Need advise about my £20K

BUKI_2

Riiiiight, right

I see very useful information coming, thank you guys.
Hmmmm, not sure what I will do next ... although these 2 accounts are interesting:


Lloyds Club vs. Santander 123

1. Santander 123 offers 3.00% AER/2.96% on amount over 3K and up to 20K
There is a minimum of £500 monthly income + 2 Direct Debits but a £60 annual payment is applied.
Having said that; they offer a monthly cash-back.

2. Lloyds Club offers 4.00% AER/3.93% on amount between 4K and 5K
There is a minimum of 1,500.00 per month to be paid in + 2 monthly Direct Debits
but I would not have to pay £5 if I meet the 1.500 monthly income.
On top of that, they offer some stuff like: food discount, 6 Cinema Tickets etc.


My thinking over this is; why not having them both accounts ??

Lloyds Club > £5K > £196 annual interest pay
Santander 123 > £15K > £384 annual interest pay

from my calculation, I would get round £580 per year (correct me otherwise)

This only would then involve me to make Standing Orders or to transfer money from one account to another to meet the monthly requirements.


@tommysaver mention Santander 123 to couple it with Credit Card rewards;
I will have to do some research on that as I am not sure about it.

Honestly, I never owned a Credit Card, never needed one!
Got one sent out to me from Loyds but they closed it down after a year, since I never used it.

Did I miss anything out of it, anyway?

BUKI_2

ahhhhh what I just noticed; related the monthly requirements.
Since I get only about £1,450.00 paid by my employer and no other income source


am I then not in trouble to meet the requirements?


Maybe, maybe ... is a good idea to leave Loyds Club as my primary account
where my main wake gets paid to, and then few days later to transfer 500 to Santander 123


This only would work if both accounts are NOT created on the same day, right?
it may need lets say 2 weeks in between - so the PCM dates are not the same.




hahh getting a bit mixed up now

ViolaLass

BUKI wrote: »

ahhhhh what I just noticed; related the monthly requirements.
Since I get only about £1,450.00 paid by my employer and no other income source


am I then not in trouble to meet the requirements?


Maybe, maybe ... is a good idea to leave Loyds Club as my primary account
where my main wake gets paid to, and then few days later to transfer 500 to Santander 123


This only would work if both accounts are NOT created on the same day, right?
it may need lets say 2 weeks in between - so the PCM dates are not the same.




hahh getting a bit mixed up now

You're still over thinking it. It doesn't matter whether they're created on the same day - the payments can be made at any time during the month.

BUKI_2

hmm yeh I might be overthinking
Which two banks would you guys personally recommend ???

I am thinking of Santanders 123 Current Account = deposit 15K and the Llouds Club = £5K.




Cheers

YorkshireBoy

BUKI wrote: »

hmm yeh I might be overthinking
Which two banks would you guys personally recommend ???

I am thinking of Santanders 123 Current Account = deposit 15K and the Llouds Club = £5K.




Cheers

If you're placing a restriction on just two providers, then yes, go with the 2 above. The cost of such a restriction will be around £150 per year...and a lot more (£200-300 per year) if you include regular saver possibilities. Your choice!

ViolaLass

YorkshireBoy wrote: »

If you're placing a restriction on just two providers, then yes, go with the 2 above. The cost of such a restriction will be around £150 per year...and a lot more (£200-300 per year) if you include regular saver possibilities. Your choice!

I don't disagree with you but given how much thought Buki has had to give to get this far, maybe it's not a bad starting point.

Eco_Miser

BUKI wrote: »

ahhhhh what I just noticed; related the monthly requirements.
Since I get only about £1,450.00 paid by my employer and no other income source


am I then not in trouble to meet the requirements?

There is NO requirement to have a specific INCOME - just to pay a certain amount into the account over the course of each month.

There are better ways to deploy £20000, not involving Santander.

Please re-read my post above, and the link in it.

bigadaj

Eco_Miser wrote: »

There is NO requirement to have a specific INCOME - just to pay a certain amount into the account over the course of each month.

There are better ways to deploy £20000, not involving Santander.

Please re-read my post above, and the link in it.

Have you had a pm yet?

BUKI_2

YorkshireBoy

seeing you live same area as me
which other current accounts would you tecommend to top up the extra money you are talking about!?



EcoMiser

Yes, read your reply but pretty new all this and gone kind of over my head. Will look into it again ... cheers



Bigadaj

Sorry pal, did not know that I hurt you so much by asking you a question via PM.

Hope there are people out here that do not mind that. Don't worry I ain't PMing you!!



To everybody else :

I understand there are other banks apart from Santander 123 but from what I seen, it is the only bank offering up to 4% for over 3 to 20k .

At the current time, I am trying to see what is best choice and not having to open 10 Credit Cards and keep moving money around every so often.

Yep, once I get into this; surely will be piece of cake.

YorkshireBoy

BUKI wrote: »

YorkshireBoy

seeing you live same area as me

You're making an assumption.

which other current accounts would you tecommend to top up the extra money you are talking about!?

I'd recommend you read the information and links already provided, and reminded of.

EcoMiser

Yes, read your reply but pretty new all this and gone kind of over my head. Will look into it again ... cheers

You may need to read it several times. Once, and in some cases, twice or more isn't enough.

I understand there are other banks apart from Santander 123 but from what I seen, it is the only bank offering up to 4% for over 3 to 20k .

It's 3%, not 4%.

At the current time, I am trying to see what is best choice and not having to open 10 Credit Cards and keep moving money around every so often.

Credit cards!?

Yep, once I get into this; surely will be piece of cake.

There's enough information on the forum to ensure it will be.