Tradefair & Financials
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Most of my savings is with First Direct and I notice their interest rates have been pitiful recently.
I am now looking into moving my money around between current accounts/savings accounts and dripfeeding money into regular savers where possible to make the most of my savings. As you can imagine reading all the accounts and product information is quite daunting and I am trying to draw up a plan using several appealing accounts.
I have been looking at the advantages of the Lloyds classic accounts with Vantage, Premier Direct account with Alliance & Leicester and also Santander's current account. I have also been reading some forums on moneysavingexpert.com and they also point out the Halifax account which pays £5 a month if you pay in £1,000 a month. There are some good bonds out there but I'm unsure about
locking that away for 2, 3 or 5 years when the interest rates could pick up next year.
I expect to be moving money in and out of accounts but I am wary that some providers will get funny and not pay the interest rates I am expecting. If we take the Lloyds accounts with Vantage I can apparently have 3 accounts where balances of between £5,000 and £7,000 will earn a gross rate of 4% per annum. I have read on the forums that people are literally moving £1,000 between accounts (as that is one of the obligations on the Vantage account) before moving it out to avoid going over £7,000 where the interest drops to 0.1% pa. Sounds too good to be true!
In the Halifax example also I'm sure I read that people were moving £1,000 in each month and moving it back so it seems they were getting £5 a month for having their money with Halifax for a day or two!
Are any people using these accounts and do they have any problems with them? Or do the accounts and interest rates payable do exactly what they say on the tin?
Any tips/advice gratefully received!
ps I'm too cheap to contact a financial adviser and I prefer to listen to those with actual experiences.
I am now looking into moving my money around between current accounts/savings accounts and dripfeeding money into regular savers where possible to make the most of my savings. As you can imagine reading all the accounts and product information is quite daunting and I am trying to draw up a plan using several appealing accounts.
I have been looking at the advantages of the Lloyds classic accounts with Vantage, Premier Direct account with Alliance & Leicester and also Santander's current account. I have also been reading some forums on moneysavingexpert.com and they also point out the Halifax account which pays £5 a month if you pay in £1,000 a month. There are some good bonds out there but I'm unsure about
locking that away for 2, 3 or 5 years when the interest rates could pick up next year.
I expect to be moving money in and out of accounts but I am wary that some providers will get funny and not pay the interest rates I am expecting. If we take the Lloyds accounts with Vantage I can apparently have 3 accounts where balances of between £5,000 and £7,000 will earn a gross rate of 4% per annum. I have read on the forums that people are literally moving £1,000 between accounts (as that is one of the obligations on the Vantage account) before moving it out to avoid going over £7,000 where the interest drops to 0.1% pa. Sounds too good to be true!
In the Halifax example also I'm sure I read that people were moving £1,000 in each month and moving it back so it seems they were getting £5 a month for having their money with Halifax for a day or two!
Are any people using these accounts and do they have any problems with them? Or do the accounts and interest rates payable do exactly what they say on the tin?
Any tips/advice gratefully received!
ps I'm too cheap to contact a financial adviser and I prefer to listen to those with actual experiences.
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