How to earn 6.8% on your money by not taking out an ISA

Thanks Elegran. As the article states at the end, from this April we get a personal savings allowance in addition to the ISA allowance - I got an email from Santander yesterday saying that from next month interest on our current account would be paid gross not net of income tax.

This article on Moneysaving expert looks more recent, Jane
www.moneysavingexpert.com/savings/savings-loophole

Oops. Its been a long day. I was thinking of an early night. Probably a good idea.

Sorry but 5% of £100 is only £5

Santander charge £5 a month, which is almost exactly the cashback they would give me on the bills that they list, so the two cancel each other out.

TSB gives you 5% cashback on the first £100 on your credit card - that is £20 a month buckshee. However, their 5% interest on your balance is only on up to £2000.

I can see the advantages of having several accounts with SOs going from one to another - set up once a year you can ignore them for the rest of the time.

Santander pays 3% on balances between £3000 and £20000 plus cash back on various items bought on their credit card. You can have 3 accounts with them - joint and 2 individual which totals up to £60000 at 3%. This is instant access as well.

Luckygirl , it only needs to be sorted out once. Using standing order instructions on each of the accounts will then keep the monies circulating

Do you know I can't be arsed with all this jiggling money around. We have enough to live on relatively comfortably and I have better things to do with my time than be constantly trying to remember what needs to go where and when.

Yes, it is the first £2k. The big financiers do the pass-the-parcel, so I don't see why we shouldn't!

Ah - dated 21 Mar 2014. Saw the 21 March and thought it was current.

However, the TSB A/C is good for 5% on up to £2k. or £4k for a joint A/C as well, and the Nationwide Flexi also pays 5% on £2.5K. There are probably other 5% A/Cs out there as well, and some of them give you £100 for switching. It may take more juggling! Back to the calculator.

I got the impression from the article that the favourable rate on the TSB accounts applied only to the first £2K though.
Serve the banks right if people manipulate their accounts!

I don't know - perhaps it is a rehash of a previous article, perhaps he just made a mistake? I skipped over that bit - dazzled by the 6.8%.

That is equal to £390 on £5,760 over the course of a year – or 6.8pc. Higher rate taxpayers will earn nearer 5.8pc.

Am I being unusually dense Elegran? The annual ISA allowance is £15240 for 2015-16.
What does one do with the remaining £9480?