Interest bank accounts for piggy banking

Bookowl

Hi,
I want to get a handle on my finances in 2019 and came across piggy banking. I was thinking of opening a santander lite 123 or a barclays reward account. I have previously held a santander account 2 years ago don't know if that would go against me. Although I only have my mobile phone bill,don't know if that would give me a big enough reward?
I hold a nationwide flex direct and think I've missed the boat on tesco 3% on £3000

colsten

Neither the Santander 123 lite nor the Barclays Reward pay interest. Getting the Barclays Reward is relatively straight forward - you just have to fulfill the conditions laid out in the T&Cs. As you seems to only have 1 Direct Debit, you'd have to find a second one. The forum should give you some ideas for that.

If you want interest, you should look at TSB, or perhaps a straight-forward savings account like Marcus

Bookowl

Sorry its actually the 123 current account with santander I was looking at. Does that make a difference to what I want to do? My gym is £18.99 per month by dd could I use that? I was thinking of putting £7500 in santander 123 account.

colsten

Bookowl wrote: »

Sorry its actually the 123 current account with santander I was looking at. Does that make a difference to what I want to do? My gym is £18.99 per month by dd could I use that? I was thinking of putting £7500 in santander 123 account.

You get no cashback for gym membership though the DD could be of use for other accounts. You really need to check the T&Cs.

The Santa 123 costs £5 a month, so you should take this off the interest and any cashback.

You are more than likely to make substantially more from a TSB or Tesco current account. Even straight-forward savings accounts, like Marcus or Tesco savings are likely to pay you more. You might also be able to cash in on the Barclays Reward as you have enough cash to cycle through but you need to get on top of the basic before you put some bells and whistles on.

Bookowl

I'm unsure what you mean by getting a handle on the basics do you mean to figure out how much I have to cycle round the different accounts?
I currently have a HSBC account where my bills go - rent and work travel expenses.
I was thinking of a help to buy isa
2 regular savers - I already have one with nationwide and would like to open another one.
I was looking at tescos- is it too late to apply, if the deal finishes in April 2019?