How to earn the max interest from the different bank accounts there??

RG2015 · 9 December 2018 at 4:01PM

trinidadone wrote: »

I guess I simply set up a monthjly Standing Order from my newly HSBC bank account for £1500 a month, could I not simply transfer the money via online banking, or does it have to be a SO?

For the TSB Current Plus account, you only need to pay in £500 per month, not £1,500.

£1,500 is the maximum amount upon which interest will be calculated.

trinidadone · 9 December 2018 at 6:52PM

RG2015 wrote: »

For the TSB Current Plus account, you only need to pay in £500 per month, not £1,500.

£1,500 is the maximum amount upon which interest will be calculated.

thank you for clarifying, I guess I would pay the full amount.

trinidadone · 9 December 2018 at 7:03PM

Zero_Sum wrote: »

TSB interest is paid monthly, usually on the 2nd of month. Moving money is your choice. Some prefer SO, others mannually.

Another account which is often overlooked is the Co-Op.
You get £4 a month cashback/reward plys 5p on debit card transactions. You do need 4 DD's though which like others can be done by a weekly PO savings account.

thanks for letting me know about the coop

this is the plan:

HSBC - salary to be paid in (receive £150.00 within 30 days, and £50.00 after the full year.

HSBC - set up a regular saver (5%)

SO from HSBC £1500 a month to TSB

SO from TSB £1500 to Tesco (need to start 3 DD per month)+

SO from Tesco to Coop (need to start 4 DD)+

Money left over, returned back to HSBC

+ DD post office.

would this work?

Zero_Sum · 9 December 2018 at 7:12PM

trinidadone wrote: »

thanks for letting me know about the coop

this is the plan:

HSBC - salary to be paid in (receive £150.00 within 30 days, and £50.00 after the full year.

HSBC - set up a regular saver (5%)

SO from HSBC £1500 a month to TSB

SO from TSB £1500 to Tesco (need to start 3 DD per month)+

SO from Tesco to Coop (need to start 4 DD)+

Money left over, returned back to HSBC

+ DD post office.

would this work?

The funding levels just need £500 for TSB & £750 for tesco, £800 for co-op.

Also you're allowed 2 Tesco accounts. Have you ever had the Nationwide Flex direct account? It pays 5% on £2500 only just for a year though, but it also has a linked 5% regular saver.

Do you have own home or still with parents? As if the former, the santander you gave up pays cashback on utility bills.

trinidadone · 9 December 2018 at 7:19PM

Zero_Sum wrote: »

The funding levels just need £500 for TSB & £750 for tesco, £800 for co-op.

I guess I am taking advantage of the max interest earned, but thanks for clarifying.

Also you're allowed 2 Tesco accounts. Have you ever had the Nationwide Flex direct account? It pays 5% on £2500 only just for a year though, but it also has a linked 5% regular saver.

does the 2nd tesco account have to be a joint one? Yes I have had a NW flexi a few years back, is it a one time only, or a set number of years ago?

Do you have own home or still with parents? As if the former, the santander you gave up pays cashback on utility bills.

neither to both of those options. I was paying a £5.00 a month, but am aware there is a lite account.

Zero_Sum · 9 December 2018 at 7:28PM

trinidadone wrote: »

neither to both of those options. I was paying a £5.00 a month, but am aware there is a lite account.

The full fat 123 account isnt worth it. The lite version is only £1 which for me would be paid for by council tax, then everything else is profit. They also have a linked regular saver at 3% im hoping i can pay £500 a month on gas & electric, then get a refund for £400+ (as my provider allows this) and santader will give me £10.

Another little trick with the tesco account is that if you make debit card transactions to some building society accounts they pay you clubcard points. Each transaction is what you would on a 1.5% account a month.
Do it once a week & a nice 6% return. But dont be too greedy as they could revoke your card for missuse.

Katiehound · 9 December 2018 at 10:50PM

It's probably easiest to circulate the same sum between accounts- I have a £1K circle, a £500 circle and then £250 which goes in and is siphoned off to RS (fulfils the £1750 for someone!)
Mine are set up by SO, that way if I am away they tick over by themselves.

However you also need to have a capital sum residing in the account to earn the interest! Perhaps I am supposed to assume you have that!
In which case you have £1.5k in TSB & £6k in Tesco....... etc
I used to send my circulating money to an a/c with less that the max for the remainder of the month- think it was Club Lloyds to boost that sum.

trinidadone · 9 December 2018 at 11:10PM

Katiehound wrote: »

It's probably easiest to circulate the same sum between accounts- I have a £1K circle, a £500 circle and then £250 which goes in and is siphoned off to RS (fulfils the £1750 for someone!)
Mine are set up by SO, that way if I am away they tick over by themselves.

However you also need to have a capital sum residing in the account to earn the interest! Perhaps I am supposed to assume you have that!
In which case you have £1.5k in TSB & £6k in Tesco....... etc
I used to send my circulating money to an a/c with less that the max for the remainder of the month- think it was Club Lloyds to boost that sum.

ok, nice, yes i do have the max money for the above

falcieri · 9 December 2018 at 11:44PM

trinidadone wrote: »

I am just in the process of moving my santander bank account to the HSBC advance bank account (the £200 would come in handy). I currently have a halifax current account, but need to install a second DD to get the monthly credit (£2.00 I think). are there any other tricks I can do to earn m0ore interest from other Bank accounts??

I am lucky enough to be able to max out a few interest current accounts to get what I can but I don't have the luxury of being able to lock my money away long term either.

I have maxed out the Santander 123 (1.5% on £20000) and keep my highest paying DD with them for the cash back every month.

I have also in the last few months taken out the Nationwide Flex Plus (5% on £2500) and the Tesco Current account (3% on £3000). Tesco is the only other account I have that requires DDs. I don't have many to offer across the board and I also get the extra Clubcard points for vouchers for food.

I've also now just taken out the TSB account (5% on £1500).

I also have a Halifax current account that earns nothing but I am waiting for another interest current account to come along before I ditch it as already I have money not earning interest. I switch my money around in the accounts each month to ensure I keep the balances up so I don't lose interest.

I've added up that I should get approx £630 pa in interest if they all tick along. Of course they won't, but I see no problem with ditching one account for another. Unfortunately I have to keep all my money to hand because I can have a financial crisis at any time so locking money away for a year or more isn't a safe option for me. Besides which savings accounts have rubbish interest anyway.

It's worth looking at all these accounts. They are small amounts but every little helps, and it really does.

trinidadone · 9 December 2018 at 11:52PM

so tell me, what sort of system do you actually use (DD, how much and to where??)

How to earn the max interest from the different bank accounts there??

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