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  • FIRST POST
    bp5678
    Could I maximise my interest further?
    • #1
    • 15th Apr 19, 10:05 AM
    Could I maximise my interest further? 15th Apr 19 at 10:05 AM
    Id like to buy a house at the end of this year.

    I've been making the most of bank switch incentives, however as well as this I'd also like to focus on maximising my interest with accouts I want to stay with and not switch.

    I currently have:
    • 2x Tesco account - 3% interest up to 3k. I have 2 accounts with 3k in (so 6k in total). Really good interest but soon to change so will move the money to another account soon. Once I deduct the DDs, I make 4.50 from each account on interest (so 9 in total each month).
    • Lloyds TSB - 5% interest on up to 1.5k. I have 1.5k in this account. Each month I make 6.25 on interest.
    • Nationwide FlexDirect account with reduced interest as its been over a year - 1% interest on up to 2.5k. I have 2k in here. Reason I still have the account is because Im referring friends to get 100 each time I refer them. However Id like to move the majority of this 2k into a better account for interest. I make about 1.90 interest a month.
    • (So based on this I have about 10k in total in easily-accessible current accounts).

    • Lifetime ISA with 4000 in from last tax year (soon to be 5k when I get my 1k bonus). I will move another 4000 over just before buying at the end of the year.
    • Help to Buy ISA with 4k in. Adding 200 each month. When I buy at the end of the year Ill move 4k from this account into my LISA. Reason I have botha LISA and HTB ISA is because the interest is quite good in my HTB ISA at 2.5% interest.
    • (So based on my ISAs, I have about 9k in total tucked away).

    What other accounts should I be opening? Any current accounts? Any savings accounts or regular savers?
Page 1
    • Duckyduck
    • By Duckyduck 15th Apr 19, 10:46 AM
    • 184 Posts
    • 193 Thanks
    Duckyduck
    • #2
    • 15th Apr 19, 10:46 AM
    • #2
    • 15th Apr 19, 10:46 AM
    Most/all regular savers have a 1 year term so won’t pay out if you use them towards your house deposit at the end of this year, however if you can wait 12 months then they pay the best rates, HSBC/First Direct/M&S are the best rates, I think you need to open a current account with them to be eligible.

    Otherwise Marcus is probably the best Your missing - 1.5% for instant access savings, no DD requirements, limits or anything. Move the Nationwide balance asap, then Tesco one the rate drops and could move TSB too to keep it all in one place.

    (Side note TSB is completely separate from Lloyd’s now and has been for a couple of years.)
    Save 12k in 2019 #36
  • bp5678
    • #3
    • 15th Apr 19, 1:49 PM
    • #3
    • 15th Apr 19, 1:49 PM
    Most/all regular savers have a 1 year term so wont pay out if you use them towards your house deposit at the end of this year, however if you can wait 12 months then they pay the best rates, HSBC/First Direct/M&S are the best rates, I think you need to open a current account with them to be eligible.

    Otherwise Marcus is probably the best Your missing - 1.5% for instant access savings, no DD requirements, limits or anything. Move the Nationwide balance asap, then Tesco one the rate drops and could move TSB too to keep it all in one place.

    (Side note TSB is completely separate from Lloyds now and has been for a couple of years.)
    Originally posted by Duckyduck
    Thanks.

    I don't think it's worth me moving everything into a Marcus account though. I currently earn in interest:
    -Tesco: 9 each month
    -TSB: 6.25 each month
    -Nationwdie: 1.90 each month
    Total: 14.15 interest a month

    Marcus account = 1.5%. So 1.5% of 10k = 150 a year interest.
    150 divided by 12 = 12.50 a month which is slightly lower than what I currently get.

    Having said that, I do agree it's a better option than my Nationwide account (and soon better than my Tesco account too).

    What I'll probably do is keep my Nationwide account open by leaving 1 in it and moving the rest to a higher interest account but still means I can then get the 100 from inviting friends.

    Thanks for the update on Lloyd's TSB changign to just TSB.
    • tempus_fugit
    • By tempus_fugit 15th Apr 19, 11:56 PM
    • 613 Posts
    • 579 Thanks
    tempus_fugit
    • #4
    • 15th Apr 19, 11:56 PM
    • #4
    • 15th Apr 19, 11:56 PM
    You won't get 9 a month from Tesco for much longer though.
    Retired at age 56 after having "light bulb moment" due to reading MSE and its forums. Have been converted to the "budget to zero" concept and use YNAB for all monthly budgeting and long term goals.
  • bp5678
    • #5
    • 16th Apr 19, 8:11 AM
    • #5
    • 16th Apr 19, 8:11 AM
    You won't get 9 a month from Tesco for much longer though.
    Originally posted by tempus_fugit
    Thanks - Yeah I realise that (mentioned it in my original post). Once the interest changes, I'll move account.

    I think I'm going to open a Marcus account and move my Nationwide money into there and then when the Tesco interest changes I'll move that money into my Marcus account too.
    • colsten
    • By colsten 16th Apr 19, 8:44 AM
    • 10,173 Posts
    • 9,334 Thanks
    colsten
    • #6
    • 16th Apr 19, 8:44 AM
    • #6
    • 16th Apr 19, 8:44 AM
    OakNorth has a decent nine-month account paying 1.81% AER. They also do a 6 months one, 1.76% AER. Both min 1,000.

    Or there is the 90-day notice account from Secure Trust Bank, paying 1.9% AER on min 1,000.
  • bp5678
    • #7
    • 17th Apr 19, 10:26 AM
    • #7
    • 17th Apr 19, 10:26 AM
    OakNorth has a decent nine-month account paying 1.81% AER. They also do a 6 months one, 1.76% AER. Both min 1,000.

    Or there is the 90-day notice account from Secure Trust Bank, paying 1.9% AER on min 1,000.
    Originally posted by colsten
    Hmmm mathematically the Secure Trust Bank has the highest interest so I may go with that. It's higher than a Marcus account too!!
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