Any accounts offering in-credit interest without monthly payments?

fakelvis

Hi everyone,

I'm looking for some help on finding the best current account that pays in credit interest but does not require a monthly payment. Where can I find this information?

I consistently keep £2–3,000 in the account, am unable to pay a monthly amount into the account, and will need various Direct Debits to be set up (student loan repayments, etc.).

Does such an account exist that pays more than 0.1% interest?

Why would I want an account like this? I live abroad (in the Netherlands) and currently have a Halifax Reward Current Account that offers no in credit interest. With £2–3,000 in the account, it just seems like a waste! (I had this account while living in the UK and was receiving the £5/month bonus when my salary was paid into the account.)

Thanks for your help…

jjlandlord

If you always have £2-3000 available then it is straightforward to maintain monthly payments into an account: All you need is 2 accounts, one of which is the high interest one you keep all the cash in. Then once a month you make a transfer to the second account and back immediately.

Works like a charm

noh

Just cycle £1000 through your reward account each month to get the £5. It does not need to come from an external source.
Open a websaver reward account and move the money to and from there each month.

fakelvis

Excellent, thanks for letting me know. I'll see if I can set that up easily (I only have one current account and don't particularly want to have to manually do a back-and-forth transfer with my savings account every month).

In case I can't, though: are there any other options?

Now… off to see what I can do. Thanks!

pjread

Don't believe there's a deposit requirement for LTSB vantage. It's recently had a downgrade but for 2-3k is still as good as you'll see in a current account I suspect.

I bounce some money from one of mine to a halifax reward and back every month via internet banking....

jambosans

pjread wrote: »

Don't believe there's a deposit requirement for LTSB vantage. It's recently had a downgrade but for 2-3k is still as good as you'll see in a current account I suspect.

I bounce some money from one of mine to a halifax reward and back every month via internet banking....

Sounds like you're inadvertently meeting the deposit requirement, as both Lloyds TSB Vantage and Halifax Reward accounts require £1000 per calendar month to qualify for the higher rates/ Reward.

From the LTSB Website:-

LTSB wrote:

All you have to do is stay in credit during the monthly billing period, and pay in at least £1,000 – your salary, for example, each calendar month.

pjread

Ok, but bouncing 1k each way every month will meet both requirements...

jambosans

pjread wrote: »

Ok, but bouncing 1k each way every month will meet both requirements...

Yes, that's what I said. I don't know why there's a "but" or "..." in your response?