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    • Hannah8521
    • By Hannah8521 9th Sep 17, 12:56 PM
    • 1Posts
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    Hannah8521
    Paying in monthly amounts
    • #1
    • 9th Sep 17, 12:56 PM
    Paying in monthly amounts 9th Sep 17 at 12:56 PM
    On the advice of MSE, I have recently switched bank accounts to Coop. I will be getting £125 to switch. I have to pay in £800 per month, which is fine as I'm paid over £1500 per month.

    I would like to open up a seperate savings account (I've got £2300 savings at the moment and I would like to save more). The Tesco savings account appeals to me because the interest is 3% on first £3000. HOWERVER, it says I have to pay in £750 per month. Can I just transfer £750 from my current account for a few days, then pay it back into my current account?
Page 1
    • xylophone
    • By xylophone 9th Sep 17, 1:08 PM
    • 22,853 Posts
    • 13,207 Thanks
    xylophone
    • #2
    • 9th Sep 17, 1:08 PM
    • #2
    • 9th Sep 17, 1:08 PM
    The Tesco savings account appeals to me because the interest is 3% on first £3000.
    This is not a savings account but a current account.

    http://www.tescobank.com/current-accounts/

    Do you have the necessary three Direct Debits?

    It would be possible to meet the monthly funding requirement by transfer in/out from another bank account.
    • binaryuniverse
    • By binaryuniverse 9th Sep 17, 1:44 PM
    • 367 Posts
    • 170 Thanks
    binaryuniverse
    • #3
    • 9th Sep 17, 1:44 PM
    • #3
    • 9th Sep 17, 1:44 PM
    It's worth looking at Nationwide Flexdirect, which pays 5%, for 12 months, on the first £2500 (and does not need direct debits. Just a pay in of £1000 a month), then start filling up a Tesco account.

    To answer your question: Yes, you can move £750 in to the Tesco account and move it straight back out (You can do this with the Nationwide requirement too). But do bear in mind that this account requires a minimum of 3 direct debits going out, per month.
    Last edited by binaryuniverse; 09-09-2017 at 1:46 PM.
    • datlex
    • By datlex 10th Sep 17, 10:39 PM
    • 1,313 Posts
    • 1,093 Thanks
    datlex
    • #4
    • 10th Sep 17, 10:39 PM
    • #4
    • 10th Sep 17, 10:39 PM
    I circulate £200 weekly between accounts to meet the requirements. Only one I don't do that with is the one my pay goes into. No need to move the full amount at once.
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