asked before but...37,000?

50Twuncle

Eilis wrote: »

having had another look at current accounts again. All only pay 3 to 5% on the first 3,000. So I would have to open up several essentially.
Tesco seems to be the only one where you do not have to have DD coming out. I will have to get savvy at this!

With Tesco - you need 2 standing orders
you should look at Nationwide if you have a flex account - link a flex regular saver - up to £6k over the year ( £500 per month) - at 5%

jdw2000

Martin's latest blog says the following (funnily enough, using the same figure as you have saved):

..." By doing this and combining Santander with the other top savings bank accounts you could save £37,000 at an average 2.16%".


So, judging by that, I'd say you'd be doing well to get 2.16% interest in total.

jdw2000

50Twuncle wrote: »

With Tesco - you need 2 standing orders
you should look at Nationwide if you have a flex account - link a flex regular saver - up to £6k over the year ( £500 per month) - at 5%

Can they be standing order from other accounts, or do they have to be DDs for utilities etc?

YorkshireBoy

50Twuncle wrote: »

With Tesco - you need 2 standing orders

Hopefully they'll write to us with details of this very recent change. When exactly does the requirement kick in?

jimjames

YorkshireBoy wrote: »

Hopefully they'll write to us with details of this very recent change. When exactly does the requirement kick in?

And hopefully they'll update their website with the change too!

TheShape

50Twuncle wrote: »

With Tesco - you need 2 standing orders
you should look at Nationwide if you have a flex account - link a flex regular saver - up to £6k over the year ( £500 per month) - at 5%

YorkshireBoy wrote: »

Hopefully they'll write to us with details of this very recent change. When exactly does the requirement kick in?

Just set up 2 DDs from your Tesco savings account;)

Eco_Miser

Eilis wrote: »

having had another look at current accounts again. All only pay 3 to 5% on the first 3,000. So I would have to open up several essentially.

Yes. It's been that way for several years now. The good part is that they were paying 6-10 times BOE base rate, to attract customers. Since the BOE halved their rate, it's 8-20 times, allowing for the dropped rates.

Eilis wrote: »

Tesco seems to be the only one where you do not have to have DD coming out. I will have to get savvy at this!

Nationwide don't require DDs either, nor does TSB, although their rate is dropping in January.

jimjames

Eco_Miser wrote: »

Yes. It's been that way for several years now. The good part is that they were paying 6-10 times BOE base rate, to attract customers. Since the BOE halved their rate, it's 8-20 times, allowing for the dropped rates.

And after several years the rates are now dropping just when some people seem to be waking up to the possibilities. Ah well, at least we got some good money while we could!

TheShape

TheShape wrote: »

Just set up 2 DDs from your Tesco savings account;)

What a plonker! I read DD instead of SOs:o

darkidoe

Requirements to set up 2 SOs? That's an odd requirement.