Should I stick all money from building societies in a Marcus account?

bp5678

I'm 26.

I have a Marcus account with £18k in.

I then have an HSBC bank account, TSB bank account, HSBC bank account and Nationwide FlexDirect account whereby I move money around in them to maximise interest gained.

I also have an M&S regular saver and HSBC regular saver. Both I max out each month.

I also have a Lifetime ISA and HTB Isa. Both I max out. I'm treating the HTB isa as a savings account while I'll use the Lifetime ISA when it comes to buying a house (hopefully in the next 12 months).

Altogether I have about £45k saved.

When I was little, my dad very kindly opened building societies and other accounts to benefit me in life. He opened these as when I come to get a mortgage, he believed I could tell the building society that I've been a member/had an account with them for 15 years or so and therefore may benefit me. I don't think this is true but that's beside the point. I'm looking to maximise the gains I get from this money so I think adding all the money to my Marcus would be best (I have £9823 in all my building society accounts). Or is there a better way than moving it to a Marcus account? Not sure about investing the money as I plan to buy in the next 12 months.

I don't want to close the accounts he set up - just simply move the money. I'm basically just asking what the best thing to do with these funds are/where to put them. Below is what I have:

Beverley BS ISA	0.5% interest	£103
Kent Reliance The Wishmakers £110	1% interest	£110
Metro Bank Instant Cash ISA	0.3% interest	£3460
Nationwide Cashbuilder	0.01% interest	£137
Newbury Exist Mem Acc	1.1% interest	£117
Mkt Harbo New Saver account	0.5% interest	£107
Leeds Access Saver	0.1% interest	£111
Yorkshire Internet Saver	0.1% interest	£119
Saffron Easy Access	0.1% interest	£106
Melton Mowb Instant Access	0.1% interest	£101
Furness Everyday Saver	0.15% interest	£108
Skipton Leap 411	0.05% interest	£116
Coventry Interest Zone	0.3% interest	£106
(Now Co-op Bank) Flexible Savings Account	0.06% interest	£101
Santander ISA Saver	0.35% interest	£2356 & £1935
Stroud & Swindon Moneybox A/C	0.3% interest	£107
Harpenden Simply ISA	0.5% interest	£111 & £172
Manchester Premier Instant	0.3% interest	£105
Newcastle Community Saver Issue 6	0.25% interest	£135
TOTAL:		£9823

AnotherJoe

Put it in the one with the highest interest rate.

csgohan4

That's alot of log in usernames and passwords. 
As above, use the best buy tables for interest if you purely only want cash interest

Sea_Shell

Have you had up to date dealings with all these societies?   Are they all now corresponding with you directly, or do you just have lots of passbooks in a drawer?    Do you already access them via their on-line portals?

blue_max_3

Good old Nationwide. Bottom of that sorry table.
Sounds like he was a carpetbagger! 
I'm not sure having £1 in an account will give you special access to untold rewards, but may ensure you get lots of communications from all those society's.
Move them all to Marcus and use the money for something useful. They are all losing value every year.

MACKEM99

blue_max_3 said:

Good old Nationwide. Bottom of that sorry table.
Sounds like he was a carpetbagger! 
I'm not sure having £1 in an account will give you special access to untold rewards, but may ensure you get lots of communications from all those society's.
Move them all to Marcus and use the money for something useful. They are all losing value every year.

Good old Nationwide.
Proud the be different eh?

roddydogs

No more carpet bagging, that's for sure!

83705628

The best rate is NS&I

Yorkshire_Pud

Kent Reliance and Newbury accounts are in the Best Buy area as Marcus is 1.05% depending on any account specific restrictions that you will know about.

Don’t put all your eggs in one basket have at least three accounts with a reasonable level funds in.
The rest might come good one day and you get the admin for the next 70 years to keep that hope alive!

nbrewitt

Unfortunately, I think the days of Carpet bagging are well and truly over and the Building Societies are not the friendly institutions of the past. Of the banks, Marcus is probably the most impressive in terms of a slick website and customer service although they are finding it difficult to maintain higher rates. I would be tempted to consolidate most of those accounts into Income or Premium Bonds with NS&I - 100% safe, higher interest and playing your part in helping out the country instead of lining the pockets of Bank and BS Chief Executives.   

bp5678

Hi again everyone,
I've moved some of the money across from these building societies into my Marcus account (which I'll be moving over to Premium Bonds soon). I just had a quick question though:

Some of these accounts listed above are ISAs (eg the Santander ISA saver being one of many examples). Should I still move the money over to a Marcus/Premium Bond account for these as I believe I'll lose the tax benefits by moving the money out of these ISAs?