Savings account loop question....

jdw2000

enthusiasticsaver wrote: »

Yes Santander and Nationwide can feed each other. I also have the Tesco accounts, TSB and Lloyds Club and recycle £1500 round all of them. I did have a BOS one but recycled it all into Nationwide, Lloyds and FD regular savers at 4,5 and 6%. I think this gravy train may soon be ending though as a lot of the rates are now decreasing.

"FD regular savers" - is that First Direct?

The bank accounts I currently have are Santander, BoS, Nationwide, Tesco and TSB. Not sure how good their regular savers are. Santander is 3%, I believe. The interest is payed annually.

TheShape

Always worth looking at the regular savers as the rates are often fixed. I opened a Club Lloyds regular/monthly saver at 3% even though the Club Lloyds current account paid 4%. My thinking was that, at the very least, I could move money from 3% Tesco account into it at a fixed rate. With the Club Lloyds drop to 2% soon I'm pleased to at least have an account paying a fixed 3% as some of my Club Lloyds balance will undoubtedly end up there.

TheShape

jdw2000 wrote: »

"FD regular savers" - is that First Direct?

I bank accounts currently have are Santander, BoS, Nationwide, Tesco and TSB. Not sure how good their regular savers are. Santander is 3%, I believe. The interest is payed annually.

If you are eligible and haven't already done so, the Nationwide Flexclusive Regular Saver is worth opening. Pays 5% (variable) on up to £500 per month with instant access .

jdw2000

TheShape wrote: »

If you are eligible and haven't already done so, the Nationwide Flexclusive Regular Saver is worth opening. Pays 5% (variable) on up to £500 per month with instant access .

Thanks for that. I have not applied for it and will check it out.


I have set up the Santander saver, but that's only 3%.

jdw2000

YorkshireBoy wrote: »

I have (or will have come early next year following recent announcements), in my sole name...

£2.5K @ 5% with Nationwide
£15K @ 3% with BoS
£6K @ 3% with Tesco
Some @ 3% with TSB
£5K @ 2% with Lloyds
£3K @ 1.5% with YB
£20K @ 1.5% with Santander (fee nearly covered)

Santander, along with income, feeds multiple regular savers...none of which are lower than 2%, and some pay 5-6%.

All figures quoted are AER.

You may not want to go to as much trouble as that, but money makes money!

Do you also have money invested (S&S ISAs etc), or do you keep all your money in cash accounts?

YorkshireBoy

jdw2000 wrote: »

Do you also have money invested (S&S ISAs etc), or do you keep all your money in cash accounts?

It's not all in cash.

markwilkinson

YorkshireBoy wrote: »

I have (or will have come early next year following recent announcements), in my sole name...

£2.5K @ 5% with Nationwide
£15K @ 3% with BoS
£6K @ 3% with Tesco
Some @ 3% with TSB
£5K @ 2% with Lloyds
£3K @ 1.5% with YB
£20K @ 1.5% with Santander (fee nearly covered)

Santander, along with income, feeds multiple regular savers...none of which are lower than 2%, and some pay 5-6%.

All figures quoted are AER.

You may not want to go to as much trouble as that, but money makes money!

Just out of interest (lol) and I am being nosey but where are you skimming the interest too?

YorkshireBoy

markwilkinson wrote: »

Just out of interest (lol) and I am being nosey but where are you skimming the interest too?

Santander, as that will be depleted due to the large number of regular savers taken out in the last 8 weeks or so in the lead up to the Santander rate cut.

But don't forget it'll be a heck of a lot less per month from early next year!

markwilkinson

YorkshireBoy wrote: »

Santander, as that will be depleted due to the large number of regular savers taken out in the last 8 weeks or so in the lead up to the Santander rate cut.

But don't forget it'll be a heck of a lot less per month from early next year!

That makes sense! Got a few savings headaches coming next year with two fixed term cash ISA accounts coming to an end in April. Think I will enjoy Christmas and then worry about what to do with those.