wanted an acc't that doesn't req. £1000/m going in

happyhero

Basically I have FD accounts and have some complicated banking going on. My requirement now is to find a seperate account which gives reasonably high interest, ie 5% offered on some current accounts.

The complication is I just want to put a large some of money in and the get all my big DD to be paid from it, but then not to pay any more in ie wages etc not to be paid in to it. This way money gets good interest over the year while it waits to pay the years DD's off.

Most of the accounts I look at want you to pay at least £1000 in per month, ie your salery or the like. I do not want to have to touch it, I want to almost forget about it so it gets on with the job without me. I realise I could do something to satisfy this every month but I do not want this added task to do each month.

So does anybody know of an account that will let me do this, ie 5% interest, DD, without further inpayments?

I would be gratfull for any comments.

jonesMUFCforever

In a word No.
Savings accounts will not let you set up d/d or standing orders.
If you don't do what the big banks want you to do (ie pay in at least a £1000 per month) you will not be offered the best accounts.
Have another rethink - If you are in the position of being able to put aside a lump sum to cover a year's payments then an Internet savings account with one transfer per month should not be beyond you.
Eric

Chadsman

There are lots of current accounts that dont require any regular amount to be paid in but do have linked internet savings accounts. Nationwide is my personal favourite paying 5%. :T You can move cash between accounts instantly. The balance on my NW current ac is usually £0

happyhero

Thanks for the inputs guys. The thing is I don't particularly want a savings account, there are current accounts offering high rates ie 5%. And no it is not beyond me to put a £1000 in every month, but without going to deep, I have already got a hell of a lot going on in my bank accounts and want to simplify. So I need high interest current account with direct debit facility and no "pay in" required every month. I just want to put lump sums in once or twice a year to cover DD.

grumbler

Citibank 4.59% AER. However, it is not quite clear - looks like they offer different T&C for direct applications and applications via cashback sites :mad: .
Read THIS

buses7675

Cahoot let you pay in whatever you like when you like and have a 4.35% interest rate, along with a overdraft in which the first £250 is interest free.

Cash/Cheques can be paid in through any Post Office (cheques can also be posted), whilst electronic payments can be made in using the standard methods - Standing Orders and Direct Debits can be made also.

You can then transfer any left over cash into a Cahoot savings account at 5.10% interest - Up to £10 cashback can be earned for opening each account at Cahoot using various cashback sites.

Cheers

Steve

1jim

I dont know if they allow this or if you want to do it but,
why dont you open an account with one of the banks that have a minimum monthly amt to go in, set up a standing order for that amt (eg 1000 quid), set another standing order going out for 1000quid the next day. this may or may not work, if you were really sharp at this you could even do it with the money that you initially put in to cover the direct debits. set it up and forget it!
jim

grumbler

The following is Koru's advice from other thread

If you have a savings account with IF and at least £1 in it, they pay you the savings interest rate on your current account. That means you earn 4.75% interest on your current account, regardless of the balance. OK, so no cash bung to make you join, but if you have a fair amount in your account you earn a lot more interest.

cifpower

The Coventry Building Society has an account called MoneyManager* which allows DDs and SOs and bill payments. It comes with a LINK cash card. Money is deposited by cheque (post or branch), BACS transfer or in a Coventry BS branch.

Annual Interest:
AER Gross Net
£2000+ 3.7% 4.25% 3.4%
£1+ 3.15% 3.15% 2.52%


*http://www.coventrybuildingsociety.co.uk/savings/products/cmm1_prod.asp?si={8AAB538A-7EE8-4103-ACBA-E5DB49F5E4F4}

Paul_Varjak

The Halifax Websaver account has 4.9% interest and has a bank sort code and account number. It does allow Direct Debits.

There is no current account that will pay a decent rate of interest if you do not pay in a decent amount each month!

Norman-B

grumbler wrote:

The following is Koru's advice from other thread

If you have a savings account with IF and at least £1 in it, they pay you the savings interest rate on your current account. That means you earn 4.75% interest on your current account, regardless of the balance. OK, so no cash bung to make you join, but if you have a fair amount in your account you earn a lot more interest.

IF are about to change the interest on Current accs. From the 10th April, it is reduced from 4.75% to 2.75%. IF, thats some drop, 2% !! Now, I have an IF c/acc and I will be changing to another bank from that date.