3 Account Combo - July 2018
It’s May 2018 and current accounts are still, in my opinion, the best place to put the cash segment of your portfolio. Until savings account interest rates rise, using this method you will get access to optimal interest rates and current account switching bonuses. Just be aware that unlike savings accounts, current accounts require a hard credit inquiry before opening to check you are eligible for them. Therefore, applying to them may decrease your credit score in the short term.
Remember that direct debit requirements can be settled in a number of ways and minimum monthly deposits can usually be satisfied by switching your own money between accounts.
My top 3 picks for May 2018:
Deposit £1000 within 3 months
Switch using Switch Service
‘Hello’ Gift - eg. Expedia £150 Voucher, Fitbit, Bose Wireless Headphones
With First Direct, you can pay in cash/cheques at HSBC and Post Office branches. There is a £10 monthly account fee after 6 months. But this can be waived by doing one of the following:
- Paying at least £1000 into account every month
- Maintaining an average monthly balance of £1000
- Having another selected First Direct product
FlexDirect Current Account
5% AER Interest on up to £2500, for 12 months
Must pay in £1000 each month
No direct debits required
Recommend a Friend
After opening the account, if you recommend a friend and they switch their current account including 2 direct debits, you will both receive £100. You can refer up to 5 friends (£500) per tax year
3% AER Interest on up to £3000 until 01/04/19
Must pay in £750 + 3 Direct Debits each calendar month
Boosted Tesco Clubcard points
This debit card is also your clubcard. So here's how it works along with information on how to boost it further:
- For every £1 spent in Tesco, you collect 2 clubcard points
- For every £8 spent outside Tesco, you collect 1 clubcard point
- Tesco Pay+ Boost (Mobile Payment App). This works similar to Apple Pay in that you scan your phone at the checkout to pay. You can collect an extra 1 clubcard point for every £4 spent in Tesco, so make sure to add the Tesco debit card as the means of payment.
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