Critique my savings strategy - stoozing

grahamsnumber

New member
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?
 
@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.
 
@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)
 
@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).
 
@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)
 
@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!!
 
@riot So I've only started doing this over the summer so as of right now probably not a lot. I completed on my flat in June with a mortgage at 2.34% meaning at least until 2027 (5 Yr fix) there's no benefit in overpaying.

Didn't do this prior to mortgage application as knew it would look bad from a credit score perspective and could jepordise that.
 
@riot Decided to try and work out how much I'll make from this over a year:

Barclays - £250

Lloyds - £126

NatWest current account - £36 (5*12)-(2*12)

NatWest regular saver - £35

Halifax - £67

Nationwide - £10 (plus entry into prize draw)

Saffron - £9

Plus however much interest I'll make from my Santander account which is where my excess easy-access cash will sit which gets drip fed into the regular savings accounts above.

The above comes to £533 per year (which will be tax free as a basic rate tax payer)
 
@grahamsnumber Vs £364 if you just chucked it in the new aldemere 3% interest account.

Or a £169 difference which could probably be made up with a single account switch bonus.
 
@riot
Not sure it is, these interest rates are subject to change so managing the system becomes a major headache.

Most of them are fixed for a year but it brings it's own issues that the rates could be beaten, and also everything has to be redone in a years time.

To be fair setting them all up once a year is efficient enough.

I don't have quite this many but imo I go and look at this stuff anyway, nowadays I just go and do it straight away instead of thinking about it as that's the biggest time waste. It's probably about 10 mins per account, if that.
 
@grahamsnumber Ah ok, it's slightly less benefit but still more efficient than what you're currently doing.

The good thing about ISA's is that they have to let you withdraw, even if if it's a fixed term - so they're effectively notice accounts.

Which means you could be getting signicantly better rates while still having the ability to withdraw by moving most of your accounts to a cash ISA.

I would only keep the Barclays rainy day saver personally. I also stooze and that is my setup at the moment.
 

Similar threads

Back
Top