5% Current Account Saving Offer

daveb123

I see one of the high street banks is offering 5% interest for the first 12 months on the first £2,500 held in the account, and then 1% on any further savings. There is the condition that you do need to pay in £1,000 each month.

My question is, in theory could someone just open the account, pay in £2.5K, and then pay in 1K from an existing bank each month, and then withdraw the 1K (and any interest accrued) a few days later.

As a basic rate tax payer it's probably only worth about £100 over the year, but for doing a few mins work opening the account, and making the transfers each month maybe worth it? I'm just wondering if the banks get terribly upset with customers being this unruly?

Thanks,

David

le_loup

You will find two or three existing treads on this Nationwide account.
Take a look at them and ALL your questions will be answered and some that you wouldn't dream of asking.