Current Account Monthly Pay In

isingh1

Apologies if this has been asked before, but with the current accounts I have that are earning interest. I've wondered if the monthly pay in amounts need to be in their respective accounts for a certain duration of time.

i.e. Transferring the £500 monthly pay in criteria into a Santander 123 account, does the £500 need to stay there for a day or so - so that the account can register the £500 being put in to get interest, or can it be withdrawn straight away?

Fruit_and_Nut_Case

isingh1 wrote: »

Apologies if this has been asked before, but with the current accounts I have that are earning interest. I've wondered if the monthly pay in amounts need to be in their respective accounts for a certain duration of time.

i.e. Transferring the £500 monthly pay in criteria into a Santander 123 account, does the £500 need to stay there for a day or so - so that the account can register the £500 being put in to get interest, or can it be withdrawn straight away?

Yes, it has been asked many times before. The money may be transferred out as fast as you can type.

YorkshireBoy

If they penalised me for using my salary as soon as it was paid in I'd be very annoyed. Wouldn't you? It's the same thing!


But if it bothers you, why not withdraw the money first, then pay it back in again? They don't mark the notes so they'll never know it was the same £500.

isingh1

Its not that it bothers me, I just wanted to be sure I'm doing the right process to get the interest.
The MSE 5% loophole webpage was suggeting the same thing I mentioned but over a daily period for each account you hold.

So if you dont need to do that and can do it straight away, I find that'll be easier