Bank account interest help!

bery_451

hi,

is there a bank account that does not get any interest at all.

Interest to me feels wrong and hence i want to switch to interest free bank account.

is there such a bank account with a direct debit facility.

cheers,

gt94sss2

Yes, there are such bank accounts - for instance: 'Islamic' bank accounts pay no interest - as strict Muslims (and Christians) don't believe in getting interest.

Providers include:

HSBC
LloydsTSB

I did read somewhere some time ago that they were increasing in popularity with non-Muslims..

Regards
Sunil

natweststaffmember

Yes NatWest CURRENT account which has 0% interest. make sure they do it as a current account only. Current plus would get interest.

bery_451

is it true that accounts that get no interest cannot be traced by creditors, government agencies, authorities etc?

gt94sss2

bery_451 wrote: »

is it true that accounts that get no interest cannot be traced by creditors, government agencies, authorities etc?

No.

Regards
Sunil

ffacoffipawb

bery_451 wrote: »

is it true that accounts that get no interest cannot be traced by creditors, government agencies, authorities etc?

The true reason for the original question perhaps?

bery_451

so which bank account cannot be traced? because my mate was telling me it would be cool to get a bank account that cannot be traced like a swiss account they show in movies. :think:

bery_451

anyone that can help?

gt94sss2

bery_451 wrote: »

so which bank account cannot be traced?

None

Regards
Sunil

bery_451

gt94sss2 wrote: »

None

Regards
Sunil

there has to be a bank account that has privacy and cannot be traced.

how about a simple post office cash account?

Hereward

bery_451 wrote: »

there has to be a bank account that has privacy and cannot be traced.

how about a simple post office cash account?

None, which are legal in the UK. Swiss banks accounts are untraceable as I believe it is a criminal offence there to disclose details about an account holder; However, using one from the UK can get you caught up in anit-terrotist legislation, as well as, tax evasion legilsation. INMHO, account like this aren't worth the hassle (or cost).