Help! What to replace 2 x Tesco acc with

HampshireH

Hello,

To set the scene I currently have the following accounts;

• Nationwide 5% up to 2.5k + option of 5% saver which i intend to activate asap
• Natwest Rewards Account (household bills acc)
• HSBC Advance (main account + 5% saver 250 pcm)
• Tesco bank 3% up to 3k current acc no conditions (maxed)
• Tesco 3% up to 3k Current acc no conditions (maxed)
• Starling 1.5% (1yr fixed 1k balance plus initial £60 incentive when Raisin)
• HSBC regular saver 1% for spare savings and regular use basically a holding account for stuff I need to save for short term before spending.

As Tesco are reducing their % from 3 to 1 I am looking for a replacement account. For 3k to grow in at a rate of £500 a month but to be accessible in an emergency.

The other account I have I intend to drip feed the new nationwide 5% saver until the balance expires then I will close it.

I feel I am almost out of options so any suggestions welcome.

Crag30

£1500 in TSB is a start

AndyPK

Have you concidered a santander 123. 1.5% on upto £20K
Ok there is a £5/month fee, but if house utility bills are being paid out of it you can get that back.

It's a Lazy option. Also has a 3% regular saver

Bank of scotland? What did that get reduced to
2 direct debits required

ColdIron

OP already has a Natwest Rewards Account for cashback. Not much point in a full fat 123 these days. 123 Lite and Marcus is a better combination

soulsaver

If you're partnered up:
2 solo TSB + 1jt =3x£1500 =£4.5K @5% and you're better off than £6k@3% already....

HampshireH

Thanks for the above.

I had a 123 account at £5 a month when we had our house deposit and it was worth it. I left Santander 3 months ago and opted to for the Nationwide instead (2 x 5%) as I wasn't getting much benefit from the Santander account on the lesser balance.

I will look at Marcus.

I really need minimum paying in requirements (Nationwide & HSBC both have high requirements already) and no DD's (I know I want a lot) purely because I am juggling all these accounts and I just don't have the DDs to split (which was also an issue with Santandar) As somewhere I can grow £500 per month paid in

I am swaying towards this being wishful thinking:rotfl:

AndyPK

Most people run £1000 through all current accounts after pay day.
To comply with minimum pay in

Bobblehat

Not sure if this suits your strategy …. First Direct and M&S have switch reward current accounts and have 5% Regular Savers available. You can drip feed the money intended for the Regular Savers into the Current Accounts, then into the RS's. If you held the drip feed money in somewhere like Marcus, that would compensate for the lack of interest in the current accounts.

Bobblehat

..... and as regards shortage of DD's ...... FD doesn't need them and you can get around the £1000pm pay in by opening an ordinary peanuts paying FD savings account which cancels the £1000pm requirement.

Regarding M&S .... those 4 DD's are a bind, but with the help of PO or Birmingham Midshires online savers etc and a few other tricks, they're not to onerous to meet.

Just a thought ..... as I said, may or may not suit you.

colsten

For minimum faff, and if you can tie up your money for a year or so: have a look at 1 or 2 year fixes. 2%+ is possible.

You haven't mentioned ISAs - the Coventry 1.5% instant access beats the 1.5% Marcus, on up to £20K

colsten

HampshireH wrote: »

The other account I have I intend to drip feed the new nationwide 5% saver until the balance expires then I will close it.

If you are talking about the Nationwide Regular Saver: when it matures, you can simply start another one.