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Post by failedtheturingtest on Sept 9, 2018 15:30:28 GMT
Thanks for the recommendations! Especially for Growth Street, I hadn't heard of them before. Bank reg saver accounts are all limited to holding a few thousand pounds in practical terms, which isn't enough for my needs, I'm looking to place £10-20k.
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Post by df on Sept 9, 2018 21:45:31 GMT
Just look at this account, £500 p/m min deposit, 5% on a max of £1500. Means your annual return would be somewhere around 1.25%, unless i've misunderstood, thats a very sneaky way of wording it. This is the beauty of a current account, I take out money when the account is over £1500. £500 in and £500 out the same day. Because I signed up early this year, I also get £5 for 2 DDs and £5 for 20 x contactless transactions, that's £15.85+ earning a month for £1500 deposit. Of course, the £10 bonus for DD and contactless won't be paid in 2019 I think. I don't get these little bonuses, but it is good to hear that TSB stepped up even further. I opened TSB accounts as soon as they appeared (in 2014 iirc): it was 5% on up to £2000, up to 4 accounts allowed (two single and two joined). 5% on 8k with FSCS protection with virtually no work involved - open accounts on line and set up in&out SO doesn't take long... Brilliant 
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littleoldlady
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Post by littleoldlady on Sept 10, 2018 9:43:54 GMT
This is the beauty of a current account, I take out money when the account is over £1500. £500 in and £500 out the same day. Because I signed up early this year, I also get £5 for 2 DDs and £5 for 20 x contactless transactions, that's £15.85+ earning a month for £1500 deposit. Of course, the £10 bonus for DD and contactless won't be paid in 2019 I think. I don't get these little bonuses, but it is good to hear that TSB stepped up even further. I opened TSB accounts as soon as they appeared (in 2014 iirc): it was 5% on up to £2000, up to 4 accounts allowed (two single and two joined). 5% on 8k with FSCS protection with virtually no work involved - open accounts on line and set up in&out SO doesn't take long... Brilliant It's not completely set up and forget. You have to log on regularly (though not frequently.) I forget how often and also what happens if you don't.
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benaj
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Post by benaj on Sept 10, 2018 9:55:53 GMT
I don't get these little bonuses, but it is good to hear that TSB stepped up even further. I opened TSB accounts as soon as they appeared (in 2014 iirc): it was 5% on up to £2000, up to 4 accounts allowed (two single and two joined). 5% on 8k with FSCS protection with virtually no work involved - open accounts on line and set up in&out SO doesn't take long... Brilliant It's not completely set up and forget. You have to log on regularly (though not frequently.) I forget how often and also what happens if you don't. Well, giving the latest IT meltdown, I think it's better to check the balance regularly. The technology we have today makes it easier, with opening banking apps, like Oval money, Chip, Tandem, HSBC connected money, Yolt, you can easily monitor many bank accounts with just a few apps. SO and DD's are also easy to setup nowadays.
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Post by df on Sept 10, 2018 10:39:25 GMT
I don't get these little bonuses, but it is good to hear that TSB stepped up even further. I opened TSB accounts as soon as they appeared (in 2014 iirc): it was 5% on up to £2000, up to 4 accounts allowed (two single and two joined). 5% on 8k with FSCS protection with virtually no work involved - open accounts on line and set up in&out SO doesn't take long... Brilliant It's not completely set up and forget. You have to log on regularly (though not frequently.) I forget how often and also what happens if you don't. Yes, it's true, at least was in the past, not sure if it is still a requirement. I can't remember how frequently, but it was something like once or twice a year. They sent an e-mail in advance warning that you need to log on, so I never diarised it. As far as I remember the penalty for not login in was the loss of interest for a month.
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greatmarko
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Post by greatmarko on Sept 10, 2018 12:52:55 GMT
There is also Octopus Choice. Low platform risk as owned by very large company, and low loan risks as mainly residential mortgages, barring a housing crash. They have never so far lost any capital or any interest on any loan. But rate is correspondingly low. I'm not with Octopus, so I don't know, may be it is possible to earn 5% there, but the advertised rate is around 4%. Over the past year or so my returns with OC have been in the region 4.11% - 4.13%. They do an IFISA though, which helps.
