Savings account customisation query

swagster92

bowlhead99 wrote: »

The account won't have more than £1k at most so 1.5% interest is only £15 at the most and 1% interest is only a tenner at the most after an entire year, and likely less. An account paying a percent per year is only 83p a month at most. So it really can't be important to get paid the interest monthly, when they are so small.

You don't want the hassle of doing paperwork to run spreadsheets etc for an extra fiver - so do you really need the hassle of opening up a new name-changeable bank account with a bank you don't currently use, just to get 80p a month of interest? When you could just open up a new account at your existing bank?

Lloyds let you have as many accounts as you like and change their names but only pay a paltry rate of interest unless you are using their regular saver options for the better interest rates (and you can only have one of each of their types of regular savers).

But if it's really just the functionality of easily renamed accounts that you're after, because paperwork is not worth £5 of your time, I would give up on trying to get a high rate of interest on £1000 spread into multiple accounts.

Yeah good point. I have a Lloyds account so this is an option too. But they pay such a paltry sum it's almost insulting. Good advice though, thanks.

MovingForwards

Virgin let you change the name of their accounts

Alexland

Maybe go for the best rate (as that's most important, right?) and create a clingfilm screen overlay with descriptive post-it notes where each account is laid out on screen? Or just a spreadsheet of how you will use the money.

d63

the postoffice savings a/c let you change the name too.