Critique my savings strategy - stoozing

[grahamsnumber]

Hi all.

I'm currently stoozing and have opened a number of current accounts (all are free or pay me money each month as I have required DDs or transfers) to gain access to savings accounts and switch bonuses.

Atm my savings are split between:

£400 - Lloyd's regular saver - 5.25% (Nov23)

£5,000 - Barclays Rainy Day - 5% (N/A)

£450 - NatWest regular saver - 5% (Sep23)

£250 - Halifax regular saver - 4.5% (Nov23)

£200 - Nationwide regular saver - 3.5% (Aug23)

£150 - Saffron regular saver - 3% (Sep23)

£5,000 - DF Capital 90 day notice account - 2.8% (N/A)

£700 - Santander eSaver - 2.75% (N/A)

Number in bracket is maturity of the savings accounts (I have corresponsinf debts around about the level of my savings atm but its all at 0% - mixture of credit card and a few zero interest loans for purchasing a sofa and laser eye surgery)

Currently withdrawing my savings from DF Capital as the 0.05% extra over Santander isn't worth losing the fact its easy access and can use my Santander as the location for my "excess" savings while I continue max out drip feeding into my monthly regular savings accounts which in total represent £900 / month of savings:

Lloyd's - £400; NatWest - £150 (up till balance = £1k); Halifax - £250; Nationwide/Saffron - £50 each

Any thoughts/comments on this set up from other redditors?

Are any others doing something similar?

 

[itspt95]

@grahamsnumber Seems pretty close to optimal. My main concern would be about complexity and cost/benefit. Make sure you keep track of when your debts need to be repaid before incurring interest - miss a payment and it could wipe out much of the benefit you have gained. Also, given the rapidly changing savings accounts available, make sure you don't become too obsessive - you could spend hours planning, researching, applying for accounts, moving money around etc., with diminishing returns.

 

[grahamsnumber]

@itspt95 !thanks To be totally honest I probably do spend a little bit too much time thinking about it so thanks for flagging that risk. I'd say overall though I'm very disciplined and do actually slightly enjoy sorting it all out at the same time so I don't mind. I'm very on top of dates etc and am making sure I'm not overspending on my 0% card (every month at the start of the month I spend ten minutes drawing up a balanace sheet in Excel of my assets and liabilities to make sure my net has increased or stayed the same)

 

[harley]

@grahamsnumber Aldermore 3% instant access (until you make 3rd withdrawal in a year). Don't think the NatWest saver has a maturity date? You could open an RBS current account for their regular saver (same terms as NatWest's afaik).

 

[shoshibmidbar]

@grahamsnumber I'm doing almost the same as you (missed out on nationwide and saffron though) I am starting to think about 1 year fixed now that they are >4% (e.g. Atom) rather than just leaving the excess in Santander

Edit: also, I'm guessing the NatWest saver is identical to RBS, I cancelled the standing order that gets created when you open and created a new one that only takes 7 payments (so I don't forget and it keeps paying over the £1k limit)

 

[atlkate]

@shoshibmidbar ahhh silly me, I did not think about creating a manual standing order! I used the default one and loaded up the current account with enough o just fund the 7 payments! silly me!!