Are there any savings accounts that pay interest over the weekend?

MoneySaverLog

Are there any savings accounts that I can make a FP into on a Saturday and then withdraw back by FP on Monday that pay interest for the 2/3 days?

innovate

AFAIK, all banks/BSs calculate the interest for all savings accounts on a daily basis.

You won't be able to FP into all of them, and many have "nominated accounts" into which funds must be withdrawn; or they even insist on sending you a cheque. You will only get the accrued interest paid (whether into the savings acct or into a nominated account) when you close the account, or when a regular interest payment period has been reached.

But why would you go to such lengths for a few pennies interest?

MoneySaverLog

I am looking at a way of getting a extra 104/156 days interest a year using money in LTSB over the weekend.

Online transactions made on a Saturday appear to be debited with a Monday date, if this is the same for interest calculations I'm sure there is a way to get a extra £8 per £1,000 every year at 3% if there are such accounts paying this that credit over the weekend.

innovate

Are you talking about Lloyds Vantage accounts? If so, interest is calculated daily, not just Mo-Fr. So if you take your money out for a few days, you will get less interest.

Interest is calculated daily and paid into your account monthly.

http://www.lloydstsb.com/current_accounts/vantage.asp

exel1966

Yes, you can make 'double/triple interest' by effectively having funds in two/three different accounts with two/three different organisations at the same time. It's all about knowing exactly when different organisations do their nightly runs. It's very tricky to get right and you have to be careful to move the funds back to the right place at the end of the weekend.

For FULL info check out the forums at WWW.stoozing.com where you'll find a long thread or two on the subject.

MoneySaverLog

When I make a withdrawl online with Lloyds over the weekend, the transaction is not dated until the Monday. I'm playing on the money still being available at the weekend when they calculate the interest and if the money is paid back in on the Monday then it's like it's taken out and paid back in on the same day, well at least that's how it appears in online banking.

It will of cause need testing.

exel1966

It's been tested, It works, I know it does, but BE VERY DISCIPLINED. Check the forums !

MoneySaverLog

Just having a look at them now, very interesting.

innovate

exel1966 wrote: »

Yes, you can make 'double/triple interest' by effectively having funds in two/three different accounts with two/three different organisations at the same time. It's all about knowing exactly when different organisations do their nightly runs. It's very tricky to get right and you have to be careful to move the funds back to the right place at the end of the weekend.

For FULL info check out the forums at WWW.stoozing.com where you'll find a long thread or two on the subject.

Ah, ok, hadn't thought of that.

However, Lloyds are making some changes to their weekend processing, so this might be futile. See page 7 of http://www.lloydstsb.com/media/lloydstsb2004/pdfs/Account_Changes_Booklet_Current_Accounts.pdf. They only mention card transactions but they might well do it for everything.

innovate

I've also noticed that FPs at the weekend now show the actual date and time of the payment, in the same way Halifax does. This leads me to suspect that if a LLoyds balance is into an authorised overdraft over the weekend that it will now be treated as overdrawn for each day, even though the statement shows the credited date as Monday, in the same way that Halifax does.

Source: http://www.stoozing.com/forum/YaBB.pl?num=1328446462/113#113

sparkyxxx

so guys if i tryed this next friday by transfering some money from lloyds to santander would this work.

ie i get intrest from both banks?

thanks in advance