Best interest paying account with no regular income

colsten

kalsha wrote: »

Ok, will think this over. Sounds good. If I am going to open 2 accounts, are there choices or options to consider?

I'd personally go for the accounts that offer the best returns first.
5% AER TSB Plus (and its Monthly Saver)
5% AER Nationwide FirstDirect (and its Monthly Saver)
These two will cater for your £1,200 easily - you have to meet the conditions though.

If I were you, I would add the Halifax Reward (as it pays £5 a month (£60/yr) for not much effort) into my plan.

There's tons of information about making the best from current account and regular savers on this forum. I would encourage you to read those posts as there might be opportunities for you that people haven't spotted as we don't know our precise details.

You also have to review your arrangements as and if the banks change their interest rates, and definitely within the year, as your Nationwide FlexDirect will drop to 1%.

diamonds

colsten wrote: »

Either joint account holder can get all the money - and more - in the account at any time the account is still open. Whether the joint account holders are living together or not, have a friendly relationship or not etc etc, doesn't matter. Whilst the account is held in joint names, and whilst there are no restrictions jointly agreed & lodged with the bank by both account holders, either party can do as they like with the existing, and non-existing, funds in a joint account.

"Only because it is "my" money and want to keep separate from all the joint accounts we have!"

Dird

The best account to go to is Halifax current account. Switch to them and they will pay £100 in 3 days...it will take Tesco 3 years to make that in interest (at £1200).
1. Open Halifax & switch for £100
2. Open TSB and transfer all the money
3. Transfer money back & forth for 5% tsb interest
4. Open a 2nd Halifax account
5. When TSB offers £100 switch offer again move your 2nd Halifax to there

Assuming the TSB offer returns this year you can make £250+

Westie983

Dird wrote: »

The best account to go to is Halifax current account. Switch to them and they will pay £125 in 3 days...it will take Tesco over 3 years to make that in interest.
1. Open Halifax & switch for £125
2. Open TSB and transfer all the money
3. Transfer money back & forth for 5% tsb interest
4. Open a 2nd Halifax account
5. When TSB offers £100 switch offer again move your 2nd Halifax to there

Assuming the TSB offer returns this year you can make £250+

Halifax incentive is now £100.

Dird

Westie983 wrote: »

Halifax incentive is now £100.

Ah OK updated. My mom must have switched just in time

Ballard

I'm currently unemployed (hopefully temporarily) and already have a few bank accounts. So far I've been able to find a home for my cash but I have a maturing ILSC next month and an ISA the following month and currently the best that I can do with this with the accounts that I currently hold is 1.5% on the Tesco saver (until October when it reduces to 0.75%).

Because I don't know when I will be working again (there's nothing much on the horizon at the moment) I don't want to tie my cash up for too long.

BoS turned me down for an account (when I was employed late last year) because of other accounts that I held with the group (Lloyds & Halifax). Does anyone have any experience of re-trying for an account after 6 months and would having no income thwart me anyway?

Nationwide is another possibility as is opening a second Tesco account. I could also do M&S for the regular saver I suppose.

I've rambled somewhat but my questions are:

1. Is it worth reapplying for a BoS 6 months after being turned down?
2. Will having no income go against me (enough to get rejected)?
3. What are the odds on me getting more than one account opened over the next couple of months?

Thanks.