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aju
Member of DD Central
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Post by aju on Sept 10, 2018 14:40:45 GMT
Just look at this account, £500 p/m min deposit, 5% on a max of £1500. Means your annual return would be somewhere around 1.25%, unless i've misunderstood, thats a very sneaky way of wording it. This is the beauty of a current account, I take out money when the account is over £1500. £500 in and £500 out the same day. Because I signed up early this year, I also get £5 for 2 DDs and £5 for 20 x contactless transactions, that's £15.85+ earning a month for £1500 deposit. Of course, the £10 bonus for DD and contactless won't be paid in 2019 I think. Hasn't TSB also only said they will give 5% for a year after the debacle, I hope i'm wrong there though we have 2 each and as you say £500 S/O back and forth internally as well. Interestingly when we had almost 30 accounts of these and the DD's to Tesco Savers etc. I used to spend ages each month pushing funds back and forth. When Tesco dropped the DD's we couldn't really be rsed to set up small DD's elsewhere so I pulled a lot of the accounts. At the time I realised that I could have managed these using Back and forth S/O all marked as the same day. Silly me for not realising this enormous time saver. Still have to go into the accounts we have to make sure the interest each month is moved to paying accounts.
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Sept 10, 2018 21:42:46 GMT
This is the beauty of a current account, I take out money when the account is over £1500. £500 in and £500 out the same day. Because I signed up early this year, I also get £5 for 2 DDs and £5 for 20 x contactless transactions, that's £15.85+ earning a month for £1500 deposit. Of course, the £10 bonus for DD and contactless won't be paid in 2019 I think. Hasn't TSB also only said they will give 5% for a year after the debacle, I hope i'm wrong there though we have 2 each and as you say £500 S/O back and forth internally as well. Interestingly when we had almost 30 accounts of these and the DD's to Tesco Savers etc. I used to spend ages each month pushing funds back and forth. When Tesco dropped the DD's we couldn't really be rsed to set up small DD's elsewhere so I pulled a lot of the accounts. At the time I realised that I could have managed these using Back and forth S/O all marked as the same day. Silly me for not realising this enormous time saver. Still have to go into the accounts we have to make sure the interest each month is moved to paying accounts.Just make the payment out a little larger than the payment in, by the amount of the interest. Eg for TSB I have a standing order on my regular bank for £500 and a SO on TSB for £506.25. No need to log in more than once a year.
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aju
Member of DD Central
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Post by aju on Sept 10, 2018 22:42:23 GMT
Hasn't TSB also only said they will give 5% for a year after the debacle, I hope i'm wrong there though we have 2 each and as you say £500 S/O back and forth internally as well. Interestingly when we had almost 30 accounts of these and the DD's to Tesco Savers etc. I used to spend ages each month pushing funds back and forth. When Tesco dropped the DD's we couldn't really be rsed to set up small DD's elsewhere so I pulled a lot of the accounts. At the time I realised that I could have managed these using Back and forth S/O all marked as the same day. Silly me for not realising this enormous time saver. Still have to go into the accounts we have to make sure the interest each month is moved to paying accounts.Just make the payment out a little larger than the payment in, by the amount of the interest. Eg for TSB I have a standing order on my regular bank for £500 and a SO on TSB for £506.25. No need to log in more than once a year. Yeah I thought of that but the interest is not the same every month, well for us its not anyway. I've started leaving the interest for every 3 months now and it seems to work as long as the calendar works!. Also in TSB I only use S/O from My TSB account 1 to TSB account 2 and back again so the interest is still stuck in TSB accounts not actually working for me.
