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

colsten

jackieblack wrote: »

Although apparently this is under review and may change from April (?) next year

Sure. Lots of things may change in the future.

jackieblack

colsten wrote: »

Sure. Lots of things may change in the future.

Of course.
But specifically, the current non-requirement for minimum pay in and direct debits on Tesco Bank current accounts taken out before the t&c changed a couple of years ago, is only 'guaranteed' until April 2019.

trinidadone

colsten wrote: »

I do indeed know that, yes . However, all credit card debt is credit that is available to you. It doesn't matter whether the CC debt is on 0% or 30% - it is money you owe. The more you owe, the higher the risk you represent to a bank. The risk may be so high that they'd rather not give you a new current account. So your existing credit record may be problem when applying for additional current accounts.

You also indicated that your credit record is "not great".

Then if you know that, typing:

"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"

This suggests Credit Card debt is bad, which is it not. you can have credit cards with credit card debt, and have savings at the same time!!

MisterMotivated

trinidadone wrote: »

This suggests Credit Card debt is bad, which is it not. you can have credit cards with credit card debt, and have savings at the same time!!

The wording of your original post made it sound to me initially (and potentially others) that you were behind on your credit card repayments, in which case I would agree with colsten about savings vs debts. However, if by 'in the red' you simply mean they have a balance on them, it may not be such an issue (depending on the interest rate of course).

colsten

trinidadone wrote: »

you can have credit cards with credit card debt, and have savings at the same time!!

You can - and I have - but then I don't have a "not great" credit file.

Anyway, you seem to be happy with what you are doing, which is the main thing.

trinidadone

colsten wrote: »

You can - and I have - but then I don't have a "not great" credit file.

Anyway, you seem to be happy with what you are doing, which is the main thing.

Yes I am very happy, especially as Nick C provided good advise without making assumptions, which i liked

jimjames

jackieblack wrote: »

Of course.
But specifically, the current non-requirement for minimum pay in and direct debits on Tesco Bank current accounts taken out before the t&c changed a couple of years ago, is only 'guaranteed' until April 2019.

I thought it was only the interest payment of 3% that was guaranteed until April 2019 not any other conditions? It's my main current account so doesn't matter to me but I've not had any notification to the contrary.

EDIT - this is confirmed on Tesco site

https://www.tescobank.com/current-accounts/existing-customers/#terms-1

lovingtescoforever

colsten wrote: »

Older Tesco current accounts don't need any DDs at all. Not that this is of relevance for the OP, but I thought I mention it in case holders of those older accounts might think they have missed an important change. They haven't as there was no change for them.

How do you know if you’re on a older account? I would love to know as I opened one up a long time ago and got three direct debits.


EDIT: just seen the link above

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.

Hi nick, my old bank account closes on monday 10th December, I am now looking into the TSB current account, just a few questions for you:

The 5% interest, is the interest just paid for a year?

I guess I simply set up a monthjly Standing Order from my newly HSBC bank account for £1500 a month, could I not simply transfer the money via online banking, or does it have to be a SO?

Is a month from 1st to the end of the month (santander have a different system)?

Do i have to set up a SO to transfer the money out from TSB, or simply do a online manual transfer?

Zero_Sum

trinidadone wrote: »

Hi nick, my old bank account closes on monday 10th December, I am now looking into the TSB current account, just a few questions for you:

The 5% interest, is the interest just paid for a year?

I guess I simply set up a monthjly Standing Order from my newly HSBC bank account for £1500 a month, could I not simply transfer the money via online banking, or does it have to be a SO?

Is a month from 1st to the end of the month (santander have a different system)?

Do i have to set up a SO to transfer the money out from TSB, or simply do a online manual transfer?

TSB interest is paid monthly, usually on the 2nd of month. Moving money is your choice. Some prefer SO, others mannually.

Another account which is often overlooked is the Co-Op.
You get £4 a month cashback/reward plys 5p on debit card transactions. You do need 4 DD's though which like others can be done by a weekly PO savings account.