Bank interest

Lincoln_Owl_83

Hi,

I have a Santander 123 Account. I also have over £3,000 in another account.

Is it possible to transfer this additional money into my 123 Account, maximise the interest I receive (3% on balance) and then transfer the same amount back to its original place?

If it is viable to do this, could I do this regularly each month? This would mean that I earn extra cash a month to further boost my bank balance or transfer elsewhere.

I only ask because my current account offers better interest than most ISA's available.

I already have an ISA with my maximum annual amount already sat in it.

Any advice would be greatly appreciated.

Thanks, Chris.

badger09

Assuming there are no penalties for withdrawing from 'another account' you can transfer £3k into your Santander 123 account and out again as often as you wish.

However, you do realise that your £3k will only earn interest (at 3% in the 123 account) for the number of days it is actually in there don't you