Multiple high(ish) interest rate accounts possible?

[thebraketester]

Hi.

We have a joint acc that pays 3% up to £2500. Nationwide.

Can we open individual accounts (same deal as above) ans get the same interest out of it.

Interest payed monthly. So could have 7500 at 3%?

Is that right?

Thanks
Rich

[pmanson]

From memory they limit the number of accounts you can have. You could have one and you another though

[CorradoTDI]

Santader let you have 3 x 123 accounts between a couple.

1.5% up to £20k each.

[thebraketester]

pmanson said:

From memory they limit the number of accounts you can have. You could have one and you another though

Will give them a call tomorrow. Just remembered its £12pm for the account which obviously impacts any possible saving.

[Funk]

thebraketester said:

Will give them a call tomorrow. Just remembered its £12pm for the account which obviously impacts any possible saving.

£13 now isn't it? Bear in mind that over £2500 it's 0% interest.

If you have a Flex Plus account, open a Flex Regular Online Saver as well - you can only pay in £250 a month but it's at 5% interest. Better than a kick in the balls.

Edited by Funk on Tuesday 31st July 23:18

[thebraketester]

Funk said:

thebraketester said:

Will give them a call tomorrow. Just remembered its £12pm for the account which obviously impacts any possible saving.

£13 now isn't it? Bear in mind that over £2500 it's 0% interest.

If you have a Flex Plus account, open a Flex Regular Online Saver as well - you can only pay in £250 a month but it's at 5% interest. Better than a kick in the balls.

Edited by Funk on Tuesday 31st July 23:18

Yeah we have got that 250pm acc covered already. Just trying to work out how best to make a few quid over 4 months with zero risk. Obviously not gonna make a load, just trying to be a bit smart.

Edited by thebraketester on Tuesday 31st July 23:32

[Jimmy Recard]

The interest on £2500 at 3% will be less than £12 per month so you will lose money....

Search for best savings accounts on Money Saving Expert. It gives you lots of options with terms like how many you can have

[pmanson]

Jimmy Recard said:

The interest on £2500 at 3% will be less than £12 per month so you will lose money....

Search for best savings accounts on Money Saving Expert. It gives you lots of options with terms like how many you can have

The other benefits that you get as part of the account can be useful (phone / travel insurance / extended warranty etc)

[Jimmy Recard]

pmanson said:

The other benefits that you get as part of the account can be useful (phone / travel insurance / extended warranty etc)

Yes, but he already has one, is there any benefit to having three?

[thebraketester]

Jimmy Recard said:

The interest on £2500 at 3% will be less than £12 per month so you will lose money....

Search for best savings accounts on Money Saving Expert. It gives you lots of options with terms like how many you can have

Ahh. Yes quite right. I appear to have made a fundamental mistake with my calculations. :-)

[pmanson]

Jimmy Recard said:

pmanson said:

The other benefits that you get as part of the account can be useful (phone / travel insurance / extended warranty etc)

Yes, but he already has one, is there any benefit to having three?

A good point well made

[Funk]

pmanson said:

The other benefits that you get as part of the account can be useful (phone / travel insurance / extended warranty etc)

They removed the extended warranty benefit last year. It's now just worldwide travel & phone insurance as well as breakdown service (I've used the breakdown service in the past on my old E36, worked great). All of that for £13 is pretty good value, AA/RAC would cost you that on its own if bought separately.