Current account with high intrest rate?

rictus123

Is there any current accounts(with debit card that i can get wages paid into) going about with a decent intrest rate? Or am i stuck to moving it to a savings account and having it tied up if i need it moved over? Thanks in advance any helpers.

D1zzy

rictus123 wrote: »

Is there any current accounts(with debit card that i can get wages paid into) going about with a decent intrest rate? Or am i stuck to moving it to a savings account and having it tied up if i need it moved over? Thanks in advance any helpers.

If you can manage to accumulate a £5000 balance- LLoyds Vantage will pay you 4% and reasonable rates below that, Or their plus account pays 2.5% on balances upto £2500
http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp?WT.ac=VIR0609#currentaccountsvantage

book12

I would recommend the following accounts:

• LTSB Classic Account with Vantage: 4% AER (http://www.lloydstsb.com/current_accounts/vantage.asp)
• Halifax Reward Account: the bank will give you £5 each month when you deposit £1000 (http://www.halifax.co.uk/bankaccounts/reward-current-account.asp)

TheEffect

Can anyone confirm that the Lloyds Vantage pays 2% on 1k to 2k balances, 3% on 2k to 3k balances and 4% on 3k to 4k?

So having 1k in the current account is probably better then having 1k in most savings accounts these days.

blueberrypie

TheEffect wrote: »

Can anyone confirm that the Lloyds Vantage pays 2% on 1k to 2k balances, 3% on 2k to 3k balances and 4% on 3k to 4k?

It's 0.10% for £1+, 2% for £1,000+, 3% for £3,000+ and 4% for £5,000+

http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp?WT.ac=CAIRRHN0609#currentaccountsvantage

Minimum deposit of £1,000 per month.

TheEffect

Does it have to be a direct payment into the account? For example I get £950 paid into my HSBC account each month, however my average money in is around £1300 as I take money out and pay it in. If I moved my banking to Lloyds, would only having £950 mean I wouldn't qualify even though I pay in cash etc throughout the month?

Dustykitten

A&L or Abbey are doing 6% only requiring £500 per month (A&L) or £1000 (Abbey) on balances upto £2500

socrates

Dustykitten wrote: »

A&L or Abbey are doing 6% only requiring £500 per month (A&L) or £1000 (Abbey) on balances upto £2500

Thats the way forward BUT the 6% is only on balances up to £2500 - so open one of each - with the minimum fundings mentioned above

Dustykitten

socrates wrote: »

Thats the way forward BUT the 6% is only on balances up to £2500 - so open one of each - with the minimum fundings mentioned above

I did say in my post balances upto £2500. I don't think you can have an Abbey if you already have an A&L according to their T&C

http://www.abbey.com/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1210609175590&empr=Abbeycom&leng=en_GB&pagename=Abbeycom/Page/WC_ACOM_TemplateB2

under other information at the bottom.

opinions4u

If you're going to fund it with £1,000 a month, not go overdrawn and not keep a huge sum of money in it then the Halifax Reward account will pay you £5 a month for your custom (work out at 7.5% AER if you're average balance through the year is £1,000).

If not, Alliance & Leicester looks like the best alternative.

D1zzy

TheEffect wrote: »

Does it have to be a direct payment into the account? For example I get £950 paid into my HSBC account each month, however my average money in is around £1300 as I take money out and pay it in. If I moved my banking to Lloyds, would only having £950 mean I wouldn't qualify even though I pay in cash etc throughout the month?

To get your interest, you have to maintain the appropriate balance and, £1000 has to go through the account each month - it does not have to stay there, it can just pass through.
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