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Post by df on Sept 11, 2018 21:34:39 GMT
Just make the payment out a little larger than the payment in, by the amount of the interest. Eg for TSB I have a standing order on my regular bank for £500 and a SO on TSB for £506.25. No need to log in more than once a year. Yeah I thought of that but the interest is not the same every month, well for us its not anyway. I've started leaving the interest for every 3 months now and it seems to work as long as the calendar works!. Also in TSB I only use S/O from My TSB account 1 to TSB account 2 and back again so the interest is still stuck in TSB accounts not actually working for me. The interest will vary according to a number of days in the month (20p difference between 30 and 31 days - you'll get less in Feb). If you SO £506.13 you will stay at maximum return form your TSB accounts until the next rate change. As far as I'm aware, in order to get interest your £500 should come from elsewhere, not another TSB account.
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aju
Member of DD Central
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Post by aju on Sept 11, 2018 22:12:40 GMT
Yeah I thought of that but the interest is not the same every month, well for us its not anyway. I've started leaving the interest for every 3 months now and it seems to work as long as the calendar works!. Also in TSB I only use S/O from My TSB account 1 to TSB account 2 and back again so the interest is still stuck in TSB accounts not actually working for me. The interest will vary according to a number of days in the month (20p difference between 30 and 31 days - you'll get less in Feb). If you SO £506.13 you will stay at maximum return form your TSB accounts until the next rate change. As far as I'm aware, in order to get interest your £500 should come from elsewhere, not another TSB account. Thanks will look into that one. BTW all of the Lloyds group and their subsidiaries both past and present that we have used do allow top-up funding to come from their accounts, well it's worked that way for us as long as I can remember now. We have the TSB ones left now as most others required DD's that to be honest the returns on them could be bettered elsewhere so we moved our money away from them when Tescos pulled their free DD'able savings accounts. Just got one Santander with most dd's and 2 different accounts with 3% or above where we could easily split our monthly dd's around without making too much work for us. still gaining on all of them at present.
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Post by sayyestocress on Sept 12, 2018 8:20:52 GMT
Hasn't TSB also only said they will give 5% for a year after the debacle? I'm not aware of any communication from TSB to say it's limited to a year, but as with all the other interest paying current accounts they could change it any time, the BoS rate seems to go down every year!
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aju
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Post by aju on Sept 12, 2018 9:00:12 GMT
Hasn't TSB also only said they will give 5% for a year after the debacle? I'm not aware of any communication from TSB to say it's limited to a year, but as with all the other interest paying current accounts they could change it any time, the BoS rate seems to go down every year! I'm sure I read that at the time but so far have only found a leaning towards it in the Sun ..
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Post by df on Sept 12, 2018 13:27:45 GMT
The interest will vary according to a number of days in the month (20p difference between 30 and 31 days - you'll get less in Feb). If you SO £506.13 you will stay at maximum return form your TSB accounts until the next rate change. As far as I'm aware, in order to get interest your £500 should come from elsewhere, not another TSB account. Thanks will look into that one. BTW all of the Lloyds group and their subsidiaries both past and present that we have used do allow top-up funding to come from their accounts, well it's worked that way for us as long as I can remember now. We have the TSB ones left now as most others required DD's that to be honest the returns on them could be bettered elsewhere so we moved our money away from them when Tescos pulled their free DD'able savings accounts. Just got one Santander with most dd's and 2 different accounts with 3% or above where we could easily split our monthly dd's around without making too much work for us. still gaining on all of them at present. Yes, I have DD struggle too You probably know, but just in case you don't - you can have DD with Ratesetter and Birmingham Midshires, at least with this two you gain something as oppose to donating to charities.
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zlb
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Post by zlb on Sept 12, 2018 15:05:46 GMT
I don't get these little bonuses, but it is good to hear that TSB stepped up even further. I opened TSB accounts as soon as they appeared (in 2014 iirc): it was 5% on up to £2000, up to 4 accounts allowed (two single and two joined). 5% on 8k with FSCS protection with virtually no work involved - open accounts on line and set up in&out SO doesn't take long... Brilliant It's not completely set up and forget. You have to log on regularly (though not frequently.) I forget how often and also what happens if you don't. so you do a dd out of the account, which you pay straight back which then counts as the monthly payment? I had problems navigating this for santander. Do you use a basic no strings current account for this?
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