How to earn the max interest from the different bank accounts there??

trinidadone

I am just in the process of moving my santander bank account to the HSBC advance bank account (the £200 would come in handy). I currently have a halifax current account, but need to install a second DD to get the monthly credit (£2.00 I think). are there any other tricks I can do to earn m0ore interest from other Bank accounts??

msallen

Yes, there are lots. Read through this forum!

Nick_C

Open savings accounts which allow you to make regular deposits by direct debit.

Use additional credit cards and pay them off by DD

I wouldn't bother with Halifax for £2 a month unless you are already maxed out at TSB and Tesco

trinidadone

Nick_C wrote: »

Open savings accounts which allow you to make regular deposits by direct debit.

Use additional credit cards and pay them off by DD

I wouldn't bother with Halifax for £2 a month unless you are already maxed out at TSB and Tesco

Thanks Nick, I have a Halifax account already, I use it manly to make cash deposits and move the money, so i thought I might as well get £24 a year. I notice many of the regular savings accounts require a bank account, but yes, regular savings are worth a shot!! I have a number of CC on interest free periods. No i dont have accounts with TSB or Tesco, are these bank accounts you referring to?

Nick_C

If you are looking to maximise interest on savings:-

One TSB current account with £1500 in gets 5% interest. No DDs needed. Just fund and withdraw each month by SO to meet the funding requirements.

Two Tesco current accounts with £3000 in get 3% interest. Monthly funding can be done from accounts you hold elsewhere. You also need to pay out 3 DDs each month. However, this can be achieved by a weekly DD to a savings account. The Post Office and Birmingham Midshires are your friends here.

trinidadone

Nick_C wrote: »

If you are looking to maximise interest on savings:-

One TSB current account with £1500 in gets 5% interest. No DDs needed. Just fund and withdraw each month by SO to meet the funding requirements.

Two Tesco current accounts with £3000 in get 3% interest. Monthly funding can be done from accounts you hold elsewhere. You also need to pay out 3 DDs each month. However, this can be achieved by a weekly DD to a savings account. The Post Office and Birmingham Midshires are your friends here.

Thank you for the info Nick, woooooooooooooooow sounds interesting

agrinnall

If only MSE had written a useful guide on this.


https://www.moneysavingexpert.com/banking/compare-best-bank-accounts/?_ga=2.57750698.1275449505.1542488005-139146472.1470681860#interest

Nick_C

The guide doesn't explain how to manufacture DDs - and we don't want it to!

trinidadone

Another question for you Nick, If I decide to open

TSB current Account
Tesco Current Account

at the same time, would I be credit checked? and do you think this would affect my credit dcore? I ask, because I have a number of CC in the red at the moment, so my credit rating is not great!!

colsten

trinidadone wrote: »

TSB current Account
Tesco Current Account

at the same time, ]would I be credit checked?

whether you apply at the same time or not, applications for current accounts involve full credit checks

trinidadone wrote: »

and do you think this would affect my credit dcore?

credit scores are meaningless. Banks will not use them. They will assess your application by their own criteria

trinidadone wrote: »

I ask, because I have a number of CC in the red at the moment, so my credit rating is not great!!

That could well be a problem and could mean that your application for a current account(s) will be declined. More importantly though, if you have credit card debt, you shouldn't be thinking of putting money into savings accounts but instead use every spare penny to pay off those cards

trinidadone

colsten wrote: »

whether you apply at the same time or not, applications for current accounts involve full credit checks

credit scores are meaningless. Banks will not use them. They will assess your application by their own criteria

That could well be a problem and could mean that your application for a current account(s) will be declined. More importantly though, if you have credit card debt, you shouldn't be thinking of putting money into savings accounts but instead use every spare penny to pay off those cards

You do know all debt is not bad debt right?