interest on current accounts

firecox

Hi, just need a bit of advice... for the past year or so i have opened every high interest current account i can, one for my wife and 1 for myself, so far its 2 tsb,s ,2 santanders, 2 nationwides, and 2 tescos, plus just about to open a couple of lloyds. Im making nearly £150 a month in interest. Just by moving the same amount of money about at certain times of the month so as i obey the terms of the account....it takes a bit of juggling to keep transfering it at the right time even after tax there isnt an isa that pays that much....my friend reckons i am money laundering. i see it as playing the banks at their own game...is there anything wrong in doing this????


I cant see it being illegal just savvy:)

Archi_Bald

There is nothing at all wrong with it. There are most definitely no laws against it. Lots of people are doing just what you are doing. Just stick to the T&Cs of the accounts and you'll be fine.

Tell your friend to take a chill pill.

jimjames

Nothing wrong at all.

More fool your friend for missing out.

YorkshireBoy

You're missing out by not opening joint accounts, ie a 3rd FlexDirect and, depending on when you opened them, at least 2 more, and possibly 4 more, TSB accounts.


And Club Lloyds (and it's associated regular saver) should have taken precedence over Tesco, as should BoS.

anna42hmr

Money laundering itself is the actual act of placing the proceeds of crime into the financial services to make it look legitimate, so no you are not money laundering and making use of the terms of the account.

Though allegedly moving money around could cause suspicions of money laundering the banks know that customers use the loop holes of the accounts to maximise interest.

firecox

Thanks mate but lloyds initially want too much paid in per month.so ive built up in santander now got enough with the interest to cover the amount you need to cover the t&cs hadnt considered bos but will now look into it

Cheers mate

YorkshireBoy

firecox wrote: »

Thanks mate but lloyds initially want too much paid in per month.

You must have £1,500 kicking about somewhere? Maybe it's in one of your other accounts? Have you looked for it?