Best place to keep £5k emergency fund

singhini

Eco_Miser wrote: »

It's very rare for organisations to say what you don't need to do to join them. Could you find anywhere on Tesco's site that said you do need to have any direct debits or need to pay money into the account?

Hi, I couldn't find anything on TESCO's website but I intend to ring them tomorrow to discuss (you can open an account online or call 0345 8353353). I was busy opening my Virgin money ISA today (as per my other thread you kindly helped with )

on the MSE website it does suggest there's no minimum pay-in to get the interest but nothing about DD's http://www.moneysavingexpert.com/banking/compare-best-bank-accounts (scroll three quarters down and you should find TESCO).

As soon as I have called them tomorrow I will feed back and let you know what they said.

singhini

i just rang TESCO and you don't have to have any DD nor do you have to have any money going into or out of the account (max 2 accounts per person and 3% interest paid on balances of £1 to £3,000).

Pincher

Persephone_Mulberry wrote: »

This is all v new to me. Does just moving money in via so rather than it being a pay cheque count?

The banks ask a programmer to come up with an algorithm to detect suspicious transactions, every time the government comes up with a hare brained idea.

They clamp down on your credit/debit cards when you spend abroad, and leave you stranded with no money.

I have no problem believing that they will work out that I am piping money through a series of accounts every month, which is classic money laundering activity.

Quite possibly, they have a whole list of Columbian surnames, which will raise red flags if you have transfers to and from.

Every time a scam happens, and they do an article in the money sections, the victim often complain how come the bank didn't realise the account holder never move so much money in one go. It is not beyond the realms of possibility, that the FCA comes up with some new "rule" that they should freeze accounts with "suspicious" activities.

When you take £5,000 out, for your "emergency", is precisely when the computer decides you must have been hacked, as you never move so much money in one go.


I cling to the myth that transactions below £10,000 is OK, but that is not really true.

Everything you do is OK, until THE COMPUTER SAYS NO.