Which account to open?

kingrulzuk

I have 3x BOS accounts and earn 3% on 5K and I have maxed out 2 of them and will be closing them all in September coz of the change of T&Cs.
I want to open a new account but I’m stuck and cant make up my mind: TSB Classic plus or Nationwide Flexdirect as both give 5% interest.


Please advice?

YorkshireBoy

So you'll have at least £10K at the end of August and you're looking to open ONE account...either TSB or Nationwide, which will take a max of £2.5K. Are you going to spend the other £7.5K+?


Edited to add: Thank you for helping prolong the 3% AER on £15K of my savings by not going to the trouble of finding yourself 6 DDs.

xylophone

1 Nationwide Flexdirect, 1 TSB Plus and a couple of Tesco should do the trick.

kingrulzuk

All the 3x BoS accounts will be empty by August as I will be investing that money. So would like to open a new account and start saving again.

YorkshireBoy

So, one account will let you deposit £2,500 and has a regular saver taking an additional £500 per month. It also has a switching incentive (if you can find 2 DDs to place on one of the BoS accounts), which would near double your return in the first year...equating to 10%.

The other account will let you deposit only £2,000 initially and only £250 a month in its regular saver.

Any closer to making your decision?

kingrulzuk

Change of T&Cs and DDs so after 15 years with BOS want to move.
I can save around 2k a month but I don’t have any DDs and I can’t keep the money for too long as when I need it I have to take it out and invest.

badger09

kingrulzuk wrote: »

Change of T&Cs and DDs so after 15 years with BOS want to move.
I can save around 2k a month but I don’t have any DDs and I can’t keep the money for too long as when I need it I have to take it out and invest.

Yes you do:)

kingrulzuk

badger09 wrote: »

Yes you do:)

How you mean?

badger09

kingrulzuk wrote: »

How you mean?

There are dozens of threads on this & the Budgeting & Banking boards which tell you, in some detail, how you can set up DDs on current accounts which pull money into savings accounts in your name.

I am not trying to be difficult, but I fear that the institution concerned, might decide to withdraw the facility if they think it is being 'abused'. Just my opninion:cool: