Couple of bank account switching questions

gotmaintvtr

Apologies if these are simple questions and constantly being asked.

I'm currently banking with co-operative and have mortgage and bills from said account.
Looking to switch for better conditions, ie interest or rewards etc.

Looking at the accounts comparisons they say interest on balances up to £2500 for example. What I'd like to know is what is classed as the balance?
Is it what goes in each month
Or
Is it what is regularly left if the account

If I have over 3k per month income does that mean I wouldn't qualify for the interest in that particular account.

Sorry if this isn't worded well it harder to write the questions than I thought

Thanks in advance

eskbanker

The balance is what is in the account at any given point in time.

Interest is usually calculated based on the balance at the end of each day.

If you're looking at one of the accounts where they pay interest on balances of up to £2,500 and you're being paid £3K, you'd typically expect to have a balance above the interest limit for some of the time (so would receive interest based on the capped £2,500 figure) and then for the rest of the month you'd be earning interest based on your actual balance once it falls below the limit.

gotmaintvtr

Thanks for the reply. That cleared that up for me.

Thanks

innovate

Unless you'd spend anything above £2,500 very quickly, you would do better sending any surplus straight into another interest-earning account. This could be another current account or a savings account, such as a regular savings account.

milmol7

Hi, I also have an account switching question, and can't see another or general thread, so will try on here.

I am looking at switching from Barclays due to a couple of major mess-ups and want to do it asap. I've read as much as I can find about the guarantees of the switching service, but I can't seem to find out my answer... I have a payment due to my account pending from onepoll which takes up to 6 weeks I think.

If I switch, would such a payment still get picked up and find its way to the new account, or do I need to wait until it's landed to be sure that it reaches me?

Many thanks if anyone can help (or redirect me if there's a better place to post my question).

rb10

milmol7 wrote: »

Hi, I also have an account switching question, and can't see another or general thread, so will try on here.

I am looking at switching from Barclays due to a couple of major mess-ups and want to do it asap. I've read as much as I can find about the guarantees of the switching service, but I can't seem to find out my answer... I have a payment due to my account pending from onepoll which takes up to 6 weeks I think.

If I switch, would such a payment still get picked up and find its way to the new account, or do I need to wait until it's landed to be sure that it reaches me?

Many thanks if anyone can help (or redirect me if there's a better place to post my question).

If you gave them your sort code and account number, then it will redirect it to your new account (provided the money is received within 13 months of you switching!).

milmol7

rb10 wrote: »

If you gave them your sort code and account number, then it will redirect it to your new account (provided the money is received within 13 months of you switching!).

Good news thank you