Direct Debits

talexuser

Until the new drops in rate I had 2 santanders, a halifax, a lloyds, 2 nationwides, 3 bank of scotland, 2 tesco and 2 tsbs. The interest for one year was approx £2450, with no effort because all the SOs and DDs were arranged within the mix of accounts, and maybe took a total of a couple of hours to set up, the only hassle is transferring the interest once a month. If I had put the equivalent capital in the best instant access account during that time the interest would have been around £950. The difference is obviously more than £3.65 or a penny a day, but if you are so rich that an extra £1500 a year is trivial to you then that's your choice, but your maths remains way out.

YorkshireBoy

talexuser wrote: »

the only hassle is transferring the interest once a month.

Why not automate that as well? Works for me.

Dird

Stevie_Palimo wrote: »

I never really understand this to be honest with having 500 accounts and all for 1p extra a day and all the hassle that goes with it.

I'm making around £1800/year from bank accounts (at least until January), £4.90 per day might not mean early retirement but it could pay for a trip to America/China/weeks in Europe. I find it worthwhile for the 20-30 minutes/month spent

Stevie_Palimo

Dird wrote: »

I'm making around £1800/year from bank accounts (at least until January), £4.90 per day might not mean early retirement but it could pay for a trip to America/China/weeks in Europe. I find it worthwhile for the 20-30 minutes/month spent

That clears it up for me as I thought it was nominal amounts so would not bother looking at it.