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

trinidadone

Hello Citadel, from advice on here, especially from Nick_c, I have carried out the following very recently:

I closed my 123 Santander, £5.00 a month did not seem attractive, there is the 123 lite, but I simply decided to leave santander, because I was attracted to HSBC premier. I opened a bank account with HSBC (you have to use the switching service to get the bribe). I was awarded ther £150.00 and I understand I should get a further £50.00 in 12 months time.

I have also opend the regular saver with HSBC - £250.00 a month max and it pays 5%

I have opened the flexi TSB like you, and have put in the max £1500.00 (I understand you have to put £500.00 a month) they have a regular saver, but only pays 2%

I have opened two Tesco accounts. One is up and functional already, I put in the full £3000.00. That needs £750.00 a month min, so here I simply set up a SO between my TSB and 1st Tesco. In relation to the DD, i opened a savings account with the Post Office (thanks to Nick). This account allows you to uniquely set up a DD. The requirement is to have three DD's coming out each month, i simply set up a £1.00 DD each week from the tesco to the Post office (the PO is paying 1.45% so not bad) I have just opend my second tesco current account, again i am hoping to fund with the full 3000. Here (thanks again to nick) i will be opening a mid shires account, and again hope to start a weekly £1.00 a week. to find it, i am hoping to start a monthly SO for 750.00 between my hsbc and 2nd tesco account. I was thinking about setting up a SO between the two tesco accounts, but was not sure if new money had to fund the accounts as appose to moving money.

I am hoping to lock my isa for a few years, and open a help to buy isa in the new financial year.

Nick_C

For me, it is worth keeping Santander Lite for the cashback. Also for the regular saver paying 3% on £200 a month. It only takes a phone call to downgrade to 123 Lite. Other accounts give you 1.5% or more. You can meet the Santander funding requirement by setting up a monthly standing order for at least £500 from an account with another bank, and sweep out any excess with another monthly SO once so your DDs have been paid. Only keep DDs that give you cashback with Santander.

Tesco - the funding needs to come from an external source. You could have two monthly STOs from one TSB to 2 Tesco accounts, and two more STOs with Tesco to send the money back. Just be aware that Tesco pay STOs on non Banking days (weekends and back holidays), so a same day transfer in and out of Tesco will not always work!

Switching - my experience is very limited. I switched Halifax to NatWest. Once I had the cashback, I switched NatWest to First Direct. I'm staying with First Direct because of the excellent regular saver.

Different approaches will work for different people. But once you have the knowledge you can work out what best suits you.

I'm staying with Lloyd's for my main current account. The free cinema tickets are worth about £50 a year, and I use a Lloyd's credit card and get some value from their retailer offers and Avios.

trinidadone

hey nick, need to tap into your knowledge/experience once more. I have just opened my second bank account with tesco. I also opend a mid shires savings account, but notice it requires a checque as part of the opening provess. I font have a cheque book. I currently do have a post office which is currently my link account for my first teco account. Can I therefore use the same post office account to have as my second tesco account?

Nick_C

trinidadone wrote: »

hey nick, need to tap into your knowledge/experience once more. I have just opened my second bank account with tesco. I also opend a mid shires savings account, but notice it requires a checque as part of the opening provess. I font have a cheque book. I currently do have a post office which is currently my link account for my first teco account. Can I therefore use the same post office account to have as my second tesco account?

You can only link your PO saver to one account.

But PO money regularly bring out new versions of their online saver. Once they launch a newer version than the one you have, you can open that as well. Each PO Saver can be linked to a different external account. The current version is 34.

badger09

trinidadone wrote: »

hey nick, need to tap into your knowledge/experience once more. I have just opened my second bank account with tesco. I also opend a mid shires savings account, but notice it requires a checque as part of the opening provess. I font have a cheque book. I currently do have a post office which is currently my link account for my first teco account. Can I therefore use the same post office account to have as my second tesco account?

You could also request a chequebook from a bank where you intend to retain a current account. HSBC perhaps (because of the Regular Saver)

You might not use many cheques, but there's no charge for a chequebook and some institutions do insist on a cheque as part of their opening process;)

You can request one by secure message in online banking

trinidadone

Thank you to both of you. I did not even think that i could request a new cheque book. I have ordered one, and it should be with me in 7 days