The Current Account Game - My Strategy

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I recently decided to play the current account savings game, and would like the opinions of other users on here as to my strategy, is it good, or bad?

I hold the following accounts:

Current:
Nationwide FlexDirect - Balance, 2500 @ 5% (pending, just set up)
TSB Classic plus - Balance, £2000 @ 5%
Club Lloyds - Balance, £5000 @ 4%
Bank Of Scotland Classic Vantage 1 - Balance, £5000 @ 3%
Bank Of Scotland Classic Vantage 2 - Balance, £5000 @ 3%
Santander 123 Account - Balance, £11000 @ 3%
Halifax Reward Account - Balance varies (used as main account, earns £5 per month, plus got £100 switching cash)

Standing order scheduling takes care of all the monthly pay in criteria, and DDs going out from Halifax, Lloyds, and Santander to tick those boxes too. DDs funded by my wages, and equivalent cash transferred to relevant account to satisfy.

Regular Savers
TSB Monthly Saver - Balance £500 @ 5% (drip fed at £250 per month funded indirectly by Santander account)

Club Lloyds Monthly Saver - Balance £400 @ 4% (drip fed at £400 per month funded indirectly by Santander account)

Halifax HTB ISA - Balance £900 @ 4% (funded from wages via Halifax at £200 per month)

Once eligible I'm also looking at opening the Nationwide Flexclusive Regular Saver.

As time goes on, I'll probably look at ditching the Santander 123, as the balance decreases it's £5 fee makes it look less and less attractive. The cash back from my DDs doesn't quite cover it. Probably switch to First Direct, and pickup £100 switching cash and access to their regular saver. Also open another Bank Of Scotland Vantage.

Thoughts welcome, good strategy? Bad strategy? I'm particularly risk averse so don't want to touch P2P or anything stocks and shares related.
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Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Strategy looks good to me. Some observations/comments...

    How refreshing to see someone put a bit of effort in themselves, rather than asking to be spoon fed!

    2 x Tesco and a 3rd BoS Vantage would take the Santander balance.

    Until you close/downgrade Santander, consider shifting £200 from each BoS Vantage to Santander so you don't have to take the BoS interest into account when monthly shuffling.

    No Santander regular saver?

    Why only £900 at Halifax? Isn't it £1,200 in the first month, then £200 a month?

    I think going forward you're restricted to getting some joint accounts (may not be possible?), switching incentives*, and the 6% regular savers with HSBC and M&S (in addition to FD which you're already considering).


    * Don't forget Nationwide's refer-a-friend offer.
  • aparky85
    aparky85 Posts: 36 Forumite
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    Many thanks for your comments YorkshireBoy. Will take them on board and seriously look at.

    I've tried several times to open a Santander Regular Saver by phone, even as recently as tonight, but after 35 minutes on hold, given up, although if I get the chance I could go in branch. Perhaps look at that in the next week.

    Re Halifax HTB, I mis read the rules about how you fund it,so I missed the initial £1200 due to my own ignorance. Lesson learned there.

    Joint accounts aren't an option, as I'm single, and to be brutally honest M&S vouchers are as much use to me as tits on a duck, so wouldn't consider that.

    I'm not aware of Nationwide's refer-a-friend offer, must research that.

    Many thanks for your feedback.
  • darkidoe
    darkidoe Posts: 1,125 Forumite
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    Appears to be a solid plan! If you think you will max out the additional Tesco and BOS Vantage accounts in the near future and will have to start looking for current accounts again, why not just keep the Santander and fill up the Tesco/BOS along the way. I just dislike the hassle of opening accounts ALOT. But by all means use it to switch and bag a bonus along the way if you need a donor account.

    Save 12K in 2020 # 38 £0/£20,000
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    aparky85 wrote: »
    to be brutally honest M&S vouchers are as much use to me as tits on a duck, so wouldn't consider that.
    Tell me about it! I've £100 on a gift card, and will start getting another £10 a month added shortly. I've been in 3 M&S stores over the last fortnight and come out empty handed each time!

    That said, if you're wanting a 6% regular saver you may as well get the gift card as well.
  • colsten
    colsten Posts: 17,597 Forumite
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    Tell me about it! I've £100 on a gift card, and will start getting another £10 a month added shortly. I've been in 3 M&S stores over the last fortnight and come out empty handed each time!
    Ever tried M&S Food / Drinks? I can't understand how anyone would turn down £220 worth of free food and drink.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    colsten wrote: »
    Ever tried M&S Food / Drinks? I can't understand how anyone would turn down £220 worth of free food and drink.
    That's what I may need to do, but 11% off at Tesco is a hard habit to break! To be fair though, I was looking at clothing & homeware...and remember where I'm from! ;)


    PS, I did try and send you a thank you via PM but your inbox had been full for days.
  • jimjames
    jimjames Posts: 17,668 Forumite
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    colsten wrote: »
    Ever tried M&S Food / Drinks? I can't understand how anyone would turn down £220 worth of free food and drink.

    My M&S suit that had lasted nearly 10 years broke a zip a few weeks before the card came through so perfect timing to spend and get a new one!
    Remember the saying: if it looks too good to be true it almost certainly is.
  • ratechaser
    ratechaser Posts: 1,674 Forumite
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    colsten wrote: »
    Ever tried M&S Food / Drinks? I can't understand how anyone would turn down £220 worth of free food and drink.

    My card should be up to £190 by Christmas, so that will pay for the turkey and trimmings, as its my turn to entertain the extended family this year...

    If there's anything left over, then I'm sure Mrs RC would be happy to go sale shopping afterwards. Saves buying her a present I guess :D
  • Vortigern
    Vortigern Posts: 3,249 Forumite
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    11% off at Tesco is a hard habit to break.

    That's a habit I'd like to acquire. How do you get 11% off at Tesco?
  • zolablue25
    zolablue25 Posts: 1,652 Forumite
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    Vortigern wrote: »
    That's a habit I'd like to acquire. How do you get 11% off at Tesco?
    by shopping at Aldi?
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