BoS, Lloyds

Newly_retired

Given the interest rate drops and I tiered rates, I am not sure what to do about my two BoS and my Club Lloyd’s accounts. I could afford to keep them filled to £5000 but only by taking money from my ISA.
NB I am over the PSA so I do use my ISAs at the best rate I can ge.

Given the future drop in interest rates of the various Regular Savers, eg Nationwide, HSBC, I am open to a major overhaul, gradually simplifying the various recycling arrangements I go through. At the moment I am trying to decide on the best balances to keep in my BoS and Club Lloyds. I need to dip into them, or my easy access ISA, to fund next month’sRegular Savers. I have two RS maturing in early December.

18cc

I suppose it is a matter of analying which accounts give you the best rates, taking into account any tax on interest you may have to pay.

Also if the rates are similar then decide how much hassle moving money around you are prepared to take to earn eg an extra 20 a year!

Some easy access isa let you withdraw and then pay it back in the same tax year - might be useful if you need a shortcterm 'loan'

colsten

Whether it's worth moving ISA money into any non-ISA account only you can decide. Having said this, I reckon that if BOS/Lloyds pay you more (net) than your ISA, you might have a rotten ISA deal and an ISA transfer might be in order.

I am keeping both the BOS and the Club Lloyds for access to regular savers, albeit now with a zero overnight balance at all times. I have emptied them both out into Al Rayan, which I now use as my feeder account for Regular Savers, and as the hub for the current accounts which require a monthly deposit.

qsk

colsten wrote: »

I am keeping both the BOS and the Club Lloyds for access to regular savers, albeit now with a zero overnight balance at all times. I have emptied them both out into Al Rayan, which I now use as my feeder account for Regular Savers, and as the hub for the current accounts which require a monthly deposit.

Don't you still have to pay in 1000/1500 each month and maintain two DDs? Seems a lot of hassle for BOS RS which is not that good.
I am also weighing my options with my two Vantages...

soulsaver

qsk wrote: »

Don't you still have to pay in 1000/1500 each month and maintain two DDs? Seems a lot of hassle for BOS RS which is not that good.
I am also weighing my options with my two Vantages...

There's no requirement for the £1k pay in to a current ac to qualify for the Hfax/BoS reg saver in the terms that I remember or see...

scoot65

With regard to the Club Lloyds account, as I understand it, £1500 has to be paid into the account to avoid the £3 monthly account fee. Currently if £1500 is not paid in, then the £3 taken out by Lloyds (and not returned).

polymaff

https://forums.moneysavingexpert.com/showpost.php?p=76312569&postcount=15

colsten

qsk wrote: »

Don't you still have to pay in 1000/1500 each month and maintain two DDs? Seems a lot of hassle for BOS RS which is not that good.
I am also weighing my options with my two Vantages...

I only need a BOS current account to get access to the BOS monthly saver - no minimum monthly deposit or DDs.

Access to the Club Lloyds monthly saver needs a Club Lloyds. That also grants access to the normal Lloyds monthly saver. No DDs are needed, but to avoid the monthly charge for the Club Lloyds, I need to (continue to) deposit at least £1,500 a month.

I don't have to leave any money in either the Club Lloyds or the BOS current account, so my overnight balance is always zero.

Newly_retired

I am happy to keep my Club Lloyds. I don’t have their RS at the moment, but I get one of the magazines for my daughter.
I really dont think I need my BoSVantage x 2. I don’t bother with their RS any more, but I am probably going to consolidate my funds into one account, to keep my options open. But where should I switch the other one to? I have got First Direct and HSBC, though their RS rates are dropping too. As are Nationwide. Santander is my main hub, and my cash ISA is flexible so I can return my “ loan” any time.

colsten

Newly_retired wrote: »

But where should I switch the other one to?

As I mentioned earlier, I'd consider Al Rayan if you want instant access. If you can tie up the money for a year or two, you have some more options. As it's only about 6 months until you can fill another ISA, I wouldn't fix much more than 6-9 months now.

I'd keep the actual account for a switch offer - unless you think you have exhausted all the switch offers already.