Making my money work

Dodger

Now now...play nicely

Am new to all this so still learning but thanks to the advice on this site have just set up another bank account with 1st Direct where I can drip feed money into over the next 12mnths and get 6% interest.

Amazed at how quick and simple it was!! All done over the phone and application accepted.....

Now off to do the same with Nationwide........using forestwn6's idea of paying in to qualify for the FlexDirect account and transferring it out again a little later.....:D

B_G_B

Dodger wrote: »

Now now...play nicely
Now off to do the same with Nationwide........using forestwn6's idea of paying in to qualify for the FlexDirect account and transferring it out again a little later.....:D

Worth noting that "a little later" can be seconds later. In fact, if you have enough in the account you can pay out, then straight back in. Providing at least the qualifying amount hits the account once a month, then you have complied with the T&C's.

Dodger

Brilliant B_G_B....got a local branch of Nationwide close by too so can do just that if its allowed....

Forgot to add to previous post that there is a £10 monthly fee for the 1st Direct account but its free for the 1st 6 mnths however if you have a simple savings account with them the fee is waived....guy on the phone explained it was all legit to pay in a nominal sum to the savings account (ie £5) and just leave it there to qualify. All set up in 40mins....just need to sign the documents they are sending me and its sorted.

badger09

Dodger wrote: »

Brilliant B_G_B....got a local branch of Nationwide close by too so can do just that if its allowed....

Forgot to add to previous post that there is a £10 monthly fee for the 1st Direct account but its free for the 1st 6 mnths however if you have a simple savings account with them the fee is waived....guy on the phone explained it was all legit to pay in a nominal sum to the savings account (ie £5) and just leave it there to qualify. All set up in 40mins....just need to sign the documents they are sending me and its sorted.

Great start and you've received very helpful advice from the FD employee:)

Can I stress that you must read, understand & comply with all the various T&Cs in all the accounts you are looking to open. Because you won't always get that sort of help from other banks.

If you've still got spare cash (that you need to keep in cash) after this, have a read here about the other accounts available.

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts

Check banks' websites though as things can change;)

Dodger

Was going past my local Nationwide branch just now so popped in but to do it in branch would need an appt. Girl behind the desk said it was possible (as an existing FlexAccount holder) to do it all online!!

Got wet for nothing but hey-ho...got home, made a coffee, logged into my Nationwide Banking account and all done with a few clicks.

Now going to let the dust settle as opened 1 new account and changed over an existing one in a couple hours. Am exhausted now ;) so taking a breather and off to read more on the link badger09 quoted.

So a big, massive thanks for all the help on here from everyone. Have gone from being a complete novice to being a bit more savvy and making my cash work for me.

JohnRo

OP, I have to say, without knowing any details about your age, income, pension or what's in your S&S ISA.

That the 70% Cash / 30% Investment split seems more than a bit lop sided to me.

bigfreddiel

P2P lending and stocks and shares is my intended route in November.

I have three 123 accounts, two sole and one joint, so the two sole accounts will go, the direct debits all moved to my joint account, and the £40k split between p2p and equities

P2p is risky, but it's only 2 or 3 percent of my portfolio, so I'm okay with that

fj

slowpoke_rodriguez

I'd top up the S&S Isa pronto. You have £15k in the 123 doing absolutely nothing for you.

xylophone

Now now...play nicely

Well done, OP! There's many a poster who'd have taken offence and flounced off in a huff!

Don't forget to consider a couple of Tesco current accounts, and (message from Secret Squirrel) be aware of the advantages of their savings accounts.... (hint, think DDs for use in connection with BOS/Lloyds......)!:rotfl: