Clean Account

Ashlion

What is a "clean" account? Sorry for this newbie question!

jonesMUFCforever

I suppose it could mean an account that has received dirty money ie money laundering.
Hope nobody has asked you to open an account for them - and you receive commission or a % of any money going through it?!?

Ashlion

No, I was referring to the fourth bullet point under The UK Top Savings of this site. I guess it's referring to accounts that don't have bonus rates or fixed term rates or both (?)

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#topaccounts

thumshie

Martin uses the term in his savings guide..

Not 100% sure what he means but I'd GUESS, it's an account that doesn't have short term bonuses or require the opening of another account.. Might also mean no other restricitons such as requiring monthly deposits or restricting the numbers of withdrawals..

Perhaps Martin himself will post something to clarify...Though not sure the last time I saw a post of his in the 'saving' forum....

thumshie

beat me to it....

talana

Not 100% sure what he means but I'd GUESS, it's an account that doesn't have short term bonuses or require the opening of another account.. Might also mean no other restricitons such as requiring monthly deposits or restricting the numbers of withdrawals..

That's my understanding too. No introductory bonuses, no marketing gimmicks, no conditions, no restrictions.
So if an account is advertised as 6% AER (including first year bonus, minimum monthly deposit required, monthly interest lost if you make a withdrawal that month etc) then that's not clean.

If it's just advertised as 6% AER, and that's exactly what you get, no conditions, then it's clean.

LongTermLurker

thumshie wrote: »

I'd GUESS, it's an account that doesn't have short term bonuses or require the opening of another account.. Might also mean no other restricitons such as requiring monthly deposits or restricting the numbers of withdrawals...

Correct - a clean account can be seen as a straightforward, no requirements account