Current account paying interest?

gailjen_2

Can anyone give me advice re any bank accounts that pay interest with just an initial lump sum of £2,000 but no monthly deposits? I need to set up a standing order of £100 pm to pay into a new account I have set up with halifax - a savings account for my son paying 6% per annum, but need to take it out of his old halifax account as there is no facility on there to pay by standing order into the new account. Hope this makes sense. Thank you.

[Deleted User]

Lloyds TSB Vantage account indeed pays interest

ironlady2022

Here is how it pays

Balance Interest Paid Monthly
AER% Gross% Net%
£1+ 0.10 0.10 0.08
£1,000+ 2.00 1.98 1.59
£3,000+ 3.00 2.96 2.37
£5,000 up to £7,000 4.00 3.93 3.14

Sorry it's not showing properly. Visit here http://www.lloydstsb.com/rates_and_charges/current_account_rates_curr_page.asp?WT.ac=VIR0609#currentaccountsvantage

scottishblondie

Lloyds Vantage does pay interest - but you have to deposit £1k a month, which the OP does not want to do. I would suggest a savings account that allows standing orders, many do. All my account with Halifax, for example, allow SOs to be set up on them. I'm not familiar with their current lineup tho, so I don't know what rates you might get.

gailjen_2

Thankyou, I will try, but I'm not having much luck with Halifax at the moment, it's a long story but basically the right hand doesn't know what the left hands doing scenario!