Putting salary in savings account

book12

I was thinking of putting my salary in a savings account due to better interest rates. I will be putting it in an instant savings or e-savings account, which pays monthly interest. Is this allowed? I read the T&Cs and nothing is mentioned on this issue. I assume it's ok to do this?

Suggestions appreciated.

malik999

I assume you mean your salary currently goes into a current account and you are looking to have it paid directly to your savings account instead. Yes this is ok to do. As long as the account accepts transfers/funds in you can pay your salary into any account you chose. FWIW my salary goes into my current account from where i instantly transfer the majority of it to my savings accounts ( i need some in my current account to pay bills). Having money sat in a current account does not make financial sense.

zedyy

malik999 wrote: »

I assume you mean your salary currently goes into a current account and you are looking to have it paid directly to your savings account instead. Yes this is ok to do. As long as the account accepts transfers/funds in you can pay your salary into any account you chose. FWIW my salary goes into my current account from where i instantly transfer the majority of it to my savings accounts ( i need some in my current account to pay bills). Having money sat in a current account does not make financial sense.

I currently have my savings sat in a current account, how do i go about setting up a savings account, can you recommend me a good one?

book12

malik999 wrote: »

I assume you mean your salary currently goes into a current account and you are looking to have it paid directly to your savings account instead. Yes this is ok to do. As long as the account accepts transfers/funds in you can pay your salary into any account you chose.

Yes, I want to have my salary currently that goes into the current account, into my savings account instead.

Just called their customer service helpline yesterday, and they said salary can be allowed into the savings account.

FWIW my salary goes into my current account from where i instantly transfer the majority of it to my savings accounts ( i need some in my current account to pay bills). Having money sat in a current account does not make financial sense.

I kind of do that too. I agree with you that having money sat in a current accuotn does not make financial sense, due to the low interest rate. Putting it in a savings account (thinking of e-savings that has monthly interest) will have better interest rates.


On another note, I saw Natwest's T&Cs about their savings account. They don't allow salary to be put into their savings account. http://www.natwest.com/content/global_options/terms/Terms_Conditions.pdf Lucky I am not with them. My friend has a savings account with them, and has a salary from a part time job and student loan is deposited into this account. No stop to it though, as it went through, and the bank doesn't even notice!