds to nationwide each month

thanks, i dont have loyds. i just want see how to get maximum interest between Nationwide and tesco etc. ?

YorkshireBoy

Where is the £6,000 now?

grumbler

zak2012 wrote: »

thanks, i dont have loyds. i just want see how to get maximum interest between Nationwide and tesco etc. ?

What's "etc."?
Between NW and Tesco it's pretty obvious.

£2.5K FlexDirect 5%
£3K Tesco 3%
£500 NW Regular Saver with further 6x£500 from Tesco.

zak2012

grumbler wrote: »

What's "etc."?
Between NW and Tesco it's pretty obvious.

£2.5K FlexDirect 5%
£3K Tesco 3%
£500 NW Regular Saver with further 6x£500 from Tesco.

6x500 to regular saver for 6 months .so do i stop paying after six months ? or should i pay £250 a month for 12 months? do i get same intrestest if i pay £3000 in first 6months and 0 for rest of the year or pay £3000 in 12months??

YorkshireBoy

zak2012 wrote: »

6x500 to regular saver for 6 months .so do i stop paying after six months ? or should i pay £250 a month for 12 months? do i get same intrestest if i pay £3000 in first 6months and 0 for rest of the year or pay £3000 in 12months??

You've already been told earlier today (on your "Tesco interest" thread) how interest is calculated. A reminder...it's calculated each day on that day's closing balance.

So, would you rather have your interest calculated (and eventually paid) each day on cash at 5% in the Regular Saver or at 3% in Tesco?

And yes, it's as simple as that!