Ideas for which account please

BOBBIs_MUMMY

I have £5000 invested in a Family Regular Savings Account with the Norwich & Peterborough (Yorkshire Building Society) which matured yesterday. I would like to close this account and then drip feed this amount into a Nationwide Flexclusive Savers Account at £500 a month. Just wondering which is the best account I could put the £5000 into whilst I drip feed it into the other? I wouldn't necessarily be adding to the fund. Many thanks for any advice

xylophone

Do you have a Nationwide Flexdirect current account?

Does your spouse?

You could each deposit £2500 in a your Flexdirect current account and earn 5% for a year.

You will each need to cycle in £1000 a month from an account external to Nationwide - once in, the money can go out again immediately by Faster payments.

BOBBIs_MUMMY

xylophone wrote: »

Do you have a Nationwide Flexdirect current account?

Does your spouse?

You could each deposit £2500 in a your Flexdirect current account and earn 5% for a year.

You will each need to cycle in £1000 a month from an account external to Nationwide - once in, the money can go out again immediately by Faster payments.

Yes we've both just opened one of those as our Norwich and Peterborough accounts closing end of August. We have £2500 deposited into each of our current accounts resulting in £10.38 a month interest each!:beer: just looking for somewhere that may earn a little interest whilst I drip feed the other £5000 into the savings account

ColdIron

A couple of Tescos at 3% if they ever start taking applications again
A Bank of Scotland Vantage at 3%?

YorkshireBoy

BOBBIs_MUMMY wrote: »

Yes we've both just opened one of those as our Norwich and Peterborough accounts closing end of August. We have £2500 deposited into each of our current accounts resulting in £10.38 a month interest each!:beer: just looking for somewhere that may earn a little interest whilst I drip feed the other £5000 into the savings account

Why not a 3rd, joint, account too?

BOBBIs_MUMMY

YorkshireBoy wrote: »

Why not a 3rd, joint, account too?

So just trying to get my head around this ..................... I could place £2500 in the joint account we have £1000 in one of our individual accounts that we could transfer to natwest and then transfer back to Nationwide the following day and we would need to do this every month to satisfy the terms of the account and that way earn another £10.68 a month interest?

Fatbritabroad

Yes I do this now. I then also have 3 tsb accounts doing 3% on 1500 between my girlfriend and I where you pay 500 a month in each.

YorkshireBoy

BOBBIs_MUMMY wrote: »

So just trying to get my head around this ..................... I could place £2500 in the joint account we have £1000 in one of our individual accounts that we could transfer to natwest and then transfer back to Nationwide the following day and we would need to do this every month to satisfy the terms of the account and that way earn another £10.68 a month interest?

£10.38 in a 31 day month. But you won't ever have a 31 day month if you wait a day before returning the funds.

BOBBIs_MUMMY

YorkshireBoy wrote: »

£10.38 in a 31 day month. But you won't ever have a 31 day month if you wait a day before returning the funds.

so it needs to be paid in and back out again on the 1st of the month?

YorkshireBoy

BOBBIs_MUMMY wrote: »

so it needs to be paid in and back out again on the 1st of the month?

If all accounts are full, yes. If they're not full then it doesn't matter which day.

veryintrigued

O.P. is this a N&P Regular Family eSaver?

If it is, Ive had confirmation this is still paying 3.25%, passed my yearly anniversary date in April.

Hence I'm still running with mine and still adding £250 each month.