Minimising amount of current/savings accounts to reduce faff.

crumpetman

Herbalus wrote: »

2x Halifax rewards (£48)
1x Barclays blue (currently £48 plus £84)
1x coop (£48)
1x Santander lite for bills (£36)

Will go down quite a bit when the Barclays double rewards for 1 year drops off.

I’m not even sure I’m playing the game that well as there are probably other accounts I’ve missed or could get jointly.

Cheers for that, I've got one of the halifax and one co-op, didn't bother with the barclays and my santander just about clears the monthly fee.

This is one you might like to try for £5 extra a month and no DD requirement:

https://danskebank.co.uk/personal/products/current-accounts/cash-reward

dcs34

As a student/junior worker I figured it's still worth my time funnelling money around for a few more pounds a month, so yeah I've still got quite a few current accounts including the MSE old favourites and switching bonus ones. This means a convoluted mess of standing orders to make the monthly pay-in requirements and having to remember to spare enough money each month to pay into all the associated regulars savers as well.

Although reading through this, I was reminded I have the full £5k in Lloyds Club Lloyds which is now earning the same 1.5% that it would if I stuck it in Marcus. I could close it or stop paying the direct debits but then I'd lose access to the linked regular saver. On the face of it £24 a year ain't too bad for the Gourmet card (+ access to 3% regular saver), providing you actually use it a few times each year!

broju wrote: »

At what age do you think it might 'all become too much'? I am approaching 71 and quite enjoy the 'faff'. It's a bit of a hobby for me too. I am, though, beginning to get concerned as my OH really doesn't get why I bother and thinks I've made it all too complicated should he, or our daughters, have to pick up the threads. Maybe he's right and I should start to consolidate.............?

Instead of consolidating surely there's no reason you can't write it all out on a bit of paper or similar? Like a few notes on all the accounts and draw out the monthly payment structure.

crumpetman

dcs34 wrote: »

Although reading through this, I was reminded I have the full £5k in Lloyds Club Lloyds which is now earning the same 1.5% that it would if I stuck it in Marcus. I could close it or stop paying the direct debits but then I'd lose access to the linked regular saver. On the face of it £24 a year ain't too bad for the Gourmet card (+ access to 3% regular saver), providing you actually use it a few times each year!

Why does the Club Lloyds account cost you £24 a year? I have one and there is a £3 a month fee but this is waived if you pay in £1500.

veryintrigued

veryintrigued wrote: »

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.

Took some finding but here you go:



https://forums.moneysavingexpert.com/discussion/5623525/multiple-accounts-when-to-consolidate

fudgecat

I did not realise about the 0% on savings interest for low earners and I am very grateful to Noh for giving me this information. Back to the spreadsheet...:j

quirkydeptless

crumpetman wrote: »

This is one you might like to try for £5 extra a month and no DD requirement:
https://danskebank.co.uk/personal/products/current-accounts/cash-reward

It says here:


https://danskebank.co.uk/personal/become-a-customer

• If you’re applying online and you’re new to Danske you’ll need to be resident in Northern Ireland; or
• If you’re already a customer of ours and you’d like to open a new current account you’ll need to live in the United Kingdom.

quirkydeptless

Herbalus wrote: »

2x Halifax rewards (£48)
1x Barclays blue (currently £48 plus £84)
1x coop (£48)
1x Santander lite for bills (£36)

Will go down quite a bit when the Barclays double rewards for 1 year drops off.

I’m not even sure I’m playing the game that well as there are probably other accounts I’ve missed or could get jointly.

Can you have two individual Halifax Rewards accounts, or does one have to be joint?

xylophone

I did not realise about the 0% on savings interest for low earners and I am very grateful to Noh for giving me this information.

See also

https://www.litrg.org.uk/tax-guides/tax-basics/what-tax-rates-apply-me

Your husband has no relevant income? How about the pension strategy.....

https://forums.moneysavingexpert.com/discussion/5580163/paying-2880-into-pension-when-retired&page=5

Zero_Sum

johnhickmanuk wrote: »

Can you have two individual Halifax Rewards accounts, or does one have to be joint?

I think now you're only allowed the one (possibly a 2nd joint) but when they were 1st launched i think you were allowed upto 3. Ive also got 2 of these from when you were allowed more than 1

Alice_Holt

fudgecat wrote: »

Personally, I find the "faff" quite amusing as a hobby and definitely worth the time spent. We have both had to take ill health early retirement and only have my small teacher`s pension to live on at the moment.......

Totally off topic, and I hope you're forgive me if this is not relevant.

I wondered if Personal Independence Payment (PIP) or Contribution based (New Style) ESA may be a possibility:
1) https://www.citizensadvice.org.uk/benefits/sick-or-disabled-people-and-carers/pip/
"Personal Independence Payment (PIP) is extra money to help you with everyday life if you’ve an illness,.. Your income, savings, and whether you’re working or not don't affect your eligibility.

2) https://www.gov.uk/guidance/new-style-employment-and-support-allowance
https://www.entitledto.co.uk/help/employment-and-support-allowance

New Style ESA depends on NI contributions in the two tax years prior to the year in which the claim was made.
If your husband was working in 2015/6 and 2016/7 tax years and paying NI, but is now unable to work due to illness; it may be worth applying before the end of this calendar year. Like PIP, New Style ESA is not means tested.

A visit to your local advice agency / CAB could be useful if you think PIP a possibility.