We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Have more than the specified amount in account for interest
book12
Posts: 2,557 Forumite
Some bank accounts offer interest on up to a certain amount, and any amount over will not receive interest. Example phrase below from Nationwide:
"You'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500."
The interest rate for that bank account is 5%.
If I have £3000 in a certain month and intetest is paid on the first £2500, and the £500 won't get interest. Is it worth leaving £3000 in there, or move the £500 out to another account? Which is better?
"You'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500."
The interest rate for that bank account is 5%.
If I have £3000 in a certain month and intetest is paid on the first £2500, and the £500 won't get interest. Is it worth leaving £3000 in there, or move the £500 out to another account? Which is better?
0
Comments
-
you answered it, MOVE!Some bank accounts offer interest on up to a certain amount, and any amount over will not receive interest. Example phrase below from Nationwide:
"You'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500."
The interest rate for that bank account is 5%.
If I have £3000 in a certain month and intetest is paid on the first £2500, and the £500 won't get interest. Is it worth leaving £3000 in there, or move the £500 out to another account? Which is better?SO... now England its the Scots turn to say dont leave the UK, stay in Europe with us in the UK, dont let the tories fool you like they did us with empty lies... You will be leaving the UK aswell as Europe
0 -
Some bank accounts offer interest on up to a certain amount, and any amount over will not receive interest. Example phrase below from Nationwide:
"You'll earn interest on the first £2,500 of your balance each month but you won't get any interest on any part of your balance over £2,500."
The interest rate for that bank account is 5%.
If I have £3000 in a certain month and intetest is paid on the first £2500, and the £500 won't get interest. Is it worth leaving £3000 in there, or move the £500 out to another account? Which is better?
Thinking about the £500.
Would you rather it earned nothing, or something?0 -
it doesn't matter if you are spending the £500 over the few days/weeks. I do keep my monthly budget above the interest limit so I don't dip below the max level of interest I can get. Otherwise, find somewhere else to park it.
Save 12K in 2020 # 38 £0/£20,0000 -
stick the £500 into a TSB classic plus and use that for your spending money. 5% interest + 5% cashback on contactless#141 - Save £3k in 2016 challenge - #141
Current savings: £901.06 / £3k
=======================0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards