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The Current Account Game - My Strategy

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  • nearlyretired2004
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    Yes YB, I was about to ask the very same question ..... as ALL my food and drink spend is at Tesco (unless I'm in France as I have been since Feb 6th in which case its Intermarche .....!!!)
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    Don't get excited! Its via 10% staff discount and paying with my 123 card.
  • adindas
    adindas Posts: 6,851 Forumite
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    edited 6 May 2016 at 11:44AM
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    Don't get excited! Its via 10% staff discount and paying with my 123 card.

    What I normally do, I keep shopping in different Tescos using my Tesco Club card, as many as I could If I am on the move. Living in London will give me a privilage as there are a lot of them.

    Doing This you will keep getting £3 or £2 club card voucher sending to your address for shopping on weekly basis. For for £3 voucher of £20 spending will be 15% and then use TSB contact less to pay, additional 5% cashback, nice one.

    They think you are moving home and they want to make you shopping in their local Tesco.
  • aparky85
    aparky85 Posts: 36 Forumite
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    Just a quick update to the above. I finally got through to Santander tonight and opened an eSaver. So as a Santander Current Account is needed, I'm committed to keeping the 123 account until next May, although I could look at downgrading at some point to a fee-less account, if the cons start to outweigh the pros. I'll play that one by ear.
  • Westie983
    Westie983 Posts: 5,213 Ambassador
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    aparky85 wrote: »
    Just a quick update to the above. I finally got through to Santander tonight and opened an eSaver. So as a Santander Current Account is needed, I'm committed to keeping the 123 account until next May, although I could look at downgrading at some point to a fee-less account, if the cons start to outweigh the pros. I'll play that one by ear.

    I downgraded my 123 when the fees went up and they just turned it into a everyday bank account.

    depends if you have over 7k in 123, as that would make a difference to the fee being covered by interest and/or cashback.
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    Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%
    Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%
    Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%
    Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%
    £2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%
    The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%
    Total £4095.19/£7332.95 = 55.84%
  • [Deleted User]
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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!

    That said, if you're wanting a 6% regular saver you may as well get the gift card as well.

    You could perhaps gift the gift card for someone's birthday/Xmas pressie?
  • aparky85
    aparky85 Posts: 36 Forumite
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    I will have less than that in the near future, as I'm funding all the regular savers from the Santander, so not taking into account the interest and cash back, the capital will reduce by £850 per month.
  • BeachNut
    BeachNut Posts: 123 Forumite
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    Reconsider using Halifax Reward as your main account. Pays no interest so if you have a balance it would be better placed on your Santander 123 since you are below the 20,000 maximum. You only need to have funds in Halifax on the day your direct debits are taken. On all other days you can just leave a balance of 1p in there.
  • HornetSaver
    HornetSaver Posts: 3,732 Forumite
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    edited 7 May 2016 at 4:12AM
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    Very strong plan overall.

    My main comment is that I tend to avoid the label of a "main account". Once at the stage you're at then it doesn't matter too much where your wages enter the system - it just happens to be the account you get paid into. What matters is that for the rest of the month the money is used from the right places and kept in the right places - based on cashback, contactless bonuses, interest rates etc.

    At the moment I'm only on four current accounts:

    One receives my wages and is where I withdraw cash from.

    One is where I do most of my day-to-day spending on, for the contactless bonus.

    One has all my DDs and feeds my HTB from the same provider.

    One (currently a Tesco, but which in 6-8 weeks' time will magically become M&S) will take over a couple of DDs from the previous one and host my first 6% linked saver, as well as loyalty points for spending on that card.

    Now, of course the first account sees by far the most money go in and out. But to consider one of these as a "main account" would increase the chances of not using the other accounts to their full potential.

    (in my case there's no point in linked savers or accounts with high minimum pay-ins, because most of the money in interest-paying current accounts is being held there in preparation to pay off an interest-free debt at the start of July - better to set more accounts up in August or September when I've got more than enough untied money to slosh around by standing order rather than having to micromanage. By January I'll have as many current accounts as anyone :) )
  • LXdaddy
    LXdaddy Posts: 693 Forumite
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    edited 7 May 2016 at 9:48AM
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    That's what I may need to do, but 11% off at Tesco is a hard habit to break!

    100% off at M&S food and beats 11% off at Tesco.

    £220 free money is hard to beat (assuming you have an M&S food store close by.

    We'll be using ours at Christmas.

    PS - good plan by the way - looks like you have a solid approach.
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