The Top Easy Access Savings Discussion Area

I-LOV-MONEY

adindas wrote: »

Is it specifically mentioned that can not be done ??

You can have two separate individual accounts. What you can't have is a joint account. You could give them a ring just to check.

soulsaver

adindas wrote: »

Is it specifically mentioned that can not be done ??

Why do you need more than one?

adindas

soulsaver wrote: »

Why do you need more than one?

The same principles with Tesco internet accounts.

I opened marcus AC#1 (say) since October 2018 with the interest rate of 1.5%. But this interest rate includes bonus of 0.15% for 12 months, so in october it will drop to 1.35%.

If I open a new AC#2 now and keep a small balance on it, I could move the money from AC#1 to AC#2 in October 2019 when the interest rate of AC#1 drop in October 2019.

I will repeat this iteration again by opening AC#3 and close AC#1.

I am aware that interest rate is variable, but at least we are hoping that they will maintain the same interest for at least one year before they drop it.

I-LOV-MONEY

With Tesco Internet accounts you can open more than one. When the interest rates drops, you can open a new account and transfer your money from old to new account. Leave the old account open so that you can pick up any interest from that.


I don't know whether Marcus will allow you to open a new account when they drop their bonus interest rate.;

YorkshireBoy

I-LOV-MONEY wrote: »

With Tesco Internet accounts you can open more than one. When the interest rates drops, you can open a new account and transfer your money from old to new account. Leave the old account open so that you can pick up any interest from that.

Why would you not close the old account, get the interest, and put it where it could make more interest, ie the new Tesco Internet Saver?

I-LOV-MONEY

I presume because some of it isn't paid until annually. When the interest comes through, I immediately transfer it into the new account.

YorkshireBoy

I-LOV-MONEY wrote: »

I presume

Always dangerous.

because some of it isn't paid until annually.

It's paid on account closure. All you're doing by delaying closure is giving Tesco Bank an interest free loan (of an amount to the value of the interest accrued but not yet paid)!

I-LOV-MONEY

YorkshireBoy wrote: »

Always dangerous.It's paid on account closure. All you're doing by delaying closure is giving Tesco Bank an interest free loan (of an amount to the value of the interest accrued but not yet paid)!

Oh okay., thanks.

Speedster2

New Easy Access savings account from The Nottingham Building Society. Branded as Beehive Online Saver it’s starting at 1.5% Gross/AER (Variable). Minimum deposit £2500.

On first inspection it’s not too tempting for me, but will keep an eye on it.

https://www.beehivemoney.co.uk/savings-and-investments/beehive-online-saver/

I-LOV-MONEY

Speedster2 wrote: »

New Easy Access savings account from The Nottingham Building Society. Branded as Beehive Online Saver it’s starting at 1.5% Gross/AER (Variable). Minimum deposit £2500.

On first inspection it’s not too tempting for me, but will keep an eye on it.

This will be useful if the rates stay the same as Marcus, where my money is at present, as they will reduce their rate on the first anniversary of opening an account with them.