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

MoneySaverLog

Trying to find another bank, other than Santander, for this.

zerog

innovate wrote: »

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.

Interesting observation. IF it is only for card transactions, then: suppose your balance is close to 0 on Friday night, but you pay in money on Saturday (in branch / FP after midnight). This will still be dated Monday. But your available balance will be updated immediately, meaning that you will be able to spend it on your debit card. However, 2-3 days later when the transaction comes through, it will be dated Saturday, giving Lloyds 2 days of overdraft fees! --> a load of complaints.

If transactions can be dated on weekends, there is still the timing trick, as they will probably continue to move to the next day at midnight whereas Santander moves forward at ~9pm.

SnowMan

Nat West used to be one of the best accounts to pull the double interest trick on. Money transferred out after 6:30pm was deemed for interest rate purposes to still be in the account until the next working day, so if you switched money to an account which based interest on what was in the account at 11:45pm (say) you could double up on interest over the weekend, or double up on a single day's interest during the week for that matter.

When Nat West had an account paying just under 3% it was a bit of an addictive ritual for me switching money out after 6:30pm on a Friday from Nat West to Tesco so as to get 3 days double interest, together with the occasional mid-week transfer also. It was effectively a free pint of beer a week for me for about a year :beer::rotfl:

I don't know if Nat West still use the same system for calculating interest but their lack of good rates was the thing that stopped me getting my free weekly beer

MoneySaverLog

So switching out from LTSB to Tesco might work then?

YorkshireBoy

A word of warning...banks are closing the accounts of customers 'playing the game' this way.

The stoozing site has one example (although it's FD), but you may not be able to see that post/thread if it's on the 'restricted access' board.

bigmatt1174

I would also add that transactions like this could be classed as suspicious and possibly lead to you being investigated by their fraud department - if I was observing transaction like this - money in - money out it would raise my suspicion for money laundering and the last thing you want is to be suspected of that. You would be investigated without knowing!