Current account that pays interest but doesn't require DD/min monthly deposit

MARTYM8`

jennifernil wrote: »

If you have enough in the account to meet the minimum funding, just move it out and straight back in again. You could even open a second account with the same bank to facilitate this.

Just be careful - as if the funds are transferred from an account (savings or current) with the same bank/building society they usually don't count towards the minimum monthly funding requirement. The funds have to come from elsewhere - in most cases.

So check the terms of the account - otherwise you won't get the interest.

EarthBoy

MARTYM8` wrote: »

Just be careful - as if the funds are transferred from an account (savings or current) with the same bank/building society they usually don't count towards the minimum monthly funding requirement. The funds have to come from elsewhere - in most cases. .

Internal transfers are OK with the TSB.

jennifernil

TSB, Lloyds, Halifax and BOS are all OK with internal transfers, Santander is not. No idea about the others.

YorkshireBoy

jennifernil wrote: »

TSB, Lloyds, Halifax and BOS are all OK with internal transfers, Santander is not. No idea about the others.

Internal transfers are OK with Santander, just not from a personal account with your name on it.

YB/CB & Nationwide require external funding.

irm

YorkshireBoy wrote: »

Internal transfers are OK with Santander, just not from a personal account with your name on it.

Is this definitely the case? I've been doing externals, but if I can bounce the £500 between my wife and I's sole accounts, then so much the better as that'll mean less statement clutter elsewhere.

colsten

irm wrote: »

Is this definitely the case? I've been doing externals, but if I can bounce the £500 between my wife and I's sole accounts, then so much the better as that'll mean less statement clutter elsewhere.

The exact words from the Santander 123 key facts document are:

4. Monthly Funding Requirements
You must pay at least £500 into your account every month. This is not a calendar month, it is the monthly anniversary from the date you opened/transferred your account. The £500 minimum monthly payment does not include refunded amounts from your Visa Debit card or amounts transferred into the account from another Santander account in your name (including any joint accounts). Transfers in from a Santander Business Account do count towards the minimum £500 payment.

So it's pretty clear.

(Take a copy of those terms if you haven't done so already).