Barclays Rainy Days verses Santander Edge savings accounts

35har1old

flaneurs_lobster said:

35har1old said:

Yes It's being a little simplistic due to the fact that you have to fund another account £800 mth + 2 direct debits for Barclays

Fully loaded Barclays Rainy Day pays ~£22 / month in interest. To get that I have 2 DDs paying a quid each to charities and I swap £800 in/out, takes 2 minutes. 

It's not exactly onerous. 

So in donating to charities you are reducing the rate to 4.34%   

Band7

35har1old said:

flaneurs_lobster said:

35har1old said:

Yes It's being a little simplistic due to the fact that you have to fund another account £800 mth + 2 direct debits for Barclays

Fully loaded Barclays Rainy Day pays ~£22 / month in interest. To get that I have 2 DDs paying a quid each to charities and I swap £800 in/out, takes 2 minutes. 

It's not exactly onerous. 

So in donating to charities you are reducing the rate to 4.34%   

Many people manage to get DDs which don't effectively reduce the 5%. For example, pay off a couple of credit cards with which you buy things you'd buy anyway

35har1old

Band7 said:

35har1old said:

flaneurs_lobster said:

35har1old said:

Yes It's being a little simplistic due to the fact that you have to fund another account £800 mth + 2 direct debits for Barclays

Fully loaded Barclays Rainy Day pays ~£22 / month in interest. To get that I have 2 DDs paying a quid each to charities and I swap £800 in/out, takes 2 minutes. 

It's not exactly onerous. 

So in donating to charities you are reducing the rate to 4.34%   

Many people manage to get DDs which don't effectively reduce the 5%. For example, pay off a couple of credit cards with which you buy things you'd buy anyway

There are people suggesting about applying for 2 Barclays accounts and 2 Santander accounts that would mean having 8 credit cards for the direct debit mandates.

Band7

35har1old said:

Band7 said:

35har1old said:

flaneurs_lobster said:

35har1old said:

Yes It's being a little simplistic due to the fact that you have to fund another account £800 mth + 2 direct debits for Barclays

Fully loaded Barclays Rainy Day pays ~£22 / month in interest. To get that I have 2 DDs paying a quid each to charities and I swap £800 in/out, takes 2 minutes. 

It's not exactly onerous. 

So in donating to charities you are reducing the rate to 4.34%   

Many people manage to get DDs which don't effectively reduce the 5%. For example, pay off a couple of credit cards with which you buy things you'd buy anyway

There are people suggesting about applying for 2 Barclays accounts and 2 Santander accounts that would mean having 8 credit cards for the direct debit mandates.

It would only be 4 per person. Also, credit cards were only an example.

Though as a general point, I fail to see the attraction of the Edge [savings] account. There are alternatives, with better than 4% rates, such as Regular Savers with easy access / early closure. You can stick £4,000 into these in next to no time, especially if there's two of you and you can double up on the number of accounts. 

WillPS

35har1old said:

Band7 said:

35har1old said:

flaneurs_lobster said:

35har1old said:

Yes It's being a little simplistic due to the fact that you have to fund another account £800 mth + 2 direct debits for Barclays

Fully loaded Barclays Rainy Day pays ~£22 / month in interest. To get that I have 2 DDs paying a quid each to charities and I swap £800 in/out, takes 2 minutes. 

It's not exactly onerous. 

So in donating to charities you are reducing the rate to 4.34%   

Many people manage to get DDs which don't effectively reduce the 5%. For example, pay off a couple of credit cards with which you buy things you'd buy anyway

There are people suggesting about applying for 2 Barclays accounts and 2 Santander accounts that would mean having 8 credit cards for the direct debit mandates.

Moneybox or Plum would satisfy the requirement with zero cost, minimal faff and no credit check.

35har1old

WillPS said:

35har1old said:

Band7 said:

35har1old said:

flaneurs_lobster said:

35har1old said:

Yes It's being a little simplistic due to the fact that you have to fund another account £800 mth + 2 direct debits for Barclays

Fully loaded Barclays Rainy Day pays ~£22 / month in interest. To get that I have 2 DDs paying a quid each to charities and I swap £800 in/out, takes 2 minutes. 

It's not exactly onerous. 

So in donating to charities you are reducing the rate to 4.34%   

Many people manage to get DDs which don't effectively reduce the 5%. For example, pay off a couple of credit cards with which you buy things you'd buy anyway

There are people suggesting about applying for 2 Barclays accounts and 2 Santander accounts that would mean having 8 credit cards for the direct debit mandates.

Moneybox or Plum would satisfy the requirement with zero cost, minimal faff and no credit check.

So are you able to setup numerous direct debit with these companies

WillPS

35har1old said:

WillPS said:

35har1old said:

Band7 said:

35har1old said:

flaneurs_lobster said:

35har1old said:

Yes It's being a little simplistic due to the fact that you have to fund another account £800 mth + 2 direct debits for Barclays

Fully loaded Barclays Rainy Day pays ~£22 / month in interest. To get that I have 2 DDs paying a quid each to charities and I swap £800 in/out, takes 2 minutes. 

It's not exactly onerous. 

So in donating to charities you are reducing the rate to 4.34%   

Many people manage to get DDs which don't effectively reduce the 5%. For example, pay off a couple of credit cards with which you buy things you'd buy anyway

There are people suggesting about applying for 2 Barclays accounts and 2 Santander accounts that would mean having 8 credit cards for the direct debit mandates.

Moneybox or Plum would satisfy the requirement with zero cost, minimal faff and no credit check.

So are you able to setup numerous direct debit with these companies

1 mandate, but you can set it to draw weekly or in the case of Plum fortnightly - thereby creating the 2 monthly Direct Debit transactions Barclays Blue Rewards require.

ForumUser7

WillPS said:

35har1old said:

WillPS said:

35har1old said:

Band7 said:

35har1old said:

flaneurs_lobster said:

35har1old said:

Yes It's being a little simplistic due to the fact that you have to fund another account £800 mth + 2 direct debits for Barclays

Fully loaded Barclays Rainy Day pays ~£22 / month in interest. To get that I have 2 DDs paying a quid each to charities and I swap £800 in/out, takes 2 minutes. 

It's not exactly onerous. 

So in donating to charities you are reducing the rate to 4.34%   

Many people manage to get DDs which don't effectively reduce the 5%. For example, pay off a couple of credit cards with which you buy things you'd buy anyway

There are people suggesting about applying for 2 Barclays accounts and 2 Santander accounts that would mean having 8 credit cards for the direct debit mandates.

Moneybox or Plum would satisfy the requirement with zero cost, minimal faff and no credit check.

So are you able to setup numerous direct debit with these companies

1 mandate, but you can set it to draw weekly or in the case of Plum fortnightly - thereby creating the 2 monthly Direct Debit transactions Barclays Blue Rewards require.

How do you select Plum to take direct debits fortnightly please @willps ? I found the option for weekly in the 'brain' but I'm not sure how to change the frequency

AmityNeon

ForumUser7 said:

How do you select Plum to take direct debits fortnightly please? I found the option for weekly in the 'brain' but I'm not sure how to change the frequency

Pay Days can be set to Fortnightly.