Using current accounts as savings

Eco_Miser

Possibly, but as I said in a later post, that's creating an artificial distinction. It may be better to shove as much as possible into Regular Savers now, while 6% fixed is obtainable, and put the future money into whatever accounts accounts are best-paying at the time it is acquired.

frankie

xylophone wrote: »

You would also have access to the Flex regular monthly saver once you have opened your Flexdirect account.

But don't you have to have had the flex account for 3 months before being eligible for reg saver?

YorkshireBoy

frankie wrote: »

But don't you have to have had the flex account for 3 months before being eligible for reg saver?

Yes, and fund it with £750 a month, but the OP isn't talking about the FlexAccount. They're talking about the FlexDirect account, as xylophone has said in the post you quoted. Simply 'holding' one of those makes you eligible.

enthusiasticsaver

TSB 5% with a max of £2000 min of £1000 in with a Nationwide Flex 5% with a max of £2500 min of £1500. So therefore have a standing order of £1000 to go from one account to the other and back again 3-4 days later - is this allowed and does it work?

Yes it is allowed and you can do it on the same day. It does not have to be 3-4 days later.

TSB 5% with max of £2500 min of £1000 with a Club Lloyds having min 4000 max £5500 with a standing order of £1500 from one to the other and back again a few days later also moving 2 x small direct debits to club Lloyds.

You would need minimum of £1500 in TSB to do the transfer to the Lloyds Club.

I have a TSB, Nationwide and Club Lloyds but do it a different way. I have to feed regular savers so the amounts for me would be different but in your particular case you could do.

£1500 from Nationwide to Lloyds Club then on to TSB then back to Nationwide all on the same day or within 2 days of each. I feed the Lloyds Club, Nationwide and TSB regular saver plus an FD Saver so £1500 comes out of our main account to Lloyds Club and I leave £50 in there to cover the direct debits and £400 goes to the regular saver. £1050 then goes to Nationwide and £500 goes to the Flexclusive regular saver, £550 goes to TSB. From the TSB £250 goes to the TSB regular saver and £300 to FD to cover the FD regular saver. Sounds complicated but it is all done with standing orders. Satisfies the current account funding requirements and ensures I save £1500 per month. All current accounts fully funded.