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Savings account £500 + per month

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Comments

  • Cotta
    Cotta Posts: 3,667 Forumite
    In order to earn the £10.40 each month does an additional £1k need to go into the account which will not earn interest?
  • ColdIron
    ColdIron Posts: 9,990 Forumite
    Part of the Furniture 1,000 Posts Hung up my suit! Name Dropper
    Cotta wrote: »
    In order to earn the £10.40 each month does an additional £1k need to go into the account which will not earn interest?
    No it only needs to stay there for the shake of a nanny goat's tail. Move £1,000 out and straight back in again, or vice versa
  • Cotta
    Cotta Posts: 3,667 Forumite
    ColdIron wrote: »
    No it only needs to stay there for the shake of a nanny goat's tail. Move £1,000 out and straight back in again, or vice versa

    So as long as there is £2500 in this account it is £10.40 per month in interest.

    I like the idea behind this as I currently have a Halifax account where I get £3 per month so this will compliment that nicely bringing my earnings up to £13.40.

    Is there anything else I should be looking at?
  • badger09
    badger09 Posts: 11,666 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Cotta wrote: »
    So as long as there is £2500 in this account it is £10.40 per month in interest.

    I like the idea behind this as I currently have a Halifax account where I get £3 per month so this will compliment that nicely bringing my earnings up to £13.40.

    Is there anything else I should be looking at?

    You won't get exactly £10.40 every month because not all months have the same number of days.

    A good plan is to keep £2500 in it constantly. Every month move £1000 in, move £500 into a Flexclusive Regular Saver, and move £500, or £510 back out again.

    I also use all my (many:o) current accounts occasionally to pay for something by debit card, pay a bill etc just so there is some activity.

    It isn't necessary according to the T&Cs, but these are current, not savings accounts and there are regular posts from people who have had accounts closed, sometimes for no obvious reason.
  • badger09
    badger09 Posts: 11,666 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Cotta wrote: »

    Is there anything else I should be looking at?

    TSB? Tesco?
  • Cotta
    Cotta Posts: 3,667 Forumite
    badger09 wrote: »
    TSB? Tesco?

    Is TSB still valid? It looks like the offer ended in February?
  • Eco_Miser
    Eco_Miser Posts: 4,922 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Cotta wrote: »
    Is there anything else I should be looking at?
    As I posted in post #2

    https://forums.moneysavingexpert.com/discussion/5374614
    Eco Miser
    Saving money for well over half a century
This discussion has been closed.
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