Time to ditch the 123

Katiehound

anotheruser wrote: »

Or just give up?

With interest rates being so low, it's not worth my time finding out, just to get an extra couple of pounds a month. Until something majorly changes, is it really worth your time/stress/electricity costs getting a "good" deal?

Well every extra pound mounts up... that's the way to accrue money. So if you don't have a lot I would say all the more reasons to hunt out a good deal.
Maybe think TSB Classic Plus? for starters......Interest on £2K and cashback on contactless (max £5)- that's already about £13 per month

forgotmyname

Its just a maximising the pennies rather than paying fees try and get a few pennies back instead.

Paying insurance in one go instead of monthly saves quite a bit, but bank accounts just didnt get changed, until we opened the 123 account to put the bill money in.

The wife gets carers allowance now so she treats that account as hers, i pay the bill money into it each month and the carers allowance is her spending money.

But the regular DD's are now under £250 a month. so which account will suit me best considering i am lazy and hate doing anything non essential?

Opening 3 accounts with FD seems a chore, is the Nationwide account easier?
But its probably easier than i think? Switch the account (joint) and then open a regular saver and a standard saver. This will give me the 6% and no £10 fee.

Is the Nationwide option easier/better?

Thanks

Katiehound

Don't forget that at the moment there are several switch incentives around with HSBC, M&S to name but 2!
I am sure I read that there were about 6 still

If you haven't got a 2nd high interest regular saver the best place would be a current a/c paying interest such as TSB -5% or Tesco 3% these are paying considerably more than a savings a/c but only on a relatively small capital. (Which is why some folk have a clutch of current a/cs!!)

forgotmyname

I spotted one with £100 bonus and an extra £50 if you stay with them for x months.

But i just end up going around in circles with so many tabs and windows open i forget which is which and then give up.

2nd saver, i wish us poor people who have to lick the road clean before you rich people get up and drive over it cannot have 2 saver accounts

The fact i have been having a bit of a man cave spending spree lately will have nothing to do with it honest
Shhh i need a new PC soon also....

So £300 a month saving should be ample, but i will know to keep an eye on the max limit allowed. Is it best to stick the full £300pm in after opening to maximise the interest?

made up numbers but.. say a max £100 per month and £500 limit per year (made up)
Sticking £10 in at the start and then the max £100 near the end would accrue less interest than sticking £100 in for 5 months and then nothing?
Or does it require an input every month? Anything over the limit accrues no interest?

Thanks.

YorkshireBoy

Katiehound wrote: »

Don't forget that at the moment there are several switch incentives around with HSBC, M&S to name but 2!
I am sure I read that there were about 6 still

Correct. And for a couple, that means just under £2K in incentives is possible.

forgotmyname wrote:

2nd saver, i wish us poor people who have to lick the road clean before you rich people get up and drive over it cannot have 2 saver accounts

You'd need nigh on £100K in savings to net the £2K above in interest per year. But for the incentive payments shown above a couple of £K would suffice. So having no money (but lots of toys!) is no excuse.

forgotmyname

Opened my FD current account and it will switch in 30 days?

The link to open a savings account vanished with the switch form, do i open the savings account now or wait until later?

Which is best?

Thanks

YorkshireBoy

forgotmyname wrote: »

Opened my FD current account and it will switch in 30 days?

The link to open a savings account vanished with the switch form, do i open the savings account now or wait until later?

Which is best?

Thanks

Neither is "best", being as you've 6 months to do it. On balance, I suppose once its done its done? Depends how forgetful you are.

forgotmyname

Forgetful AND lazy to boot

I started this a week ago and only just switched which is rather quick
for me

So i can open it now without any login details? Will try..

Says already a customer, well sort of i have a code but no login details. Maybe
wait?

Thanks

YorkshireBoy

forgotmyname wrote: »

Maybe wait?

They're open 24/7/365, renowned for their customer service, and have an 0800 free phone number (which you can blag your way in on)...ring them? They may be able to set the wheels in motion so once you've got all your log in details its already up and running.

forgotmyname

Sounds like a plan, sorry im i am repeating myself but if i open a standard savings account which can have as little as £1 and that eliminates the £10 monthly fee? Because the regular saver is not on the list, so i open that as well for my savings.
.
Besides the £1000 within 3 months for the switch bonus, do i have to deposit £xxx per month as well? or does the savings account also have no need for that?

Thanks again.