Max out savings

Colincbayley

This may have been asked before.

If someone was in the position of being able to max out all of Martins top tips for savings accounts (Savings, regular saver, current accounts etc across all banks) How many accounts would this be and what is total amount of interest one could earn. Is it worth all the hassle ?

:beer:

Terry_Towelling

Sorry, don't know.

ValiantSon

Colincbayley wrote: »

This may have been asked before.

If someone was in the position of being able to max out all of Martins top tips for savings accounts (Savings, regular saver, current accounts etc across all banks) How many accounts would this be and what is total amount of interest one could earn. Is it worth all the hassle ?

:beer:

They would have to have many tens of millions of pounds to do this (unless what you actually mean is have up to the FSCS deposit limit in each account, which is not the same thing - but they would still need around £5 million)

If you really want to know then you could work it out yourself.

Colincbayley

ValiantSon wrote: »

They would have to have many tens of millions of pounds to do this (unless what you actually mean is have up to the FSCS deposit limit in each account, which is not the same thing - but they would still need around £5 million)

If you really want to know then you could work it out yourself.

Trying to work it out now, just trying to save a little time if someone has already beaten me to it.

Thanks.

Mr.Saver

Why would you want to do that? if you have million pounds, shouldn't you find something that beats the inflation?

Colincbayley

Mr.Saver wrote: »

Why would you want to do that? if you have million pounds, shouldn't you find something that beats the inflation?

Maybe I haven't made it clear. I am not talking about millions of pounds.

I mean to gain the most from each higher paying account, that being a current account, savings account and regular savers.

Example: Nationwide are offering 5% upto £2500 on their current account plus a linked regular saver at 5%.

Which accounts would be best to open, in what order, can you open more than one etc.

I guess, what I am trying to find out is, is it worth opening multiple accounts with multiple banks to max out the interest rates, or just stick all ££ in a one year savings account paying 2%

Hope this makes more sense.

ValiantSon

Colincbayley wrote: »

Maybe I haven't made it clear. I am not talking about millions of pounds.

I mean to gain the most from each higher paying account, that being a current account, savings account and regular savers.

Example: Nationwide are offering 5% upto £2500 on their current account plus a linked regular saver at 5%.

Which accounts would be best to open, in what order, can you open more than one etc.

I guess, what I am trying to find out is, is it worth opening multiple accounts with multiple banks to max out the interest rates, or just stick all ££ in a one year savings account paying 2%

Hope this makes more sense.

Ah, if that is what you are asking then the answer is much simpler. Yes, you are better off using multiple accounts. Start with the current accounts and keep the balance at the maximum that earns interest. Use regular savers as well (starting with the 5% ones) and an easy access account to hold the excess. Any excess that you won't need to touch for at least a year (such as to fund the regular savers) could be put in a fixed rate savings bond, but I wouldn't bother with ones longer than one year, as the greater interest payable on longer ones isn't that significant, and you are free to make a decision on potentially more favourable rates in a year.

Doing this will give you a better return than simply putting all of your savings into a one year fixed rate account.

How much you have affects the best options, but in short, start with the current accounts, then the regular savers offering the best rates, and continue until you exhaust your supply of money.

ColdIron

Colincbayley wrote: »

Which accounts would be best to open, in what order, can you open more than one etc.

See the Savings Fountain

https://www.moneysavingexpert.com/savings/which-saving-account/#fountain

jamei305

It depends how much you value your time. I suspect applying for and maintaining all the accounts takes many hours.

Mnd

No it doesn't

ValiantSon

jamei305 wrote: »

It depends how much you value your time. I suspect applying for and maintaining all the accounts takes many hours.

Nope. A few minutes to apply and set up standing orders. No other time required: it all works without any further input.