Top Bank Accounts Discussion Area

TheGame21

badger09 wrote: »

@ Robbieh & TheGame21

You also need to skim off the interest, as you won't earn anything on the balance above £2000.

Don't forget the TSB Monthly Saver £25 to £250 per month also @ 5%:)

Thanks, will need to open the monthly saver. What do you mean skim of the interest?

castle96

£2k will produce interest of £6.67 net pm. Set up a standing order to pay that each month out of the account and into another a/c earning interest, which is below the maximum allowed amount

polymaff

TheGame21 wrote: »

What do you mean skim of the interest?

Move the added interest - which will not attract interest whilst it sits on top of the £2,000 balance - to somewhere where it will.

ernie-money

badger09 wrote: »

@ Robbieh & TheGame21

You also need to skim off the interest, as you won't earn anything on the balance above £2000.

Don't forget the TSB Monthly Saver £25 to £250 per month also @ 5%:)

I always leave the interest in there and occasionally add a bit extra, and use my debit card whenever I can do contactless payments, so that I get the extra 5% casback on that amount. Even better than 5% interest, as it's instant, and not over the year...

colsten

ernie-money wrote: »

I always leave the interest in there and occasionally add a bit extra, and use my debit card whenever I can do contactless payments, so that I get the extra 5% casback on that amount. Even better than 5% interest, as it's instant, and not over the year...

The contactless cashback isn't any more instant than the monthly interest payment.

grumbler

It is more 'instant' because you just have to spend £100 to get/earn £5, not to keep £100 for a year.

manumuswell

Hi,
I am currently with first Direct and happy with them.
But I would like to open an additional basic account that I will use to switch to have incentives offers from different banks.
My question is: how often can we switch banks? and will it have an effect on credit rating/
Thanks

Steve_xx

manumuswell wrote: »

Hi,
I am currently with first Direct and happy with them.
But I would like to open an additional basic account that I will use to switch to have incentives offers from different banks.
My question is: how often can we switch banks? and will it have an effect on credit rating/
Thanks

Switch as often as you like. Your credit rating might be slightly affected for short periods if you choose to open a lot of bank account close together, but normally it wouldn't be affected long-term by doing so.

manumuswell

Great, thanks for your answer.
So best to open a basic santander account set up 2 DD and then switch.

Steve_xx

manumuswell wrote: »

So best to open a basic santander account set up 2 DD and then switch.

Yes, if that's easiest for you.