Minimising amount of current/savings accounts to reduce faff.

crumpetman

johnhickmanuk wrote: »

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.

and just under that it shows:


(You can still apply in one of our branches or by phone if these don’t apply to you).


The first set of conditions are required for applying online.


Note that you have to pass ID checks electronically or you won't be able to get the account unless you are willing to travel to NI. More info here:


https://forums.moneysavingexpert.com/discussion/5889239/danske-bank-reward-current-account&highlight=danske

BobQ

So much of this depends on how soon you might want your money back.

I tend to use long term fixed accounts but stagger them to avoid locking in too much. But even this is problematic if rates rise sharply.

Zero_Sum

BobQ wrote: »

So much of this depends on how soon you might want your money back.

I tend to use long term fixed accounts but stagger them to avoid locking in too much. But even this is problematic if rates rise sharply.

Personally given how many people are upto their eyeballs with mortgages such that a 1% increase could see them massively struggling, i really cant see rates rising sharply any time soon. You might see a 0.25% increase once every 2 years or so. I think staggering 5 year fix rate savings is fairly sensible & shouldnt be problematic at all.

Alexland

We are tending to use joint current accounts to drive a regular saver in each name. That way there are less pointless current accounts to maintain and it would be less of a mess if one of us were to unexpectedly die.

We each individually took the £100 incentive to leave First Direct after switching but I am considering opening a new joint account (assuming we are not blacklisted) to get a couple more regular savers. Still it is faff.

Alex

dcs34

crumpetman wrote: »

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.

It requires two direct debits so I pay £2 each month to charities (well I pay more but let's just say £1 per account as a nominal minimum) to hit that requirement.

Even with that, putting £5k into Lloyds and adding an extra £400 a month into the regular earns around £129 for the year (£75-£24 + £78) compared to putting the same amount (£5000 + £400/month) into Marcus, which earns around £114 if I've done the sums right. Obviously a bit more of a faff but you get the bonus lifestyle perk and if you use those direct debits more sensibly for something you need to pay anyway that's an extra £24 as well!

newatc

Sweetcake wrote: »

Are there MSErs that operate with just one savings account (be it a current account) or a small few? I’ve downsized my accounts to a small few now, for a few reasons, and have decided that I’m going to operate this way to have minimal faff and pack in the current account/regular saver merry go round. Do others here do this for ease, or because you just aren’t that bothered about interest?

What about using Hargreaves Lansdown's Active Savings Service, you'll be able to get good (if not best) rates and remove much of the hassle.

This is not something I'm doing by the way but perhaps will consider in a few years when I want to simplify things for those dealing with it after I've departed

dont_use_vistaprint

My Virgin regular saver has just matured and converted to instant access at 1.15% I have used up all my 3 current accounts and the linked regular savers to the max so the next best is Atom 1 year fix at 2.05%. Considering its only just over £3,200 to invest and I already have a Marcus instant access account at 1.5% its really not worth the effort opening another account with Atom, for a year, and losing instant access all for the sake of £17.60 (£10.50 after tax).

What other options are there ?

newatc wrote: »

What about using Hargreaves Lansdown's Active Savings Service, you'll be able to get good (if not best) rates and remove much of the hassle.

This is not something I'm doing by the way but perhaps will consider in a few years when I want to simplify things for those dealing with it after I've departed

Does anyone use this, are there other services that can help simplify numbers of accounts and get equivalent rates of having 6 or so current and regular savers ?