10 Comments

  1. November 10, 2016 / 10:24 pm

    A timely post – not for me exactly but for my soon to be 16 son. He already has savings accounts but I want him to open a current account too. The Tesco account is interesting, as he won't be able to pay in a regular amount. I didn't think he would find a current account, which pays interest, without a monthly fee. Thank you for the information.

    • November 11, 2016 / 7:49 am

      Really glad the Tesco current account might be good for your son. Always better to be earning 3% interest than nothing at all!

  2. November 10, 2016 / 11:15 pm

    We changed our [ancient] Natwest account to one which pays us back a percentage of household bills. We also get a payback for using the credit card [and till the end of 2016, an extra bonus if we use contactless] It's not much, but better than nothing [and we always pay CC in full each month, so we don't incur interest charges] I havent checked, but I reckon it works out at a little more than £100 a year.

    • November 11, 2016 / 8:02 am

      Cashback is such a winner, isn't it? Whether it's via a cashback website, current account or credit card, it's brilliant to get paid back a proportion of money you'd spend anyway. Over the last year, we've earned £60 or so from a cashback credit card, and another £60 from Santander 123 account. The Santander cashback covers the account fee, so we can then pocket all the interest on our balance. If we didn't have the savings, I'd be over to a NatWest Rewards account like a shot.

  3. November 11, 2016 / 8:24 am

    We visited LLoyds yesterday as we already have a Lloyds Club account, until this month paying 4% on balances which are over £5,000 (and remain over £5,000, of course, to get the full 4%) but from now the interest has dropped to 2%.
    Margaret P

    • November 11, 2016 / 1:09 pm

      Yes, gutted that the rate on the Club Lloyds account will be halved to 2% from 8 January 2017, it's been a nice little earner for me.

    • November 11, 2016 / 1:46 pm

      Yes, and the Club monthly saver is now only 3% rather than 4% even. Putting the maximum you can each month into this account (i.e. £400) has only earned us a little over £91. Hardly worth the hassle although I suppose it's better than nowt!
      Margaret P

    • November 13, 2016 / 10:29 am

      I'm definitely in the "better than nowt" camp, Margaret! It's massively frustrating that interest rates are so low, but I'd happily take £91 just for setting up a standing order.

  4. November 15, 2016 / 7:35 pm

    We've been doing the current account dance for our savings for a few years now and loved it. Yes, it's gutting that the rates are being chopped now (and just when I was ready to add a few more like Club Lloyds or Tesco) but it's still the best and easiest way to make your savings work for you. 🙂

    • November 22, 2016 / 1:35 pm

      Hi Lee, glad you've had a good time getting more from your current accounts – I reckon the extra money really is worth it!

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