Apps to manage savings across multiple current accounts

SoBe_2

Hi I've recently received some inheritance and I'm looking at options for getting best low/no risk return on savings.
I'm looking to spread savings around to try and maximise returns and I've been looking at ISA's and savings accounts but also considering opening multiple interest paying savings accounts to benefit from generally higher rates of interest/opening offers. 
I wondered if there were any apps which take some of the hassle out of managing multiple accounts, keeping track of transactions, dates details etc
There may be an official or unofficial name for this activity (similar to 'credit card tarting'), but as I don't know what it is I haven't been able to find any previous threads around this topic in MSE forums. although I suspect it may have been asked before.

colsten

If you are happy to get lower interest rates, and to limit your selection to what they would like you to see, HL Active Savings or Raisin offer a portal to a variety of savings accounts. You can also pay Savings Champion to do some of the leg work for you but I reckon that would cost you your entire interest, and more.

However, there is, IMO, nothing better than keeping your own records, and keeping all your options open. You can do this with pen and paper, a home-made spreadsheet, or a personal finance manager. I use AceMoney myself, and lots of people swear by MS Money. Both have been discussed extensively on this forum, alongside some other apps. 

Zanderman

SoBe_2 said:

Hi I've recently received some inheritance and I'm looking at options for getting best low/no risk return on savings.
I'm looking to spread savings around to try and maximise returns and I've been looking at ISA's and savings accounts but also considering opening multiple interest paying savings [I assume you mean 'current' here] accounts to benefit from generally higher rates of interest/opening offers. 
I wondered if there were any apps which take some of the hassle out of managing multiple accounts, keeping track of transactions, dates details etc
There may be an official or unofficial name for this activity (similar to 'credit card tarting'), but as I don't know what it is I haven't been able to find any previous threads around this topic in MSE forums. although I suspect it may have been asked before.

You're rather late to the interest-paying current account party.

The best out there at present is Nwide Flexd at 2% fixed on only £2500 and only for 12 months, plus Virgin on 2% variable on only £1000 and TSB at 1.5% variable on £1500.  Followed by Lloyds Club/BoS Vantage tiered but 1.2% on average (and variable) for £5000 each.  All (except Virgin I think) with conditions to be met monthly.  And nearly all variable so could drop.

Fixed rate savers - if you lock the cash away for a 12 months or so - can get you comparable rates - certainly more than Lloyds/BoS and as much as TSB without the hassle.  And they're fixed so you know what you'll get.

The hassle used to be worth it when current accounts offered more - but these days it is, arguably, not worth it bearing in mind the sums are so low. 

As for apps I'd agree with colsten - do it diy - it isn't difficult and DIY means you know what's going on. 

SoBe_2

Thanks Colsten & Zanderman -
Colsten - I'd already earmarked Raisin and HL for some of my savings but appreciate the signposting
Zanderman - Yes, I've seen current account rates have dropped significantly, some still not too bad.
Will aim to track and manage via Excel (which I do currently for finances) - I just wondered if there was a common app in use that might do it more efficiently.
Thanks for input both of you

colsten

SoBe_2 said:

 I just wondered if there was a common app in use that might do it more efficiently.

As mentioned, AceMoney / MS Money etc.

Polly05

I downloaded the Emma app but not really liking it. Some banks don't let u share savings accounts/regular savers so I can't get to see all my accounts on there.. 

colsten

Polly05 said:

I downloaded the Emma app but not really liking it. Some banks don't let u share savings accounts/regular savers so I can't get to see all my accounts on there.. 

Sadly, there is no personal finance manager at all that read all accounts. The newer apps all need the Open Banking API which is unlikely to be implemented by many of the savings account providers for a long time, if ever.  The older solutions used screen scraping but they have now fallen by the wayside. So it's back to manual recording / reconciliation, which I don't actually find too much of a chore despite having dozens of accounts, if you want all your accounts in one place. For all the accounts with regular changes, I use the respective app with biometric security. I found this to be way faster than the modern PFMs such as Emma or Yolt etc.