The Top Easy Access Savings Discussion Area

typistretired

olddogbreath wrote: »

Thank you Freddysmith, when deal currrent deal comes to an end, think I will set up 2 DD's and then possibly open a Flexdirect to drop some into as well.
This may pay for the £2 monthly fee.
Not had the need to use cashback sites before, so who do you use to set up Santander and how do you get the cashback, as cash or do you have to build up so much?

Check out the Quidco site for cashback will explain everything.

Steve_xx

Middle_Sister wrote: »

I can have 3 Lloyds vantage plus accounts earning 4% if there is up to £6K in the account and pay in £1K a month in each

I can have 2 Santander 123 accounts earing 3% up to £20K paying in £500 a month and attach 2 DD's and pay a monthly fee of £2 (which the cashback from the 2 DD's should cover)

I can have one Nationwide FlexDirect account earning 5% up to £2.5K paying in £1K a month?

1. No. The 4% offer is gone. You can have several, perhaps 3 LTSB account that will pay 3% on balances between 3 & 5k.

2. Yes. I think you can have more than 2 Santander accounts. If you go via Topcashback you can get £57.75 for opening a 123 Santander account.

3. The 5% rate last for only 1 year.

Lungboy

Could i transfer a Barclays Instant Cash Account to satisfy the Flexdirect requirement?

e: Looks like it won't work. Shame, as I have an empty account doing nothing.

just_lookin

Middle_Sister wrote: »

I can have 2 Santander 123 accounts earing 3% up to £20K paying in £500 a month and attach 2 DD's and pay a monthly fee of £2 (which the cashback from the 2 DD's should cover). In was told in-branch that only 2 accounts were permitted.

I can have one Nationwide FlexDirect account earning 5% up to £2.5K paying in £1K a month? Is this true? Can I only have one account?

I have 3 & have been told u can have 5

Patchwork_Girl

Hi, would somebody mind confirming that I've got this right?

I don't have savings outside an ISA at the moment but will be starting to build them this month. I converted my Nationwide Flex account into the FlexDirect (the 5% interest one) last week. I have no direct debits or direct payments into this account. I am also planning on opening the Halifax (£100 opening/£5 per month) with two direct debits switched from my usual account.

I do not earn a regular amount and am paid in bits and pieces throughout the month so am transferring money into the Nationwide account as I get it (I might need to re-cycle some if I don't quite hit the £1000 some months) - if I cycle this money through the Halifax as well will that meet all the criteria?

I'm hoping this works: £1000 through Nationwide and let my spare cash sit there to build savings. £750 through Halifax = £5 per month.

Have I missed anything or does this sound about right?

Steve_xx

Patchwork_Girl wrote: »

Hi, would somebody mind confirming that I've got this right?

I don't have savings outside an ISA at the moment but will be starting to build them this month. I converted my Nationwide Flex account into the FlexDirect (the 5% interest one) last week. I have no direct debits or direct payments into this account. I am also planning on opening the Halifax (£100 opening/£5 per month) with two direct debits switched from my usual account.

I do not earn a regular amount and am paid in bits and pieces throughout the month so am transferring money into the Nationwide account as I get it (I might need to re-cycle some if I don't quite hit the £1000 some months) - if I cycle this money through the Halifax as well will that meet all the criteria?

I'm hoping this works: £1000 through Nationwide and let my spare cash sit there to build savings. £750 through Halifax = £5 per month.

Have I missed anything or does this sound about right?

The Nationwide Account needs to be the Flex Direct account as you say. It attracts interest on balances of upto £2500 but for one year only and you need to cycle £1 a month through it.

The Halifax needs two Direct Debits to different organisations set up on it, and £750 a month cycling through it in order to attract the £5 Reward.

So yes, basically you are correct!

But, you might have considered holding onto the basic Flex account too as by upgrading you will have lost your travel insurance.

Patchwork_Girl

That's ok - I didn't even realise I had travel insurance with it! I don't go away often and when I do I prefer to choose insurance independantly - I'm a bit wary of the freebie deals.

Thanks for the confirmation - I was afraid I'd missed something obvious

Steve_xx

Patchwork_Girl wrote: »

That's ok - I didn't even realise I had travel insurance with it! I don't go away often and when I do I prefer to choose insurance independantly - I'm a bit wary of the freebie deals.

Thanks for the confirmation - I was afraid I'd missed something obvious

Don't be wary of the free insurance deals. This is a bank we're talking about here so you can expect the insurance to be pretty tip top. But if you don't need it, it matters not a jot.

Also note that LloydsTSB basic account with Vantage added (free to add this) pays 3% on balances between 3 and 5k and with this account you need to cycle 1k a month through it in order to get the 3%. But you don't need any Direct Debits on it!

innovate

just_lookin wrote: »

I have 3 & have been told u can have 5

Afraid, not anymore, you can't. Was changed in the last few weeks to a max of 2.

A maximum number of two 123 Current Accounts can be held at any one time. These can be held in single or joint names.

Source: http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237892266671&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

harvyedward

I am saving 20% of my salary to various investments such recurring deposits, monthly savings, shares and insurances.