What's the point??

badger09

mailmannz wrote: »

So after some faffing about Ive come up with the following table

Santander 123 £20,000
1.5% interest £300
Cash back £67
Fees £60
TOTAL: £307 a year
£500 a month pay in
2 active direct debits

Nationwide £2,500
5% interest £125
£1,000 a month pay in
No requirement for direct debits to be paid

Bank of Scotland £5,000
2% interest £100
£1,000 a month pay in
3 active direct debits

Tesco £3000
3% interest £90
£750 a month pay in
3 active direct debits

TOTAL Deposits: £30,500
TOTAL Interest: £615 (which is effectively 2% interest over the year).

All of that involves a lot of fiddling and moving money around to meet all the different deposit and direct debit requirements, which I guess is just the time it takes to set the money train up!

Regards

Mailman

I would make a Nationwide Flexclusive Reg Saver a priority. Another £500 a month @ 5%

mailmannz

badger09 wrote: »

I would make a Nationwide Flexclusive Reg Saver a priority. Another £500 a month @ 5%

I can't find this account on their site?

There is the FlexPlus which pays 5% interest (BUT costs a tenner a month!) and the Flex Direct (which Ive listed in my table).

Regards

Mailman

badger09

mailmannz wrote: »

I can't find this account on their site?

There is the FlexPlus which pays 5% interest (BUT costs a tenner a month!) and the Flex Direct (which Ive listed in my table).

Regards

Mailman

Really:cool:

1st on this list
http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts

mailmannz

EachPenny wrote: »

You should be able to have three of the BoS accounts at £5000 each.

And there should have a Saffron BS branch not far away from you to open a regular saver at 3.5%.

Cards are still stacked though.

Sadly these guys are just like everyone else, dangle a carrot (half decent interest) but then you check the fine print and you can only make deposits of £200 a month. For the £45 interest generated its just not worth the time and effort required to set the account up.

Regards

Mailman

mailmannz

badger09 wrote: »

Really:cool:

1st on this list
http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts

I was looking in the wrong place!

Pro
£162 for the year is better!

Con
You have to have held a flex account for 3 months before you can apply for this account.

Still...good find so thank you

Regards

Mailman

mollycat

mailmannz wrote: »

Sadly these guys are just like everyone else, dangle a carrot (half decent interest) but then you check the fine print and you can only make deposits of £200 a month. For the £45 interest generated its just not worth the time and effort required to set the account up.

Regards

Mailman

Really?

30 minutes, (say) for £45.

Sounds okay to me:)

RG2015

mailmannz wrote: »

"You have to have held a flex account for 3 months before you can apply for this account."


This is not correct. If you have a FlexDirect current account you can open the Flexclusive regular saver immediately

mailmannz

Hahahahahah! I just got declined for the Flex account!

Ill just have to try again in a month or two once my credit status has improved

Regards

Mailman

EachPenny

mailmannz wrote: »

Sadly these guys are just like everyone else, dangle a carrot (half decent interest) but then you check the fine print and you can only make deposits of £200 a month. For the £45 interest generated its just not worth the time and effort required to set the account up.

I partly agree, but it depends where your nearest branch is. I wouldn't travel 100 miles to open one, but I did take a minor detour on a planned journey and park for free in order to go into a branch to open one. The application form was available to download online, so all I had to do was drop it off, wait while they photocopied my ID, and the whole thing took no more than 10 minutes, 20 if you include the time to fill the form in at home.

I figure it is another £45 I wouldn't have if I hadn't bothered.

I'd also add that £135 is a lot more than the hourly rate I charge when I work (O.k. that's a very rough calculation!)

[Deleted User]

Malthusian wrote: »

But pretty much everywhere in Cambridgeshire is the middle of nowhere, apart from Cambridge, so that's a given.

I would never have thought of Peterborough being in "the middle of nowhere".