Wednesday, 13 May 2015

Make the money you have work for you

Bank accounts, you really need to be on top of these to get the most out of them.  Obviously the offers that are available change all of the time and research I am sure will uncover more and probably better offers than I have.

Also take into consideration what is best for you, I don't have loads of savings at the moment as I've had a couple of big expenses this year on the house which have dwindled the savings right down. I was therefore looking for a regular saver with the highest rate to use to accumulate the replenished savings in.

I have quite a few accounts which I manage well.  Read my post on organising your paperwork HERE. Also applying for accounts can affect your credit score so don't go crazy at once especially if you are doing anything important like remortgaging soon. A quick internet search can give you more information than I can on this do research thoroughly!

Here are some accounts that are available and I have found easy to open and manage. My mantra is money saving with limited effort, get these set up and they don't need changing often just to upgrade to the latest offers.

Santander 123 for the bills that generate cash back. There is a £2 fee on this account but even though I don't have many bills that qualify I still cover this and make a little on this account.  You have to pay in £500 per month which I do by standing order but I just transfer out the excess every month. For those of you with savings there is a tiered interest rate of 1,2 and 3 % for increasing balances. Once I have used the regular saver to replenish I will use this account to house the savings!

Halifax reward account which gives you a £5 reward for paying in £750 and having a couple of direct debits. I've recently added this to my monthly money shuffle. I know of people who use this as their main account too and have had good feedback although I've no experience myself.

Tsb current account offering 5% for balances of up to £2000 if you stay in credit and have a paperless account. This account is very popular to say the least!

M and S regular saver (you need to have a current account) 6% I opened a current account and then a regular saver, this is where I am building up my savings on a monthly basis which I will switch into the Santander account at the end of 12 months. I will then open another regular saver with a high rate to save into.

I have a HSBC premier account which makes you eligible for a HSBC loyalty ISA with £10 monthly reward when you pay in £25 per month.  The interest late isn't great so I pay the minimum of £25 which after 12 month will have earned me a cool £120 for nothing.  At the end of the 12 month this will be put in the Santander account (or spend it!) 

I'm not fortunate enough to have loads of money, but the little I do have I really make work for me!  I'd love to know your bank experience, are there any accounts that you get rewarded for having and what do you do spend the rewards on?

Edited: Halifax set up, my online application kept hitting a glitch in their system so ended up going in the branch to an extremely nice lady who sorted it quickly. Moving my investments DD to Halifax to keep them together.

I also have a product with Virgin Money and recently registered yo use their lounges which will get me a free coffee and somewhere to sit when I go shopping :-)

Now on to Barclays, I've recently heard about their blue rewards account do I'm going to check that out!

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