Be kind to a newbie

MexicanDream

Hi all
Starting my 2020 plan early.
Ive done a couple of threads about earning more. Now looking at making my money work harder.
Before children I had a dd account, with santander 3,2,1 account. Since my wife was made redundant we dont have enough to earn the interest.
I have started doing gpt sites to boost our income. I take paypal, and put in in our bos easy access 0.20% account.
Can I earn more though? I do not want the hassle of moving £1000 in and out to get better rates etc.
I am a relative newbie, so please be kind woth your advice.
Regards
MD

YorkshireBoy

You'll make far more in switch incentives than you will with interest over the next 12 months.

Don't do joint switches, stick to sole switches. But wait until your wife has secured her next job (and been in it for a few months) before hitting the likes of FD, HSBC and M&S.

Flobberchops

Interest rates are rock bottom, don't squander your time chasing an extra 0.1% here and there.


Switch incentives probably ARE worth your time, as may be any ongoing rewards or benefits from your bank if they offer these.


Without knowing your financial situation (and not having read your other threads), I would say you may want to focus on increasing your income and/or reducing your outgoings.


Are you and your wife claiming all benefits you're entitled to, if any?
Any chance of getting a promotion, changing role, or doing overtime? What about the missus' job prospects?
Are you claiming all the "free money" you can through things like Lifetime ISA, the Help to Save scheme, company SAYE schemes, and so on?
Are you being frugal, cooking at home, finding bargains by buying preowned, during sales, and in bulk?
Are you signed up to cashback sites to claw some money back when you have no alternative buy to buy at full price?