Current accounts paying interest. Are they worth it?

RG2015

SuperHans1 said:

I've exhausted the list of current accounts that I have in my name and am now starting to consider joint accounts. Do all joint accounts require separate online login details? I love the convenience of managing many accounts from my phone and logging in with a fingerprint. How do people manage their joint accounts? Are there any joint accounts that you can have alongside a sole account?

I have three joint accounts. NatWest, Santander and Nationwide and they are all held alongside a sole account. 

Online banking is separate and my ones list all of my sole accounts and the joint account. My wife's online banking is the same and neither of us can see each others sole accounts. We can also both transact on the joint accounts without the requiring other's approval for the transaction. 

SuperHans1

You can see the account through your login, as can the joint account holder through their's. You can have a joint account alongside one (or more, where offered) sole account with all providers. All providers obviously have their own T&Cs, and presumably you have looked into the pros and cons of joint accounts already.

Ahh so you are saying that as well as having login details for a joint current account I would also be able to see this account if I logged in with my sole account details?

I am looking to exploit any additional regular savers or current account perks that I can get hold of, for example the two regular savers that are available with Lloyds and the current account interest from Virgin.

colsten

SuperHans1 said:

Ahh so you are saying that as well as having login details for a joint current account I would also be able to see this account if I logged in with my sole account details?

No. You are not getting new login details for the joint account. You use your existing login details, and you will see the joint account alongside your sole account(s).

If your joint account holder does not yet have login details at a given bank, they will have to set them up, or get them automatically, depending on the bank. If they already have a login, they will be able to see the joint account alongside their sole account.

SuperHans1 said:

I am looking to exploit any additional regular savers or current account perks that I can get hold of, for example the two regular savers that are available with Lloyds and the current account interest from Virgin.

You keep saying "I" - but you do know that your joint account holder 

1. can spend all the money in the joint accounts
2. can run up a overdrafts in the joint current accounts, for which you are jointly liable
3. owns all the money that is in regular savers in their sole name
4. automatically inherits your share in joint accounts if you pass away before them (and vice versa)

None of this may be an issue for you but I thought it worth mentioning. Also please read the link I posted earlier. We have read a few sad stories about joint accounts here.

RG2015

RG2015 said:

I had one NatWest current account started in 1973 until 2014 when I opened a Santander 123 for the 3% up to £20k and the cashback. Others quickly followed for collateral benefits.

Nationwide Flexdirect, NatWest Rewards, First Direct, HSBC Advance, Tesco Bank and TSB Classic Plus. I was tempted by Virgin Money's 2% but then thought really, £8 extra per year? Enough is enough. I doubt that I will ever open another current account.

In the end I couldn't resist so I opened a new VM current account. Probably a result of lockdown syndrome 

fenwick458

can you have a club lloyds and a BOS vantage?
I have £5k in lloyds which is £60 ish per year interest, if it's possible to open a BOS vantage account to get another £60 I'd do that. and cross my fingers they don't slash the rate as soon as I open it!

colsten

fenwick458 said:

can you have a club lloyds and a BOS vantage?

Yes. Up to 3 BoS Vantages, too.

But you can get 1.2% interest in instant access savings accounts, which are much easier to open and to manage.

ischris85

RG2015 said:

RG2015 said:

I had one NatWest current account started in 1973 until 2014 when I opened a Santander 123 for the 3% up to £20k and the cashback. Others quickly followed for collateral benefits.

Nationwide Flexdirect, NatWest Rewards, First Direct, HSBC Advance, Tesco Bank and TSB Classic Plus. I was tempted by Virgin Money's 2% but then thought really, £8 extra per year? Enough is enough. I doubt that I will ever open another current account.

In the end I couldn't resist so I opened a new VM current account. Probably a result of lockdown syndrome 

That made me smile

badger09

ischris85 said:

RG2015 said:

RG2015 said:

I had one NatWest current account started in 1973 until 2014 when I opened a Santander 123 for the 3% up to £20k and the cashback. Others quickly followed for collateral benefits.

Nationwide Flexdirect, NatWest Rewards, First Direct, HSBC Advance, Tesco Bank and TSB Classic Plus. I was tempted by Virgin Money's 2% but then thought really, £8 extra per year? Enough is enough. I doubt that I will ever open another current account.

In the end I couldn't resist so I opened a new VM current account. Probably a result of lockdown syndrome 

That made me smile

Me too.
@RG2015 needs to get out more. But will have to wait until Wednesday.

Wonder how many more accounts he/she can open between now & Wednesday  

abz88

RG2015 said:

RG2015 said:

I had one NatWest current account started in 1973 until 2014 when I opened a Santander 123 for the 3% up to £20k and the cashback. Others quickly followed for collateral benefits.

Nationwide Flexdirect, NatWest Rewards, First Direct, HSBC Advance, Tesco Bank and TSB Classic Plus. I was tempted by Virgin Money's 2% but then thought really, £8 extra per year? Enough is enough. I doubt that I will ever open another current account.

In the end I couldn't resist so I opened a new VM current account. Probably a result of lockdown syndrome 

I was the same, too easy an account to have not to open it. No DD or SS and no monthly pay in. Just stick the £1000 in and then take out the interest each month.

CRISPIANNE3

I have 4 Club card accounts and keep £5,000 in each and the criteria is 2 active dd's to be taken each month.  However in one of the accounts only one dd was taken so no interest I thought. I spoke to a nice lady at the bank and she agreed to pay it to me. 
Also Nationwide pay me on £2,500 interest of £2,11 and TSB on £1500 3% and before anyone says I know the rates are dropping for the last two banks mentioned.