Max interest from three holders

VeryMan

Hello! My family are 3 people altogether. What is the maximum amount we can earn from deposit interest of approx 180k?

Can we open for example 3 join accounts of two of us in Santander and earn 3% for 3x2x20,000? Ie. 3% on 120k?

Any other idea?

Dan83

Wrong info post

Dan83

Wrong info posted

YorkshireBoy

You'd need to treat it as a couple plus single (due to the limits on joint accounts). Conveniently, you could earn 3-5% on £181K by maxing out all the high interest current accounts.

For the couple:

3 x FlexDirect (£7.5K @ 5% AER)
3 x TSB Plus (£6K @ 5% AER)
3 x Club Lloyds (£15K @ 4% AER))
6 x BoS Vantage £30K @ 3% AER)
4 x Tesco (£12K @ 3% AER)
3 x Santander (£60K @ 3% AER)
Total: £130.5K

For the 3rd person:

1 x FlexDirect (£2.5K @ 5% AER)
1 x TSB Plus (£2K @ 5% AER)
1 x Club Lloyds (£5K @ 4% AER)
3 x BoS Vantage £15K @ 3% AER)
2 x Tesco (£6K @ 3% AER)
1 x Santander (£20K @ 3% AER)
Total: £50.5K

I'll let you work it out for yourself (don't use the AER, use the respective gross p.a. rates). Please post the result, because I'd be interested to know the answer too.

YorkshireBoy

Dan83 wrote: »

You could also open 12 tesco accounts

3 people, and a 2 each restriction? When I went to school 3 x 2 was 6. I've just checked with a calculator and it still is!

Dan83

Oh, I didn't know there was a limit on joint accounts, ignore what I said.

But why stop with interest paying accounts, you will have a lot of money moving around each month, why not include some bonus paying accounts into the big money round about?

Dan83

YorkshireBoy wrote: »

3 people, and a 2 each restriction? When I went to school 3 x 2 was 6. I've just checked with a calculator and it still is!

Do tesco's not offer joint accounts?

It's not something I've looked into, ever (joint accounts) I've always just had my own account. I just thought you could open an account with anyone you want.

jimjames

Dan83 wrote: »

Do tesco's not offer joint accounts?

It's not something I've looked into, ever (joint accounts) I've always just had my own account. I just thought you could open an account with anyone you want.

They certainly do offer them. It's just that it still counts towards the limit of 2 per person so you can open one with anyone you want as long as you don't already have 2 accounts.

VeryMan

YorkshireBoy wrote: »

You'd need to treat it as a couple plus single (due to the limits on joint accounts). Conveniently, you could earn 3-5% on £181K by maxing out all the high interest current accounts.

For the couple:

3 x FlexDirect (£7.5K @ 5% AER)
3 x TSB Plus (£6K @ 5% AER)
3 x Club Lloyds (£15K @ 4% AER))
6 x BoS Vantage £30K @ 3% AER)
4 x Tesco (£12K @ 3% AER)
3 x Santander (£60K @ 3% AER)
Total: £130.5K

For the 3rd person:

1 x FlexDirect (£2.5K @ 5% AER)
1 x TSB Plus (£2K @ 5% AER)
1 x Club Lloyds (£5K @ 4% AER)
3 x BoS Vantage £15K @ 3% AER)
2 x Tesco (£6K @ 3% AER)
1 x Santander (£20K @ 3% AER)
Total: £50.5K

I'll let you work it out for yourself (don't use the AER, use the respective gross p.a. rates). Please post the result, because I'd be interested to know the answer too.

It's £5,990 gross if my calculations are correct, which is decent. How much would be net?

YorkshireBoy

VeryMan wrote: »

How much would be net?

I have no idea, sorry. Can you guess why I have no idea?

YorkshireBoy

VeryMan wrote: »

It's £5,990 gross if my calculations are correct

Is that before, or after, the £240 fees at Santander?