Maximising potential interest rates with savings by juggling accounts

HorseWhisperer

Hello people - could I please get a sense check on this idea?

I have £81,000 to put somewhere reasonably easy access (i.e. max 90 days notice). I had thought about splitting the amount between:

Charter Savings Bank 95 Day Notice - Issue 22 1.90% AER Charter Savings Bank 60 Day Notice - Issue 9 1.61% AER
(to give me a bit more flexibility than all at 90 days)

However, I'm thinking, it might be more useful to open a:
Marcus by Goldman Sachs instant access 1.5% AER with £6,600

Then open a First Direct Regular Savings account at 5% fixed for 1 year and drip feed in the maximum of £300pm for 12 months (I don't mind locking £3,600 away for that time) from Marcus to FD via my current account

Then open a Nationwide FlexDirect Account at 5% fixed for 1 year and drip feed in the minimum of £1000pm from Marcus to FD via my current acount, then sending it back again to Marcus once the total in the account reached £2500 (the upper limit for that interest rate) on a monthly recycle.

Then splitting the balance of £74,400 into the two Charter accounts.

Is this sheer madness for the amount of time the administration will take, or sensible for the interest I will be able to milk for the effort?

Thank you!

eskbanker

HorseWhisperer wrote: »

Is this sheer madness for the amount of time the administration will take, or sensible for the interest I will be able to milk for the effort?

Entirely your call, based on how much you value your time and how much effort you're prepared to put in to maximising your return, but what I would say is that you'd be far from alone in shunting money around like that, and many on here take it much more extreme measures (double-digit numbers of regular savers, many current accounts, etc). Some of it can be automated too, via carefully-scheduled standing orders....

londoninvestor

HorseWhisperer wrote: »

Is this sheer madness for the amount of time the administration will take, or sensible for the interest I will be able to milk for the effort?

Asking that question on this forum is a bit like going to the away end of a League One football match on a Wednesday evening in November and asking the shivering fellow supporters around you: "am I crazy to spend this amount of time going to all my team's matches?"