Banking/Saving

ted

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Hi, hope everyone's well.

My finances have improved somewhat in the last 5 or 6 months and now have some savings - not quite 4 figures but a fair amount.

I'm fairly content keeping that in my normal savings account but it doesn't gather much or any interest. I'm thinking I may be missing a trick here, what are the better options? Needs to be something with no risk & I'd prefer if I could have access to it in an emergency
 

RedAlix

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I have recently set up a Halifax current account and I transfer my savings back and forth till I have £750 going in the account for the month so that I get the £5 per month bonus.

You also need 2 direct debits set up coming out of the account as well as paying £750 in to get the £5.

When you get your savings up to £3k I recommend setting up a 123 Account with Santander, you will then get 3% interest up to £20k
 

Jon

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I would probably do this if it wasn't a ton of hassle for us to shove money around each month.

£750 seems a lot to get £5 but every little helps as they say ;)
 

mnporter2001

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Jon@TheMoneyShed said:
I would probably do this if it wasn't a ton of hassle for us to shove money around each month.

£750 seems a lot to get £5 but every little helps as they say ;)
I tend to agree with you Jon on this point, that the hassle of moving £750 around between accounts, for lets be honest not a great gain just seems a waste of time.
That being said we are talking a monthly profit of £5 here so that is in fact a gain of £60 per year, and that amount is not to be sniffed at.

Plus I guess its all money earned online as you can you can shuffle the amounts around from your computer.

I presume though that if enough people start doing this then Halifax will alter there TOS to compensate for it ?

Cheers
Mark
 

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