Monthly saver coming to an end

Fatbritabroad

Hi

I've currently got about 15k in cash savings ( this is my emergency fund as rest is in stocks and shares) . Currently coming to the end of my tsb monthly saver and will have 3k saved in this (plus the princely 60 quid interest of course!) Rest is in 2 tsb accounts (1500 each) and another 7500 in halfax accounts . Finally about 2500 left in my 123 account as im too lazy for the difference to close it in the hunt for better interest. I get about 8.50 a month cash back on the 123 accounts

Am I right in thinking I'm better off just putting the monthly saver money back in to 123 account and continue to build this back up to 20k than switching banks? The halifax money will need to be moved in about 8 months so can't see the point in just switching for a few months to someone like Tesco's when I'm going to need somewhere to stash a bigger pot in a few months

In case it's not clear I do have OH SO can put cash In her name to get better returns

YorkshireBoy

Why isn't the £7.5K cash at least moved to Santander? Are you making more than 1.5% AER at Halifax? Or maybe you're in a fix there?

As there are two of you, you could make 5% AER FIXED on £7.5K at Nationwide. You could also, between you, make 5% AER VARIABLE in a pair of Nationwide regular savers taking a total of £1K per month.

You really are "lazy" aren't you.

bowlhead99

If you put the money in the 123 account you will earn 1.5% interest on it, which is fine for the lazy option (i.e. if you would prefer less hassle to more interest)

For a less lazy option you could open up other accounts, or give it to your OH so she can put it in other accounts. You don't always need to close accounts to get new ones; and if there are extra perks from transferring by closure of an old account, you could even open a new account at bank A just to close it by transfer to bank B. So it depends how much hassle you are willing to go through to get more free money.

Nationwide would give you 5% on up to £2500 in a 'flexdirect' account which you can open without needing to close an old account. (http://www.nationwide.co.uk/products/current-accounts/flexdirect/features-and-benefits). Set up a monthly standing order of £1000 from Santander to Nationwide and back again to meet their criteria of 'must be paying in £1000pm to get interest'

When you have a flexdirect account you can open the 'flexclusive' regular saver which lets you put in up to £500 a month for twelve months and earn 5% on it (a bit like your old TSB one except it has a higher monthly capacity (£500). If you don't have enough spare new savings money every month to max out the £500 capacity, you could drip over some of your Santander money because 5% is better than 1.5% http://www.nationwide.co.uk/products/savings/flexclusive-regular-saver/features-and-benefits

KonkyWonky

Your best option would be to move your money somewhere that you get a better return than you do from your Santander 123. Whether you are prepared to go through the hassle of setting up a new account is up to yourself though.

You could also consider switching your current accounts to the likes of HSBC and/or First Direct who will pay you up to £200 for doing so. This will also open access to a 5% Reg Saver that allows you to pay in a max of £250 a month.

Fatbritabroad

Yes the 7.5k is in the halifax 5% fixed sorry.

The tsb is 5% monthly and the other two tsb has just dropped from 2500 at 3% to 1500 at 2%

Not that lazy ! 😊

Fatbritabroad

Its just obviously as you say the Halifax is going to end in less than a year and I'll want to move it again and alot of the rates have dropped so unsure where to move next

YorkshireBoy

Fatbritabroad wrote: »

The tsb is 5% monthly

So should pay £81.25, not £60 as you said above, assuming £250/mth on same day each month.

and the other two tsb has just dropped from 2500 at 3% to 1500 at 2%

£2,000 @ 5% to £1,500 at 3%.

Not that lazy ! 😊

You could double, maybe nearly treble, the overall interest rate on a very large part of your total cash savings. And make another £400 in switching incentives for the Nationwide accounts. All for a little bit of work.

xylophone

What about Tesco current accounts? You and your wife can have two each -- no minimum pay in DDs etc - between the two of you 3% on £12000 at instant access.

Fatbritabroad

Sorry start again I'm giving you crap information here (blame lack of sleep) sorry guys

Yorkshire boy ive got nationwide x3 accounts already at 7500.

Yes you're right the tsb has dropped to 3% on 1500 my mistake.

So once my monthly saver comes to an end I'll have about 5 k so I did think about the tesco account but unsure if they're just going to pull this and then within a few months the fixed nationwide accounts will end anyway so will have 12k probably more like 15k with further savings to put somewhere. I hadn't realised you could have two tesco. Accounts each I assumed it would be the usual 2 singles and one joint?

YorkshireBoy

Fatbritabroad wrote: »

Sorry start again I'm giving you crap information here (blame lack of sleep) sorry guys

Yorkshire boy ive got nationwide x3 accounts already at 7500.

Yes you're right the tsb has dropped to 3% on 1500 my mistake.

So once my monthly saver comes to an end I'll have about 5 k so I did think about the tesco account but unsure if they're just going to pull this and then within a few months the fixed nationwide accounts will end anyway so will have 12k probably more like 15k with further savings to put somewhere. I hadn't realised you could have two tesco. Accounts each I assumed it would be the usual 2 singles and one joint?

OK let's try again then...

BoS Vantage will take £30K between you and, at the moment, pays 3% AER like Tesco.

Fatbritabroad

So we can each have three accounts with bos? But will need to change dds to come out of various accounts as I'd need two dds for each account to qualify.

I assume the 1000 would need tonne paid from outside bos? I.e I couldn't get my salary into one and then pay the 1000 into each.

Any others that don't involve dd's . Id rather my dds all came out of one account really