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Check your bank accounts!

Discussion in 'Personal' started by Marshall, Aug 16, 2019.

  1. jubilee

    jubilee Star commenter

    We have the 1-2-3 account with Santander. It costs us £5 per month and we earn over £40 per month from the intererst payment (on the maximum qualifying balance) and from the cashback on utilities, Council Tax etc. We pay our energy bills nd those of our rental property from that account. We also have 2 British Gas maintenance contracts coming out of that account and I think that they assume them to be utilities bills that qualify for cashback too!

    We also kept our previous fee-paying account with RBS as it gives us worldwide travel insurance, car breakdown cover and other benefits. Money goes in each month and is immediately transferred to Santander.That may go by the wayside in the next year as they won't cover Mr.jubilee's lung disease, not even with an additional premium.

    We are with OVO energy and get 3.5% interest on credit balances. That kicks in around Apr/May time when our usage drops and the D/D payment stays the same and tips the account into credit over the summer and autumn.

    I have another bank account with Halifax (Reward account) that pays me £3 per month as long as the account is in credit all month. I keep £5k in a savings account with Halifax so that I can stay registered with their competition. They give away £100k per month and smaller prizes. I was notified of a win and had to take ID into a branch. They then rang HQ to find out what my prize was and where I wanted it deposited. It was £100.

    Now that basic Rate taxpayers can earn £1k in savings interest per year without paying any tax on it (£500 FOR HIGHER RATE TAXPAYERS) it is not always the best option for people to invest in ISAs as there are ordinary savings accounts that pay higher interest than most ISAs. The ISA's advantage is in building up a nest egg that will be outside the tax reach forever, but modest savings can earn more elsewhere.
    Marshall likes this.
  2. Marshall

    Marshall Star commenter

    jubilee - interesting post and will investigate further!

    I have been with my bank since 1976 when I started working for them and I am reluctant to change but need to think - they have not been good to me recently (but were for many years when I got a preferential mortgage and so much more).

    I will see what happens with my complaint first!
  3. Ivartheboneless

    Ivartheboneless Star commenter

    I told Halifax where to go many years ago when I got a letter heading "Your High Interest Current Account" and the opening line was "Dear Dr Boneless, your High Interest Current Account will no longer pay any interest ....." (Apart from that being scammed three times really endeared me to them.)
  4. towncryer

    towncryer Lead commenter

    I did exactly the same this holiday. Cancelled a few payments I didnt want to pay anymore. Cancelled the TV LICENSE as I found British TV dire this summer.I had retained it while away but no more!
    Checked on a few things too. Unearthed a pension fund which had fallen by the wayside and which I haven't been able to pay into for decades now since working overseas.I was pleasantly surprised to find that it's been accumulating even though I can't pay in and that there's a nice little nest egg which I can take out at a later date.
    Its always worth making time to go over things at least once a year.
    emerald52 likes this.
  5. catbefriender

    catbefriender Lead commenter

    You could move the funds in that lost pension into another one as sometimes when the sum is over a certain amount, the admin costs are extremely low.
  6. Doitforfree

    Doitforfree Star commenter

    You have to be careful of the travel insurance that comes with bank accounts. It's often inadequate.
    towncryer and FrankWolley like this.
  7. towncryer

    towncryer Lead commenter

    I'm limited as to what accounts I can open not being resident. However it is making more where it is than if I just cashed it in and put into my current account.
    I'll look into off shore accounts. Thanks for the tip.
  8. grumbleweed

    grumbleweed Lead commenter

    We do 123 with santander too. You can have 3 accounts as a couple as long as you can pay in so much and have the direct debits going out. But with a fee you do need to have a fair amount in there, there are others paying better interest on smaller amounts.
    I had premium bonds a good while, the maximum at the time but the return was about 1%, so could be worth a risk, but you may not win anything so it is a gamble.
  9. Aquamarina1234

    Aquamarina1234 Star commenter

    It's a bit off-piste but I had a PO account I opened in 83, forgot about for 12 years, then found and the contents had trebled!
  10. EmanuelShadrack

    EmanuelShadrack Star commenter

    I'm disappointed in you gdw. You didn't use the full wording;

    "You've let the school down, you'll let your parents down, but above all you've let yourself down"

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