Will these bank accounts maximise my savings?

YorkshireBoy

If I had £10K I think I'd do the following:

£2K in TSB Plus
£2.5K in Nationwide FlexDirect
£5K in Club Lloyds

So that's £9.5K taken care of.

I'd then open a Nationwide Flexclusive Regular Saver, paying in the remaining £500.

For the next 2 months I'd shift £500 per month from Club Lloyds to the regular saver, ensuring I didn't let Lloyds drop below £4K.

All the TSB and Nationwide interest (c. £18/mth) should be funnelled into Lloyds, along with any savings from income.

I'd then look at switching incentives as a separate initiative, creating donor accounts as necessary along the way.

Would I be right in saying I should put the max possible into a 5% regular saver at the expense of not maxing out a 3% account?

Of course! And especially one such as Nationwide's with no withdrawal penalties.

akira181

YorkshireBoy wrote: »

If I had £10K I think I'd do the following:

£2K in TSB Plus
£2.5K in Nationwide FlexDirect
£5K in Club Lloyds

So that's £9.5K taken care of.

I'd then open a Nationwide Flexclusive Regular Saver, paying in the remaining £500.

For the next 2 months I'd shift £500 per month from Club Lloyds to the regular saver, ensuring I didn't let Lloyds drop below £4K.

Sounds like a good plan and easier than mine! I think trying to get the easy £5 a month from halifax rewards was making things a little more complicated than need be.

I'll probably do what you suggested but still keep the help to buy ISA since I am considering buying at some point and once I've got things up and running, I'll consider the halifax rewards one again