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Best accounts for earning interest when cheques are deposited
PosterBoy77
Posts: 360 Forumite
I thought I would ask here to find out which banks offer the most interest during cheque clearance cycles.
With most bank accounts cheque deposits generally only begin to earn interest after the third working after being received by the bank. There are some banks that offer better terms namely Lloyds TSB who pay interest immediately on cheque deposits of up to £1000 and Coventry Building Society who pay interest as soon as a cheque is received. Abbey seem to be quite good in paying on the next working day after a cheque is deposited. Are there any other banks offering better terms such as these?
With most bank accounts cheque deposits generally only begin to earn interest after the third working after being received by the bank. There are some banks that offer better terms namely Lloyds TSB who pay interest immediately on cheque deposits of up to £1000 and Coventry Building Society who pay interest as soon as a cheque is received. Abbey seem to be quite good in paying on the next working day after a cheque is deposited. Are there any other banks offering better terms such as these?
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Comments
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do coventry pay on day1 on ther new 5.3% current0
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bilbo wrote:do coventry pay on day1 on ther new 5.3% current
According to their terms and conditions they do! I hav ethe account, but have not gone through the entrie balances to see if it is the case.0 -
Coventry Building Society indeed pay interest from the day they receive a cheque (any value), which can be postally via their Freepost address. The 'Coventry First' account pays 5.35% AER interest (4.22% gross) with a guarantee to remain that much above Base Rate for the 1st year of account opening. Mine reaches its anniversary next March, so I'll be jealous of newcomers when my rate drops!0
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