Minimising amount of current/savings accounts to reduce faff.

bowlhead99

george4064 wrote: »

I don't go round opening accounts left, right and centre, but I'm happy (and have done) to open a few accounts to earn decent interest on my money. I'm just not that bothered to run around to get the 'best' interest for ALL my money.

Yes, same. I accumulated a bunch over the years but don't have much appetite to keep adding more.

Lloyds have been my main account for decades, pay interest on it up to £5k, free cinema tickets or magazine subs, decent regular saver for £400pm, ability to create lots of little named savings pots.

Nationwide pay 5% on first couple of thousand (I only recently moved from the flex to flex direct), high interest regular saver, decent mortgage and credit card, and the 10+year loyalty saver account is not terrible for some money I haven't bothered to move elsewhere, even if it's paying a little under a percent.

Tesco have some reasonable offerings; I haven't bothered with a new Marcus deal at 1.5% as Tesco were already giving me 1.45% (who I already had credit card and loan relationship with) and who wants to fill in more forms and learn a new password for 0.05%?

Virgin from time to time have some good accounts, I put a few grand in a cash ISA with them this year and their credit card offers long 0% deals.

NSandI, not lucky enough to have the index linked bonds but the rate on premium bonds is ok if you're a high rate taxpayer with cash sloshing about (I don't have usually, but have some for a tax bill).

Oh and Citibank, no interest to speak of but dollar and euro current accounts linked to a debit card

Do I really want to spread my cash with more than 5 organisations anyway? The above doesn't include further banks with credit card relationships, platforms for S&S ISA, SIIP, GIA, workplace pension, P2P, crowdfunding /EIS, VCT etc.

Clearly there's more money to be made by using yet more high interest current accounts and regular savers with a whole host of other organisations, but frankly I CBA ! I'm more than happy to point out the principles to other people who have time on their hands (e.g., my parents are retired and don't have day jobs) but don't necessarily practice what I preach.

In essence, optimising your number of accounts might be considered a different exercise to maximising your interest , as a simple life might be preferable to another few quid of income.

talexuser

Closed all the accounts except for those that give me regular savers, including the 2 x 3% Tescos and 2 x 5% TSBs. Everything is on DD or Standing Order so the only faff is mopping up the interest every month. Even when the regulars go down to 3% or 2.5%, for the money coming in every month it's still better than putting it straight into my Marcus at 1.5%.

le_loup

bowlhead99 wrote: »

as a simple life might be preferable to another few quid of income.

Particularly as you get older - less neural connections and dependents who have dissimilar interests but will need to pick up the details one day!

Novice_investor101

I've never bothered with the merry go round. As a single person who doesn't have £10s of thousands in cash knocking round, it's too much hassle to chase about for an extra £30 or £40 a year.
I just stick with my couple of savings accounts, premium Bonds & the NatWest savings builder. I make more on Quidco every year switching energy providers, broadband, breakdown cover etc. I tend to focus on the Stocks & Shares ISAs more as that's where all my spare income goes now - I don't need to hold anymore in cash.

quirkydeptless

:xmastree:Personally I love the faff and enjoy looking for more branches to add to my magic money tree :xmastree:

Zero_Sum

trailingspouse wrote: »

my time is better spent on other things rather than shifting money around to perhaps gain an extra £40 or £50 a year (which is less than £1 a week!). In other words, I've done the cost/benefit analysis, and decided the return isn't worth the investment of my time.

I get about that each month (probably a bit more) so its very much worth it.

I know lots of people say they cant be bothered etc, but for me i actually enjoy it & see it as a bit of a game. Also by trade im a number cruncher which probably explains a bit.

quirkydeptless

Zero_Sum wrote: »

I get about that each month (probably a bit more) so its very much worth it.

I reckon I get roughly £25 a month more than if I'd sat my savings simply in a couple of accounts, plus the faff is mostly automated :money:

[Deleted User]

Zero_Sum wrote: »

I get about that each month (probably a bit more) so its very much worth it.

I know lots of people say they cant be bothered etc, but for me i actually enjoy it & see it as a bit of a game. Also by trade im a number cruncher which probably explains a bit.

Agree with this. I started the account game in early 2016 and account numbers have grown over the last 3 years. I get a kick out of managing it all. It's not as time-consuming as it might seem and does bring some financial rewards. On the other hand, as I get older, it may all become too much. A good memory, and being very well organised with your personal finance, are the primary requirements.

Terry98

What keeps me going is the rate of inflation.

Any saved money that doesn't beat inflation is worth less than it was a year ago.

veryintrigued

I've got dozens of CAs and RSs and do quite enjoy the exercise

I remember a similar thread maybe a year ago which I enjoyed reading too.

There has to be a point where I consolidate but am not at it yet.