Getting FIREd up 😀

South_coast

I have surpassed myself with my spreadsheeting ability and added in an interest calculation 😀

I currently have money in 5 different accounts (3 ISAs, 1 LISA, 1 instant access) at 4 different interest rates, with interest paid monthly on the instant access and one of the ISAs and annually (at different times!) on the others 😅 However, my spreadsheet now tells me I am earning £8.00/day across the accounts, which is a stonking £243.27 a month, or £2919.22 a year 🤯!

Once the LISA bonus arrives (next week probably) I will be earning an extra 9p/day 🤣! Although once I actually start spending the money (second half of the year) I will no doubt be earning a lot less! 

Jessy103

Nice work, SC x

South_coast

Thanks Jessy, I keep looking at it and marvelling at my skillz 🤣!

South_coast

The rate on my instant access account is dropping by 1% tomorrow*, so I've just updated my spreadsheet in readiness. Earnings down 35p/day! Looking forward to payday to get some money into the refurb pot and get that back up again!

* Not sure I recall the corresponding drop in the base rate 🤔 but 4.2% is still pretty good for instant access and I can't be bothered to shop around, so it's staying where it is!

Baileys_Babe

I have the same instant access account, I am going to move some of my money to rates better than 4.2% but the rest I am leaving here as I find it convenient.

Do you have an Edge saver 7% on up to £4000? 

This is from the same bank so quick and easy to open and operate. 

To apply for the Edge saver you need the Edge current account, apply for the account - do not use, then no charges 😉 apply for the Edge saver, transfer in upto £4000, interest is only paid on £1-4000 and nothing on amounts over the £4000. The interest is paid monthly if you transfer interest to your instant access account you will gain interest on it 😉

I hope this makes sense (my dyslexic brain, is trying to over complicate things) and I hope it is of some help. Any questions feel free to ask. Completely understand if you can't be bothered.

South_coast

BB, you are a genius 👍👍👍!

I've been looking to move away from my 123 Lite for a while, as the fee costs more each month than the cashback earns. I sat on it for years, as my niece's money was in a 123 Mini in trust, but now that's been moved elsewhere I'm not tied to needing to be a "123 World" customer. 

So I did the online calculator....


Definitely worth doing then! I have done the switch rather than the open-and-not-use, as I don't want the added complication of having a second current account and them sending (and displaying 🤦‍♀️) another debit card, but that was a top tip 👍😀! So I'll still be earning less in cashback than the fee, but that's dwarfed by the interest earnings, which I can use to pay the fee 😀 Thanks also for the second top tip about moving the interest out each month - I was thinking about leaving it there to compound, but not if it's earning 0%!

South_coast

Daily interest back up to £7.96 as a result of the above 😀😀😀

Baileys_Babe

Glad to hear you have found a solution that works for you. I can see how switching will work best for you. I ignore my Edge current account, but wish my Edge debit card wasn't displayed - if anybody knows how to stop it showing please share.

edinburgher

I don't know if you're using cash ISAs @South_coast but Trading 212 offer 5.2% on their new cash ISA, seems competitive?

South_coast

I currently have 4 on the go, Ed 😮! Got my niece's money in Plum at 5.17%, a chunk of change I need later in the year in Chip at 5.10% and two fixed-rate ones in Santander at 4.25%, maturing on 01/10/24 and 01/01/25. I'm maxed out for contributions this year, but could do a transfer. Can't say I've got much appetite for it at the moment though 🤣! Will see what it looks like the fixed rate will convert to once the first one matures in October and decide if I might be bothered to do something then, I think! Good shout though, definitely worth thinking about