Balancing not just the budget

Hello Rosa,

When you create a switch service, the old account is always closed. It's just the way they work.

I'm so sorry it's taken so long to get back to you with my notes on switching and claiming rewards. I'll sort that now for you!

If you're switching, but don't want to close a good account then just open one that offers no benefits at all. Put 2 direct debits on there (Paypal can be one of them) and then open a new account that offers a switch incentive and set up the switch. That way the new and "unwanted" account gets closed and you get your bonus without affecting any bank accounts you want to keep.

For the Halifax reward, that's not an account I use much so it's all about the reward. It needs 2 direct debits, credit of £750 a month and that you keep that account in credit to receive your bonus. I have their very long term 0% credit card, so that's 1 direct debit that comes out each month, but I don't want my bills scattered around, so I've connected that account to my paypal and then once a month I go into Paypal and request a cash pull from Halifax into Paypal of £5. Once I get my email confirming that Paypal has officially received the credit (around 7 days), I go into Paypal and withdraw back to my Halifax account. Halifax sees that Paypal transaction as a direct debit and paypal don't charge for crediting or withdrawing from a personal account.

I use my Santander 123 account based on interest only as I only receive the amount of cashback that they charge me as an account fee (£5). So i break even on that and then earn 3% interest on the balance I have in there. You do need over £3,000 to earn interest though. Santander requires that you add £500 a month to receive those rewards.

My TSB account is for the 5% interest and 5% contactless cashback on £100. I have no direct debits on that. Also requires £500 credit each month.

My M&S account is for their interest rate on their regular saver. They've updated their rules now and you need direct debits on there to receive that interest rate.

My Nationwide account started off as a basic account to keep my spending money separate, but now I've upgraded it to the 5% interest for one year after my regular saver matured, so I needed another high interest account.

My First Direct account is there purely for the high interest on their regular saver, and also because it will allow up to £300 a month regular savings, unlike M&S which only allows £250.

Each account needs to be credited a certain amount each month. The lowest being £500 and the highest being £1,000. So, I take £1,000 of my savings off on a bank account crawl early each month, crediting each account with £1,000 for approximately 5 minutes, before it ends back into it's original account.

So the faffing about required each month is that £1,000 account walk, plus the paypal for the Halifax account. Neither of those take long as all of my accounts are connected and they're simply a habit now, which I get paid to do.

I hope that makes sense but please feel free to ask me any questions.

MTxx

Thank you for spelling "OCD bottom retentive" slightly wrong there ZTD

Savings accounts are such a minefield at the moment. I found that TSB's 5% current account on anything from £1 - £2000 is a better choice than savings accounts. Unless you go for the regular saver. But I know you're probably well aware of that.

RosaBernicia wrote: »

Well there isn't much news here... except that it's less than 10 days to Bank DF :j

I've had to chase up some cashback today but it will just be a few days late, and have also noticed a crowdfunding donation I'd forgotten about, but should also get backdated pay rise so that will cancel it out. Must also go and read the Budget stuff too - doesn't look like any of it will help me, but I suppose I'm not really in a position to be moaning. Bit peeved at having missed a lifetime ISA by literally weeks though - having age cutoffs seems rather random when it's short notice.

Feeling I may have had a bit of a lucky escape with the job I didn't get, as a couple of the people already in those jobs are saying that they don't know if there will be anything for them to go to when that contract ends. The field is changing quite a lot and I am beginning to feel that for me at least, that route isn't worth the costs for its benefits. This means I can just chill as much as I'm capable, anyhow.


Rosa xx

I think the universe was protecting you It does that sometimes. The job you are meant to get is waiting
DIA xx