High-interest current accounts

cjrobinson90

Hi all, I have been researching the high-interest current accounts with minimum monthly pay-ins and had a question. Say for example I take out the Nationwide FlexDirect account which offers 5% interest on credit balances up to £2500 (but 0% over) for the first year, and over 3 months i save £2500 in there. In the 4th month I have another £1000 to save, however Nationwide only give me the monthly interest if I pay in at least £1000 per month into that account. Would I be able to pay £1000 into that account from my HSBC, then pay it straight out into another high-interest current account with, say, TSB and it would still count?

Bit of a confusing one I appreciate, hope I have worded it well enough.

Newly_retired

Yes, with all these accounts you can pay in and take out as soon as you like.

binaryuniverse

That's exactly what some of us do; cycling the money through accounts to receive the monthly interest/reward.

cjrobinson90

Thanks, seemed simple enough but wanted to make sure.

xylophone

Had you considered the Flexclusive monthly saver for which the Flexdirect confers eligibility?

Katiehound

and don't forget with Nationwide there's a £100 'gift' if you can switch an account and get a 'friend' to recommend you. See the referrers board for those willing to help you there.

In all minimum pay -in accounts (in my experience) the money only has to visit- it does not have to stay.
It could also be made in eg £250x 4 payments.
Or if you are short by say £250 you can withdraw that amount and then pay it back in!

Regular saver with Nationwide too