What I'm trying to do now, is to work out if I can use this to my advantage when it comes to bonuses, like interest rates and cashback, by setting up several accounts with the maximum interest paying amount in them.
Most of these accounts mandate that you have a minimum sum coming in each month:
- Santander 123: Minimum £500pcm; 3% up to £20,000
- Club Lloyds: Minimum £1500pcm; 4% up to £5,000
- TSB Classic Plus: Min. £1500pcm; 4% up to £5,000
And there are more with similar rates, and then there are Regular Savings accounts where I can average ~4.5% on circa £8,000.
I'm aware of other savings options, but I'm working on the premise that I'm only gong to be playing with money I have left after I've filled Cash ISAs for both this year (what's left of it) and then next as of mid-April.
The big question here is, if I open current accounts with all these institutions, will they know if I move money between them, i.e. from the one I pay my salary to, to the next, to the next etc. and refuse to give me the rates and bonuses I want?