£7000 to transfer - interest question

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  • enthusiasticsaverenthusiasticsaver Forumite, Board Guide
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    I would go with rate chasers suggestion for the Lloyds Club and TSB account. You could drip feed the flexclusive regular saver with £500 per month from the Lloyds Club account as that only pays 4% and the Flexclusive RS pays 5%. Lloyds Club needs £1500 per month so do a straight transfer in and out each month on the same day from your Nationwide Flex account or the TSB one. That is what I do minus the 2 direct debits you need for LLoyds. I just do my dental insurance and National Trust one to qualify but there are lots of suggestions on threads on this forum.
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  • thanks for all the help, will have a look at the rest now, didn't think about opening multiple accounts for the 7k as I don't have 2 DD to transfer
  • YorkshireBoyYorkshireBoy Forumite
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    You could drip feed the flexclusive regular saver with £500 per month from the Lloyds Club account...
    But only for 2 months! The 3rd transfer would see the Club Lloyds balance dip below £4K, thereby dropping the rate to 2% AER.
  • colstencolsten Forumite
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    ViolaLass wrote: »
    Given how log it will take you to dripfeed in the £7k, why not get an account where you can put the money in in one go?
    I drip feed £2,600 a month into various regular savers that pay between 4% and 6%, so £7K would run out in month 3. There's no single account that pays anything like that much interest on £7K although you can get 5% on at least £2K straight away.
  • LXdaddyLXdaddy Forumite
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    Assuming you don't already have them then my vote would be for a TSB Classic Plus account and a Club Lloyds account. 2K in one and 5K in the other giving you 5% and 4% fairly easily

    Yes you have to do some cross funding but a pair of standing orders for one to the other and back will do that. And you can create a couple of direct debits quite easily too.
  • I also have a large sum in a Nationwide savings account. My problem is that I am an expat living in France and need to be able to open UK saving accounts without a UK address. All my income is generated in UK and paid into an existing Nationwide current account. Any suggestions?
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