Your preferred online high-interest savings account?

[Markymark]

I made a conscious decision to be mortgage free before the kids went to uni. I took out an offset mortgage a decade or so ago and paid that off heavily when the interest rates dropped. You save tax on the gross interest rate, and as a higher rate tax payer this was a big benefit. I saved a windfall ofsurplus cash in the offsetting account, so I didn't pay a penny interest on the last ten grand or so. Then I read up on Money saving expert. At that time Santander 123 accounts were paying 3% on cash up to 20k. I opened an account for me, a joint account for me and Mrs Cube and she opened one in her own name, so we had the benefit of 3% on up to 60k. Those accounts alsopay cash back on household utility bills and phone accounts, TV packages and so on, which offset and exceeded the account charges. Next, I took out a Santander 123 credit card which had a zero percent interest charge on all purchases for the first 24 months. You get 1% cash back on supermarket shopping and 3%cash back on fuel purchases, which again at least offset the monthly charges. By purchasing all of our fuel, groceries and most everyday spending on their credit card you leave cash in the interest bearing accounts to earn the 3%. As long as you pay off the minimum amount by direct debit you can leave the balance of your credit card in the current accounts earning interest. Once you reach your cc limit you can shop around for any of the other zero percent balance transfer deals, many without a balance transfer fee, and grow on the current accounts. So over the last couple of years Santander have lent me tens of thousands for fuel and groceries, paid me cash back for doing so, and I've lent it back to them whereupon they've paid me interest on their cash for doing so. As long as the current accounts have more in them than the credit card balances, and you make all the minimum repayments, then pay the cards off before the interest free period expires, it's money for nothing.

Sadly the interest rate has plunged in those accounts.

 

[Cubist]

Sadly the interest rate has plunged in those accounts.

Still might be one way to maximise interest. Even at 1.5% it beats many saving accounts both in interest and capacity. I'll be looking elsewhere for a better deal this week.

 

[Chris S]

Just put your money in Marmite - the price is going through the roof!

 

[cisamcgu]

Mystic Dawn in the 15:00 at Newmarket today

Stick £1000 to win, and walk away with £9000 (maybe)



Well, it came in third - so I was close