Investment/Savings advise for £thousands needed unemployed status

HappyMJ

bery_451 wrote: »

Sorry yes I meant the TSB offer. Ok so you saying I wont get interest for that month as the balance is over £2000 in that month?


So I have to keep it under £2000 throughout the year to get the maximum annual interest?


Isnt this gonna be a hard task to do when there is £500 going in there every month?

You get interest on £2,000...if you have £2,500 for a few days they'll only pay interest on the first £2,000 and nothing on the £500 waiting to be sent back.

steelbru

bery_451 wrote: »

Sorry yes I meant the TSB offer. Ok so you saying I wont get interest for that month as the balance is over £2000 in that month?

So I have to keep it under £2000 throughout the year to get the maximum annual interest?

Isnt this gonna be a hard task to do when there is £500 going in there every month?

Look back to post #4 on the first page - I said there to pay in £500, then take it back out the same day.

bery_451

HappyMJ wrote: »

You get interest on £2,000...if you have £2,500 for a few days they'll only pay interest on the first £2,000 and nothing on the £500 waiting to be sent back.

When you say a few days, how many days exactly can you go above the £2000 limit?


Or can I have any amount above £2000 throughout the year and I will only earn interest on the first £2000 only?


Sorry for these newbie questions as I am new to this and its really confusing.

talexuser

Put simply, if you have £1000 in you earn interest on £1000. If you have £2000 in you earn interest on £2000. If you have £3000 in you earn interest only on £2000, ok? You can have as much in the account as you like, only earning interest on the first £2000. The £500 requirement only needs to be in for 1 day. I have two TSB accounts and swap £500 from one to the other on the same day of the month by direct debit since they do not require external funding. This satisfies the minimum monthly deposit and I keep £2000 in each and just withdraw the interest each month (since above £2000 it will earn no further interest).

Eco_Miser

bery_451 wrote: »

Sorry yes I meant the TSB offer. Ok so you saying I wont get interest for that month as the balance is over £2000 in that month?

NO! I said the exact opposite! You will get interest on £2000. You can have a million pounds in the account, and you will get interest on £2000.

bery_451 wrote: »

So I have to keep it under £2000 throughout the year to get the maximum annual interest?

Isnt this gonna be a hard task to do when there is £500 going in there every month?

Read again what I, and many others, have written. £500 has to be paid in each month. It doesn't have to be a single payment, it doesn't have to stay there, not for a day, not for an hour, not even for a second. You could transfer the money out, then back in if that's more convenient.

bery_451

Sorry I just got confused by post #18 and 20 saying I wont get interest at all if over £2000.


So I will get the interest regardless if it is under or over £2000 from what I am reading?

Eco_Miser

bery_451 wrote: »

Sorry I just got confused by post #18 and 20 saying I wont get interest at all if over £2000.

#20 does NOT say that!

bery_451 wrote: »

So I will get the interest regardless if it is under or over £2000 from what I am reading?

Yes, provided you meet all the other conditions, like registering for paperless statements and correspondence.

jimjames

bery_451 wrote: »

Sorry I just got confused by post #18 and 20 saying I wont get interest at all if over £2000.


So I will get the interest regardless if it is under or over £2000 from what I am reading?

Read post #5. Check the terms not what anyone here writes.

I know what the terms are for a tsb account that pays 5%. I have no idea what the terms are for a Lloyd's account paying 5%.

bery_451

Ok understood. Is there anything else I need to know that is not mentioned in this forum that will help me make the most of my money?

Eco_Miser

There may be, but if it's not been mentioned on this board or the Benefits board yet, it's unlikely that anyone is going to think of it now.