Top Bank Accounts Discussion Area

stehouk

i didn't get my account set up till 27th feb that's why i split the deposits up, didn't think of withdrawing the £1000 but my idea was to deposit £1000, leave £250 for reg saver, move £750 to tesco for interest on 3k and then £500 to santander 123 for cashback on bills and £200 for 5% reg saver

EachPenny

stehouk wrote: »

i didn't get my account set up till 27th feb that's why i split the deposits up, didn't think of withdrawing the £1000 but my idea was to deposit £1000, leave £250 for reg saver, move £750 to tesco for interest on 3k and then £500 to santander 123 for cashback on bills and £200 for 5% reg saver

If you will always have a balance of a a few 000's in the 123 account (and if not, the fee will be hurting you) then one of the easiest ways to do it is this:-
On the 1st of the month transfer £1250 by SO from the 123 account to Nationwide and transfer £1000 by SO from Nationwide to the 123 account. This will leave you the surplus £250 to fund the NW RS account.

On any day (be careful in the first month about meeting the conditions because Santander don't work on calendar months) have a SO which transfers £750 from the 123 to Tesco, and a SO that transfers £750 to the 123.

That way all accounts will get the minimum pay in required and you maintain the maximum balance in the accounts paying the most interest. Once set up you don't have to do anything - but remember to make sure the accounts all have at least the amount of the SO in them when they are due to pay out.

stehouk

Thanks for the info, i'll do that

DPS-2016

I'm trying to use the MSE First Direct link on the Best Bank Accounts page but I just keep getting 'the site cannot be reached' / 404 error when clicking on the link :S (for an ad.doubleclick.net address).

Is this the same for anyone else/is the link broken?

Thanks in advance.

ValiantSon

DPS-2016 wrote: »

I'm trying to use the MSE First Direct link on the Best Bank Accounts page but I just keep getting 'the site cannot be reached' / 404 error when clicking on the link :S (for an ad.doubleclick.net address).

Is this the same for anyone else/is the link broken?

Thanks in advance.

Just tried and it's working for me. Possibly a temporary glitch or a browser issue. Try another browser to start with.

Emily_Joy

RG2015 wrote: »

Hi Emily Joy,

Unfortunately this is incorrect and the previous two posters are correct.

I have a Nationwide Flexdirect account and my monthly interest is calculated on up to £2500 every day irrespective of whether £2500 is exceeded or not.

polymaff wrote: »

So you WILL get interest on that part of your balance NOT over £2,500.

EDIT: And one does.

Thank you so much for pointing this out to me, saved a lot of hassle!

Steve_xx

Emily_Joy wrote: »

The above is wrong. From the Nationwide website:
You'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500.

That is, you don't get any interest on the day when your balance is £2500.13

I believe that is exactly what I'd said, ie that no interest would be payable on the 13p. Thirteen pence being the "part" of the balance that would be in excess of £2500.

schiff

EachPenny wrote: »

On the 1st of the month transfer £1250 by SO from the 123 account to Nationwide and transfer £1000 by SO from Nationwide to the 123 account. This will leave you the surplus £250 to fund the NW RS account.

If you do that and the 1st of the month is not a working day you will suffer an overdraft charge. The funding of the Nationwide RS is done by an internal transfer and that takes place on the 1st, working day or not.

So if you don't have £250 in the current account on 29 March, to be on the safe side, a charge will apply. It's the Easter weekend!

schiff

Steve_xx wrote: »

I believe that is exactly what I'd said, ie that no interest would be payable on the 13p. Thirteen pence being the "part" of the balance that would be in excess of £2500.

No interest is credited on amounts less than £1 anyway!

EachPenny

schiff wrote: »

If you do that and the 1st of the month is not a working day you will suffer an overdraft charge. The funding of the Nationwide RS is done by an internal transfer and that takes place on the 1st, working day or not.

So if you don't have £250 in the current account on 29 March, to be on the safe side, a charge will apply. It's the Easter weekend!

Yup, I did warn about making sure there was enough money in the accounts, but always worth reminding people about the issue

The advice to stehouk was on the basis the FlexAccount is earning 5% and therefore funded to the maximum £2,500, so even if the Santander SO failed completely there would be enough funds in the FlexDirect to cover the £1000 going out to Santander plus the £250 to the NW RS. If a 5% FlexDirect has less than £250 in it (but a 123 account was funded) then something else would be wrong. :cool: