Bank account that automatically transfers a % of each deposit

blazinbruce

Hi folks

We heard a while back that there was a bank account that would automatically transfer a % or a set amount from every deposit that was made into a current account into a savings account. Does anyone know which bank it is? This would be really helpful for us saving up for VAT - a direct debit isn't sufficient as we'd like it to be an automatic deduction of say 25% from every bit of income we receive.

Any advice much appreciated

Thanks :beer:

Archi_Bald

I have not heard of such a facility on personal accounts. One or two banks do 'sweeps' on a given date (user definable) each month, up to a certain amount.

May be there are business accounts that let you do what you want - you could ask on the small bizz board.

As an aside, stashing money into a savings account, personal of business, isn't giving you the best interest rate.

1jim

Not like this in % terms but didn't one bank offer to move any change into a savings account some years ago, if you paid in £10.45 they put the 45p in your savings acct

EarthBoy

1jim wrote: »

Not like this in % terms but didn't one bank offer to move any change into a savings account some years ago, if you paid in £10.45 they put the 45p in your savings acct

I think you mean Save the Change, which is available on Lloyds and TSB accounts. They will round your payment up to the next pound and put it into a savings account. E.g. spend £10.25 and they put 75p in your savings account, so you've "spent" £11 in all.

1jim

That's the one ;-)

agrinnall

The fact that the OP mentions VAT suggests that this is (or should be) a business account. When I was involved in business banking there were certainly more options for sweeping than personal accounts had, but whether they are still available and do the percentage option I've no idea.