Best interest paying account with no regular income

kalsha

I have no regular income.
I have about £1200 in a Lloyds current account which pays no interest.
I have no standing orders or direct debits as they all go through our joint account.
I am not keen on opening any more ISAs as they pay very little. Once they mature, I will be looking into putting them elsewhere.

When searching for best accounts with no regular income, Tesco used to show up but not any more. Is there any reason why I should not open one with Tesco? So far it is the only one that seems to fit my purpose. Are there any disadvantages that I am unaware of?

nearlyretired2004

I guess you are worried about 'income' in terms of the funding requirements of the accounts?

All (I think...) of these accounts' funding requirements can be met by multiple transfers of smaller amounts during the month - if you can be bothered (as most of us here can....)

As far as DDs are concerned you can search the forum for Tesco Online savings accounts which will accept DDs ..

Combining the two you could open any of the higher interest paying current accounts.

grumbler

What is needed, is a monthly credit, not income. It can be arranged by back and forth bank transfers. DDs can be switched or created (search the board).

If you CBA to jump through hoops for higher interest, I think the best you can get is 3% on up to £3K at Tesco.

kalsha

nearlyretired2004 wrote: »

All (I think...) of these accounts' funding requirements can be met by multiple transfers of smaller amounts during the month - if you can be bothered (as most of us here can....)

That is just it - I am not bothered about transferring to and fro. I have become very forgetful recently. I know it is easy to set it up and not do it manually all the time. I just want to transfer bulk of the money where it pays a good rate.

d70cw6

tescos it is then.
every little helps.

colsten

Why 3% Tesco when you can get 5% at TSB? OK, it needs a £500 monthly deposit but that's a one-off set up of a couple of SOs, for almost double the interest.

kalsha

Only because it is "my" money and want to keep separate from all the joint accounts we have!

diamonds

kalsha wrote: »

Only because it is "my" money and want to keep separate from all the joint accounts we have!

My mother done that, treated the joint account as her money, solo was hers full of her part time wages when she could be bothered to stop shopping compulsively out the joint account and do some work.

It is still a asset from a marriage or civil partnership, sure your partner cant get at it while together, but remember later they may.

colsten

kalsha wrote: »

Only because it is "my" money and want to keep separate from all the joint accounts we have!

Just open some other account in your own name elsewhere then. Like, for instance, the Halifax Reward. There are a few easy to meet conditions and you can earn another £60 a year, on top of the 5% interest in the TSB Plus. Or Nationwide FlexPlus for a year. And the beautiful 5% AER monthly savers that come with TSB Plus and FlexDirect. It's so easy to beat the Tesco 3%!

Note I am not poo-pooing the Tesco 3% account - I have two of them myself, but only because I have already maxed out the better accounts.

kalsha

colsten wrote: »

Just open some other account in your own name elsewhere then. Like, for instance, the Halifax Reward. There are a few easy to meet conditions and you can earn another £60 a year, on top of the 5% interest in the TSB Plus. Or Nationwide FlexPlus for a year. And the beautiful 5% AER monthly savers that come with TSB Plus and FlexDirect. It's so easy to beat the Tesco 3%!

Note I am not poo-pooing the Tesco 3% account - I have two of them myself, but only because I have already maxed out the better accounts.

Ok, will think this over. Sounds good. If I am going to open 2 accounts, are there choices or options to consider?

colsten

diamonds wrote: »

It is still a asset from a marriage or civil partnership, sure your partner cant get at it while together, but remember later they may.

Either joint account holder can get all the money - and more - in the account at any time the account is still open. Whether the joint account holders are living together or not, have a friendly relationship or not etc etc, doesn't matter. Whilst the account is held in joint names, and whilst there are no restrictions jointly agreed & lodged with the bank by both account holders, either party can do as they like with the existing, and non-existing, funds in a joint account.