What's the point??

135

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  • badger09
    badger09 Posts: 11,200 Forumite
    First Post First Anniversary Name Dropper
    mailmannz wrote: »
    So after some faffing about Ive come up with the following table

    Santander 123 £20,000
    1.5% interest £300
    Cash back £67
    Fees £60
    TOTAL: £307 a year
    £500 a month pay in
    2 active direct debits

    Nationwide £2,500
    5% interest £125
    £1,000 a month pay in
    No requirement for direct debits to be paid

    Bank of Scotland £5,000
    2% interest £100
    £1,000 a month pay in
    3 active direct debits

    Tesco £3000
    3% interest £90
    £750 a month pay in
    3 active direct debits

    TOTAL Deposits: £30,500
    TOTAL Interest: £615 (which is effectively 2% interest over the year).

    All of that involves a lot of fiddling and moving money around to meet all the different deposit and direct debit requirements, which I guess is just the time it takes to set the money train up!

    Regards

    Mailman

    I would make a Nationwide Flexclusive Reg Saver a priority. Another £500 a month @ 5%
  • mailmannz
    mailmannz Posts: 311 Forumite
    First Post First Anniversary Combo Breaker Debt-free and Proud!
    badger09 wrote: »
    I would make a Nationwide Flexclusive Reg Saver a priority. Another £500 a month @ 5%

    I can't find this account on their site?

    There is the FlexPlus which pays 5% interest (BUT costs a tenner a month!) and the Flex Direct (which Ive listed in my table).

    Regards

    Mailman
  • badger09
    badger09 Posts: 11,200 Forumite
    First Post First Anniversary Name Dropper
    mailmannz wrote: »
    I can't find this account on their site?

    There is the FlexPlus which pays 5% interest (BUT costs a tenner a month!) and the Flex Direct (which Ive listed in my table).

    Regards

    Mailman

    Really:cool:

    1st on this list
    http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts
  • mailmannz
    mailmannz Posts: 311 Forumite
    First Post First Anniversary Combo Breaker Debt-free and Proud!
    EachPenny wrote: »
    You should be able to have three of the BoS accounts at £5000 each.

    And there should have a Saffron BS branch not far away from you to open a regular saver at 3.5%.

    Cards are still stacked though.

    Sadly these guys are just like everyone else, dangle a carrot (half decent interest) but then you check the fine print and you can only make deposits of £200 a month. For the £45 interest generated its just not worth the time and effort required to set the account up.

    Regards

    Mailman
  • mailmannz
    mailmannz Posts: 311 Forumite
    First Post First Anniversary Combo Breaker Debt-free and Proud!
    badger09 wrote: »
    Really:cool:

    1st on this list
    http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts

    I was looking in the wrong place! :)

    Pro
    £162 for the year is better!

    Con
    You have to have held a flex account for 3 months before you can apply for this account.

    Still...good find so thank you :)

    Regards

    Mailman
  • mollycat
    mollycat Posts: 1,475 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    mailmannz wrote: »
    Sadly these guys are just like everyone else, dangle a carrot (half decent interest) but then you check the fine print and you can only make deposits of £200 a month. For the £45 interest generated its just not worth the time and effort required to set the account up.

    Regards

    Mailman

    Really?

    30 minutes, (say) for £45.

    Sounds okay to me:)
  • RG2015
    RG2015 Posts: 5,901 Forumite
    First Anniversary Name Dropper First Post Photogenic
    edited 21 April 2017 at 12:36PM
    mailmannz wrote: »

    "You have to have held a flex account for 3 months before you can apply for this account."


    This is not correct. If you have a FlexDirect current account you can open the Flexclusive regular saver immediately
  • mailmannz
    mailmannz Posts: 311 Forumite
    First Post First Anniversary Combo Breaker Debt-free and Proud!
    Hahahahahah! I just got declined for the Flex account! :D

    Ill just have to try again in a month or two once my credit status has improved :)

    Regards

    Mailman
  • EachPenny
    EachPenny Posts: 12,239 Forumite
    First Post Combo Breaker
    mailmannz wrote: »
    Sadly these guys are just like everyone else, dangle a carrot (half decent interest) but then you check the fine print and you can only make deposits of £200 a month. For the £45 interest generated its just not worth the time and effort required to set the account up.

    I partly agree, but it depends where your nearest branch is. I wouldn't travel 100 miles to open one, but I did take a minor detour on a planned journey and park for free in order to go into a branch to open one. The application form was available to download online, so all I had to do was drop it off, wait while they photocopied my ID, and the whole thing took no more than 10 minutes, 20 if you include the time to fill the form in at home.

    I figure it is another £45 I wouldn't have if I hadn't bothered. :)

    I'd also add that £135 is a lot more than the hourly rate I charge when I work ;) (O.k. that's a very rough calculation!)
    "In the future, everyone will be rich for 15 minutes"
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Photogenic Name Dropper First Anniversary First Post
    Malthusian wrote: »
    But pretty much everywhere in Cambridgeshire is the middle of nowhere, apart from Cambridge, so that's a given.
    I would never have thought of Peterborough being in "the middle of nowhere".
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